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About

Likhit Accounting provides unparalleled personalised accounting services to a broad range of clients across the United Kingdom. As your trusted accounting partner, we are here to ensure that all of your financial decisions are made carefully and with your best interests in mind.

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Reviews (2)

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B
8 July 2020

Likhit was recommended to me through a friend of mine. I've used Narain's services across all areas right from the company setup, business financial planning, tax planning, book-keeping , statutory compliance and filings. Narain's meticuluous planning and best practices have aided in smooth running of my business at all times. I'm confident in recommending Narain's accounting services. Apart from being thorough in his work , he is easy to work with and always willing to go the extra mile to explain and clarify any questions. More...

K
23 June 2020

Narain has been managing the financial and account management of our company since 2008. It's been because of his thorough knowledge of the accounting system and also cost effective recommendations that we have been able to scale our small business in the last 5 years very successfully. I would highly recommend his firm for any business in the SME space. More...

Q&A

Accountants do more than you think. I can give you strategic advice and come up with clever ways to save money or boost revenue. I'll also remove or automate administrative tasks that distract you from your core business. Get me to be your accountant and I'll run your business with more clarity and confidence.

So what can I do for you? The question is what I can't do!

1. Launch a startup
Starting a new business can be exhilarating, but it takes more than a good idea. You need to know it will make money – and you need to convince investors and lenders of the same thing. As an accountant I can do that for you.

I'll help test your idea, identify your startup and operating costs, and create credible revenue forecasts. I'll also let you know which lenders are playing ball at any one time, so you can approach the right people for finance. Plus I'll work on your pitch, so you’re ready to impress those lenders.

2. Help with business strategy
There are so many moving parts in a business. Sometimes it’s hard to know where to focus. I can help you figure out what’s important.

I’ll work with you to set goals – personal, professional and financial – then give you tools to measure your progress. You’ll end up with a set of key performance indicators (KPIs) that tell you how your business is doing.

If you have accounting software, I will set up dashboards that allow you to check your KPIs at any time of the day or night. And if things aren’t going as planned, what does an accountant do then? I’ll help you troubleshoot the issues, test solutions, and reset your KPIs as needed.

3. Fix your cash flow
Many profitable businesses fail because they run out of money at the wrong time and can’t afford to pay suppliers or staff. Even a highly active business won’t last long if payments are slow to come in, or expenditure is too high.

Accountants know that revenue ebbs and flows, and that costs do the same. I’ll help you predict the effect on cash flow and come up with strategies to manage the situation. I'll organise cash reserves and come up with a spending plan that ensure there’s always money in the bank. It’ll make payday less stressful, supplier relations easier – and sleep deeper.

4. Listen and support you
Being in business is tough. It can be lonely, too. When things seem too hard, and you start thinking about the cozy 9 to 5 you left behind, I can keep your head in the game.

I know how much your business means to you. I can reassure and reset you on your journey. And I’ll help you cope with stress by breaking down big business problems into manageable parts. Giving moral support is an important part of what I do.

5. Manage your debt
There’s good debt and bad debt. As your accountant, I can help you tell one from the other. I’ll find the least expensive borrowing strategies for your business – with the right mix of repayment flexibility and low interest. If you need refinancing, I'll take care of that too.

I will also advise when spare cash should be used to pay back loans, and when it should be reinvested in the business. I'll do that by considering the numbers behind your business and looking at how your debt is structured to develop a specific strategy for you. It’s not just blanket advice.

6. Deal with unpaid invoices
Unpaid invoices are a fact of business. Chasing those debtors is a distraction you don’t need, but you can’t afford to ignore the problem. I can take the headache away.

I can set up invoice systems that send automatic reminders to customers when their bill is due and/or overdue. I will even call businesses that don’t respond to emails.

If invoices remain unpaid after this, I can arrange debt financing – where a business will buy your unpaid invoices from you and chase the payment themselves.

The Importance of Hiring a Great Accountant

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 Xero, QuickBooks, Sage, etc., 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 Start-up

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 accountant 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 new location or even selling if need be. Using an 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.

What I like best about my job is that a primary responsibility involves interacting with entrepreneurs and their employees on all different levels of the organization and across all functional areas.

I love that I get to learn new things about the company/business/market/etc everyday, and they only occasionally are finance/accounting specific.

I love finance and accounting, but I like steering the business more. In some prior roles I spent a lot of time and effort recording the business activity or projecting it, but now I get to shape it. As an accounting professional , I actually serve as the financial expert who engages all the other business areas day in and day out. It is by far the most rewarding role I have had!

I believe I can help businesses grow with the use of smart accounting services.

I want my clients to really understand the accounting process and I encourage them to ask me any question no matter how ‘dumb’ their question may seem. I make it a point to personally respond to questions within a business day and I’ll spend whatever time is necessary to answer the question to my client’s satisfaction.

I don’t know many accountants who personally respond to client questions. It’s more common for assistants to follow up with questions and often they don’t get back to the client for a couple days. Sometimes the answers they give are incomplete or just plain wrong.

It comes down to priorities. I’m in business to create lifetime clients because in my experience, when you treat someone with care and respect, you get great referrals and word of mouth.

Just recently I helped an entrepreneur who came to me after having a bad experience with one of the larger providers. He was so thrilled with what I was able to do for him, he sent me a thank you email saying ‘you’d better send me a big handful of business cards because there are a lot of people I want to send your way!'