August 12, 2020

What Is Depreciation? Accounting For Non-Accountants

Having delivered CPD courses for accountants for over 6 years I’d like to discuss/share my experience of the typical delegates on CPD courses at this time of year. For the last two months we’ve been in peak CPD season. Courses which have experienced low numbers all year round are suddenly full to capacity in December. Some courses are standing room only. One of the first questions I ask at the start of a CPD course is “Why are you here?” and “What are your learning objectives for this course” and what do you think is the most common response? Yes, that’s right “I’m here for CPD points”.

I told him that the client knew the kitchen wages were too high and what he wanted was for someone to show them how to reduce the wages in the kitchen.

We repeat ourselves so often because the truth is the truth and there is only a limited number of ways to tell it. You’ve heard this before. If you are spending every waking moment in a hassle about your business, there must be a better way. There is!

Potential Unlimited, a coaching and stress management firm, works with accountants to help them avoid burnout and stress during this hectic time offers a few tips.

When you choose an accountant, (see all the negative things about the bookkeeper, and multiply by two), you have to be more careful! Why? Because if the accountant is responsible for deadlines, payroll taxes, sales taxes, estimated payments, these things are time sensitive. If these deadlines are missed, you could be looking at large dollar penalties and interest charges, so you have to notice if the accountant waits for the last minute, because then you have a problem.

Are you aware of all the implications of running a business? Do you know for example what the tax liabilities are for a business that earns over a certain amount? Do you know how to raise extra finance? If the answer to any of the above questions is no then you really need to employ an accountant. Today’s Accountants Stoke Newington are not merely book keepers or number crunchers; they offer other professional services that are geared to save you time and money. The tax system in this country can be fraught with difficulties; accountants are aware of tax laws and the implication s therein if you get your tax returns wrong. This in itself is worth the extra cost of employing an accountant to free you up from all the stress and worry. Administering accounts is time consuming and quite frankly tedious.

Remember, you get what you pay for. If you have a guy you are paying $500 a month to and at the end of the year he prepares your tax return, what you have is a $6,000 tax preparer. If you are paying $2,000 a month and all the guy does is prepare your taxes, go hire the $6,000 preparer – it’s a better deal.

When it comes to choosing the right career path, this is one that is going to continue to grow for several years. There will be many opportunities for you in the UK, so consider this when you make your decision.