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Why your accounts and tax return are far from boring

Your basic accounts may seem like the least exciting part of your finances but, in fact, they're the bedrock for your financial management.

In the world of small-business accounting, we're at an exciting time. New breeds of online accounting software, integrated cloud applications and flexible financial technology (FinTech) tools have brought changes that are fresh and new.

So new, in fact, that the traditional accountancy work, profit and loss reports, tax returns, and what accountants call "compliance work" can seem a bit dull in comparison.

At Comerford Foley we support, use, and love the new technology – and are regularly helping clients with it. But recently we've become aware of the reasons that accounts and tax are far from boring – and how this impacts your business.

Are your accounts and tax really as boring as you think?

Among accountants there's a tendency to call the accounts and tax work 'compliance', and to refer to strategic advice, business consulting, marketing, and other areas as 'value-added services'.

In the same way, many business owners, MDs and CEOs view accounts production and tax returns as just a box-ticking exercise – something you're duty bound to do, but which you have little or no interest in.

We disagree.

Every service we offer as accountants adds value.

We regularly talk to clients who are literally unable to sleep at night because of a tax enquiry, or issues with cash flow.

After we've worked with them on the 'boring' accounting and tax work, they become calm and (best of all) profitable. That encourages us about the value of accounting and tax work: and it can encourage you, too.

We’re brilliant at the boring stuff

Even though some of these tasks may seem dull, the good news is that for the most part, you don't have to do it. That' s our job – and we're good at it.

The right accounting and tax work is a fundamental element of running your business. When it' s done wrong, you're in for a whole lot of headaches and wasted time. When it's right, you can focus your time and energy on higher-level, strategic thinking: the stuff that' s going to make a different to your growth and profits in the long run.

If you find yourself in a situation where the accounts and tax work has been done wrong, it is a real shock to the system. It's a problem that eats into your time, your profits and your motivation for the business: so it's vital to get any compliance problems sorted as soon as possible – and that means being very good at the 'boring' stuff.

Don’t cut corners in accounting and tax

The price of accounting services can be misleading. One classic misconception is that the cheapest accountant offers the most tangible value for your business – but that' s confusing 'price' with 'true value'.

If your sole focus is price, it' s possible that you're not grasping enough of the inherent value that's added by the work that' s labelled as' just a tax return' or 'just accounts'.

An example of this kind of short-sighted outlook is a company who picks their accountant based on price alone.

We regularly come across instances where something that seemed straight forward (and that is rarely the case) was done incorrectly by an accountant. In our experience this messy or incorrect work could become a big issue down the line – something that will take time, effort (and money) to sort out.

A lack of focus on good compliance can result in an enquiry letter from the revenue, a more complicated (and lengthy) audit and potentially costly tax consequences – all of which adds to your fee, leaving you with a bill that definitely will keep you awake at night.

The true value of great accounts and tax work

When you work with us, we get your accounts and returns done right, first time.

We'll sort out all the tedious accounting work, so you don't have to. And we'll give you a real sense of confidence that your compliance is taken care of: with no nasty surprises around the corner.

  • We deliver a quality set of accounts and a tax return that provides all the information needed by the revenue.
  • If we do find any problems, we jump on them quickly and work with you to resolve the issue fast.
  • We reduce your compliance worries and let you focus on running your business.
  • We give you a solid financial foundation for all your financial management and strategic planning.
  • We provide the value-added support you need, based on compliance work that you know you can trust.
So, it turns out the 'boring' compliance work is actually very interesting after all. Get the basics right and the higher-level elements of making your business profitable will be easier, faster and more stable.

If you'd like to make your compliance work more exciting, come and have a chat with us. Drop us a line to arrange a meeting and we'll soon have you seeing why your accounts aren't boring and how a confident approach to your compliance really does pay dividends in the long run.


 

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