It is quite a common mistake of the first-time business owner to think that they can manage absolutely every aspect of their business themselves and see it as a one-man (or woman) operation. We disagree. Having the services of a good chartered accountant in North Wales (or other areas) is essential to any business for the sake of getting it right with no worries for anything going wrong.

There is quite a common, but true, saying that pride is the first thing to come before a fall, and many of us seem to think that factors which may or may not sink a business such as accountancy is an easy thing to manage.

Most seem to think that keeping track of one’s accounts is a simple act of addition and subtraction as well as maintaining exacting, perfect books – though it couldn’t be further from the truth.

The services of a good chartered accountant in North Wales and further afield is imperative – regardless of the size of your business. Big or small, there is such a thing as overstretching yourself. Handling absolutely every element of a business is the surest way to total ruin – so let a specialist company take the strain instead.

Recently, Making Tax Digital is becoming mandatory, and with that comes a range of additional compliance measures which business owners feel a little nervous about. This is nothing new. Accountancy is quite an in-depth affair, and even small businesses can struggle when it comes to meeting regulation and meeting basic standards – standards that are rising with the Government’s introduction with Making Tax Digital, and it’s much feared quarterly tax report.

The services of a good chartered accountant in North Wales or further beyond the region are absolutely invaluable – if anything, for security as it is a well-established fact that HMRC themselves tend to think the worst regarding any discrepancies.

A good example of this is the recent, and rather well documented case (which the UK Business Services Blog covered) of Upul Eshine Kulasinghe- the 68-year old director of Pure Strategic Limited. Unfortunately, Kulasinghe was disqualified from his position as company director after an insolvency service investigation found that he had failed to maintain and preserve adequate accounting records.

Kulasinghe furthermore failed to verify £274,346 of company expenditure. Likewise, Kulasinghe was found to have failed to verify whether a declared sum of £296,617 was a true representation of sales achieved by Pure Strategic Limited. Deliberate wrongdoing cannot be proved, but in the eyes of the law, and HMRC, Deliberate wrongdoing cannot be disproved.

Kulasinghe, whether an opportunist or simply someone that was out of his depth unfortunately faces the penalty of being unable to act as the director of any company for a period of 6 years. It doesn’t need to be repeated that proper records is an absolutely vital activity for directors, and neglecting these responsibilities can equate to the loss of a career.

That being said, being unsure of the intricacies behind managing your accounts isn’t anything to be ashamed of.

There is help out there in the form of chartered accountants and tax advisors, whose job it is to allow you the security and peace of mind you need so you can continue with what you and your company find crucial, while they keep everything ticking along in the background.