Ritz Charted Accountants and Financial Advisers LTD

Every business, big or small, needs to hire an accountant to protect the financial integrity of the organisation. Many business owners think that with the assistance of handy software such as QuickBooks, they can personally handle the accounting, and truth be told, that is the biggest mistake a business owner can make.

When business owners decide not to hire an accountant they are usually motivated by the savings they think they will achieve, but fact of the matter is a good accountant can be one of the most worthwhile investments made in the business, and in the end can actually end up saving the company money.

Hiring the right accountant can be a valuable asset to your business, no matter how small, and can provide many benefits at various stages of growth, such as described below.

During the start-up phase

During the all important start-up phase of a company a great accountant can be beneficial in providing advice as to what type of company is best suited for the business model, as well as assist in making decisions in regards to maximising profit. The right accountant will also be able to advise and guide you through the financial section of a business plan, allowing you a more professional outlook on what’s to come.

Day-to-day operations

When it comes to the daily operations of a business there are many services an accountant can provide. These services include managing the recording of financial transactions and ensuring compliance with the law, overseeing payroll and helping to find cost savings from various vendors, and from within operating costs. In addition, an accountant will handle all aspects of tax preparation, such as payroll deductions, financial reports and necessary deductions. Choosing the right accountant will ensure that a business is able to properly plan for changes in expenses and growth, creating a financial safety net so the business never faces hardship.

During periods of growth

A good accountant is critical to a company during periods of growth, and businesses are able to benefit from their expertise in several ways. An account will provide valuable advice, in addition to financial reports to indicate how growth should be handled, as well as provide insight as to opportunity. They will also help with every aspect of business including planning for expansion, opening a new location or even selling if need be. Using an accredited accountant safeguards a business from having to experience an audit, or can help work through the process of an audit with you should one occur.

During financial hardship

If a company is experiencing times of financial difficulty an accountant can help to manage the situation by helping to identify problems within the business, and developing new plans to bring the finances under control. They can also be useful in working with creditors to organise payment arrangements, handle any liens and negotiate interest rates, directly affecting the financial situation of the company.

A great accountant will offer the flexibility needed to meet the needs of individual owners, whether it is on a full or part time basis, steering the business towards success and financial stability.

am very passionate about being involved in the accountancy profession. Sometimes, I wonder what my maths teacher would say if she found out I have ended up working with figures, as during my school days I hated anything to so with figures. The intention was for me to be a secretary as I was good in shorthand and typing, Come to think of it, my father was a very good accountant and later on became tax inspector!

When I left school, I went to college and discovered “accounts”. I really liked the subject, the teacher and her approach. I managed to do my maths exams, and passed my accounting exams also.

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Working for HMRC
I started my accounting career working for HMRC firstly in the PAYE section and then the Self employment section. I really enjoyed checking out tax computations, checking tax returns, and mostly dealing with customers at the enquiry desk. I remember one irate lady coming up to me at the counter and saying to me “you are lucky to work for the tax office at least you don’t have to pay taxes”! Well?

Working in practice
I then left the tax office after 5 years to train with an accounting firm. It was a small firm, but it gave me the opportunity and exposed me to different aspects of bookkeeping, accounting, taxation and auditing. I really loved it especially when a client would come in with accounting records in a mess in a carrier bag. I always felt a sense of fulfilment and achievement when I will sort out the records and prepare a beautiful set of accounts all bounded up and signed!

Working in Charity Accounts
After working for the accountants I decided to work in charity accounts. I was fortunate to work as a community accountant. I really enjoyed this work as not only was I doing accounts which I am passionate about, I was also dealing with different charities that were making a difference to society. I was also involved in running training courses

Working as an accounting software trainer
I then went on to work for SAGE Plc as an executive trainer. This now enabled me to use my accounting background to train clients in different sage accounting, and payroll software. I was also at this point teaching bookkeeping and accounts at the local Adult education college in the evenings.

Starting my own business
I decided to start my own business to put all the skills I have learnt in practice. I also mentor students studying accountancy and I am able to expose them to the world of opportunities the accounting profession offers.

Teaching money management skills to children and adults
I also run workshops and classes teaching children from the age of 7 how to manage money. This helps them with learning maths, and the value of money. It was great joy the other day, when I overheard my seven year old son explaining to his older cousin “when you have any money given to you, you must Give some to charity, save some, invest some, spend some and keep some for a rainy day”

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