Accounting and Taxation
Accountancy fulfils the need to communicate financial information about a business to other parties such as shareholders/directors as well as interested third parties, such as your bank manager. The communication is generally in the form of financial statements that show the economic resources under the control of the business; the art of accountancy lies in selecting the right information to be presented to the right people at the right time.
When starting your business you should choose your accountant wisely. The relationship you build with your accountant could help make your business a success as they will work with you and help assess the risk you are taking.
A high percentage of new businesses fail within their first year of existence and about half never make it past the first three years. This is mainly down to poor planning. We believe it is essential for all businesses, not just those in the start-up phase, to have a business plan. Your accountant can provide relevant and focused advice and will have access to a variety of business planning tools.
A good accountant will want to remain with you throughout the life of your business, to help grow the business, maximise profits and secure maximum value from the business in retirement. These services are in addition to the traditional services of preparing accounts and tax returns, and advising on accounting systems and record keeping.
The accountant who could be better referred to as a “business coach” can also assist with many other aspects of a business, including payroll matters, advising on the most efficient method of purchasing plant and equipment, and the insurances needed to protect those assets, the business, the business owner and his/her family.
The links above provide more information on accountancy, bookkeeping and Guernsey taxation and other services.
