Now that your business has been running for a few years there may be different areas of concerns to when you were trying to get the business off the ground.
Making my life easier
When running a business, you want to be able to spend your time on your customers and employees, to ensure everything runs smoothly and profitably, which in turn will make your life easier. The easiest way to achieve this is by ensuring the business has the correct processes in place, which are well documented and easy to follow. This may be achieved by sitting down and reviewing/documenting the current processes in place, which in turn will enable the relevant team member(s) to take the responsibility away from you, the owner. Some processes may require you to get outside help because they need specialist assistance which can be too expensive to hire in directly. We will talk about the financial processes below in more detail.
I don’t want to be doing the books any more
You may have been completing your bookkeeping yourself to save costs or keep a close eye on things, but now that the size of business has increased you want to look at finding someone to look after this for you. The best option will be to find an experienced bookkeeper who can take this on for you. If you are looking for a bookkeeper, please get in touch and we will be able to assist.
I need to be able to rely on the numbers I’m looking at
As above, finding the right person to complete your books will enable you to rely on the numbers you are looking at. At Plus Accounting we can prepare management accounts or a quarterly review of your information, based on the work of a bookkeeper, if you would like an experienced professional overseeing the work.
I want to be able to look at the books when I’m away from my desk
Most bookkeepers will work with the latest bookkeeping software, like Xero, which are all cloud based and can be accessed from anywhere either through a web browser or their individual apps.
I want somebody to do my personal tax return
At Plus Accounting we offer the full range of accountancy services you would expect from a chartered accounting firm, including preparing personal tax returns. Please get in touch if you would like to discuss the preparation of your personal tax return.
What happens if my business has a tax investigation?
There is always a chance that HMRC could raise an enquiry in your business affairs. These can often be time consuming, even if you haven’t done anything wrong. We offer a fee protection insurance which will cover our professional fees in the event of an enquiry. More details can be found here.
Can you introduce me to anybody useful?
We have several contacts across a variety of industry’s that we can introduce you to, such as financial advisers, employment law specialists, banks, solicitors and many others. Please get in touch if you are looking for a professional service and we should be able to point you in the direction of someone that specialises in your industry.
How do I become more financially efficient?
Being financially efficient stems from having the correct systems, processes and controls in place to ensure you are in a position to monitor your finances and identify areas that further efficiency. This could simply be from comparing current figures against your budget or utilising additional software to help you track and monitor your data better. For example, if you are finding cashflow a problem this could be because customers are paying late, so you may need to introduce an app which can help with the automation of chasing debtors.
Are we taking all the right steps to minimise our tax bill?
Now that you are operating a mature business it is the perfect time to review the structure of your business and how you are withdrawing funds from the company. There are many different ways to minimise your tax bill, but each will depend on your individual circumstances, so please get in touch if you would like to discuss.
Is it time to be reviewing the shareholdings?
If there is more than one shareholder in the company, then you should already have a shareholders’ agreement. See here for a blog explaining why. However, you may want to start thinking about the possibility of splitting your share capital into different classes, as this will allow dividends to be paid at different rates or it can beneficial when looking for investment.
Am I putting the right amount into my pension?
This question can be looked at in a number of ways.
1. Are you putting the right amount into your pension to ensure a comfortable retirement? This is something you will need to speak to a financial advisor about, and we can recommend someone to help.
2. Am I maximising my tax reliefs available from my pension contributions? There are a number of ways to contribute to your pension, which can range from a personal contribution to your company contributing on your behalf. All have different benefits and will depend on your individual circumstances to determine what is best for you.
How do I start to prepare my business for exit?
An exit can be a long and complicated process, so a detailed plan in what you wish you achieve is a good place to start. Firstly, you’ll need to think about what you are looking for as part of the exit. Are you looking to sell the business and walk away? If so, you will need to ensure the business is operating without you to show a buyer that the business success isn’t dependent on you. Then you’ll need to think about how you are going to attract a buyer, whether that be through contacts or a specialist agent. You’ll also need to ensure that all your financial systems are in place and running smoothly, as it is likely, any potential buyer will want to take a detailed look into the finances. You will also need to decide on whether you want to sell the business as a whole or just a few areas of the business. For example, the company may own some assets which you do not want to be included as part of the sale. You could utilise a holding company to split apart the assets you wish to keep.
Author: Patrick Hoare, Corporate Services Manager, Plus Accounting
Any views or opinions represented in this blog are personal, belong solely to the blog owner and do not represent those of Plus Accounting. All content provided on this blog is for informational purposes only. The owner of this blog makes no representations as to the accuracy or completeness of any information on this site or found by following any link on this site
Date published: 04 October 2022