Knowledge and understanding of the main financial mechanisms of an enterprise is a key component of successfully starting a business. Obtaining accountancy services which meets the needs of a business can provide benefits ranging from the avoidance of penalties to the effective use of tax incentives and provisions.
There are many accountancy practices in Wales capable of aiding new and small businesses through the various transformation stages of starting up right through to the production and submission of accounting data to the relevant authorities.
Broadly speaking, accountancy services for small businesses can be broken down in to two categories in terms of compliance and informational.
Within the compliance field, items such as the mandatory filing requirements to HM Revenue and Customs and Companies House (for limited companies) would be included.
Regardless of whether the business owner sees value in producing financial statements for these bodies is largely irrelevant; they are required by law.
At the other side of the spectrum Accountants will often offer to produce more business useful and valued accounting information such as cash flow forecasts for new start-ups and analysis of tax efficient methods of extracting money for the business.
Similar to the philosophy applied when selecting a solicitor for legal services, Accountancy services are likely to be selected based on their location to the business and the availability of specific services required by the operations and activities.
As Wales consists of primary, secondary and tertiary industries, the accountancy services available in a specific locale may vary substantially. More rural areas of North Wales would have a stronger specialisation towards agricultural businesses whilst Cardiff and Newport based accountancy firms might provide more active knowledge and expertise for the service section business community.
Haasco Accountants, Auditors and Tax Advisors based in Newport provide a range of statutory and bespoke financial reporting services as well as corporate finance and personal self assessment assignments.
JDH Bookkeeping and Accounting Services can assist with accountancy and payroll requirements for new and small businesses. In addition, they can train in-house staff in these disciplines potentially giving the business greater control and information.
Williams Denton Accountants and Tax Advisors have a number of specialist sectors including construction, health providers and dentists and charitable organisations.