If you own or operate a business in the UK, especially in Romford, then you know how time consuming it is to not only run your business but to also make sure all of your financial bases are covered. I want to help you understand some of the common roles and responsibilities a Romford based accountant / accountancy firm may face in a given day.

Good accountants / accountancy firms will provide advisory services in addition to crunching numbers. They can help you choose the most optimal business entity structure for your needs, create an operating budget, or even what financial software to use. They will also help you to determine what reports you may need to give you the information to run your business more profitably, while answering any questions you may have in a approachable, down to earth manner.

One of the most important roles an accountant or accountancy firm will take on is maintaining good records. Keeping good books is the foundation in which all accounting rests. Statistics have revealed that almost 80% of business failures resulted from inability to avoid certain conditions that adequate records would have disclosed in time to correct. If you decide to hire an accountant or accountancy firm to handle your books, you could expect them to handle day to day tasks such as; Accounts Payable, Accounts Receivable, Reconciliation of Bank Statements, Reconciliation of Credit Card Statements, Trial Balance, and Financial Statements. You should expect weekly, monthly, quarterly and semi-annually reports. If applicable, your accountant should also prepare quarterly VAT Returns. In addition, most accountants / accountancy firms can also take over your payroll responsibilities. As you can see, outsourcing the above can be very convenient but if you so desire, some accountants will even train you or your employees to handle your own books in-house.

Keeping books is only the foundation of the profession. One of the most important steps of all still remains. Preparation of Management Accounts Reports is one task that your business can not live without. These can be prepared monthly, quarterly or half yearly and will help you to make informed decisions that can help keep your business from becoming a statistic, failing from decisions made on outdated information.