Control Your Finances - Accountancy Advice Matters

You can't afford to ignore financial matters as if you want your business to be viable. Keeping up-to-date records and accounts is one of the most important responsibilities a company director must fulfill.

Iona Edwards, Chartered Accountant, listened to my business models and offered accountancy advice at the COWORK LOCAL in Swyddfa Grwp Cynefin, Denbigh.

Having settled in Wales since 13 months ago and started two limited companies, I handle a lot of financial responsibilities. I did my own accounting, with basic Excel Spreadsheets; kept my own filing up-to-date on Company House, and wrote the director's report. It's been easy in the first year, however, as my business is moving into the second, a more advanced accounting system is needed. This is why I decided to drop in at the COWORK LOCAL Business Support Accountancy Advance 1:1 session.

What was the most inspiring as a company director?

I have got control over the financial arrangement of my own company. As a director of my own company, I am entitled to pay myself as an employee, invoice another company or individual whom I provide services for and leave money in the company account if I wish. With Iona's advice, I will be sure to set up a separate bank account for both of my companies so there will be more clarity and control over accounting.

What is the most surprising about accountacy?

I am surprised that paying myself all the money I make may not be the best option. Of course, I am entitled to pay myself all the money I make. However, as I am planning to apply for a university grant for my son in the near future, as well as applying his education maintenance (EMA), I would be better of if I keep my salary below the household income threshold. For example, the current annual household income threshold for EMA is £20,817.

What is the most challenging about accountancy?

Fortunately, my coaching and mediation business is developing well and I am anticipating more business in the new financial year. A more automated accounting system is needed. Iona recommended a few well-known accounting software including Xero, Quickbooks, and Free Agent. My next step would be to get a demo trial of each software and determine which software suits me the most.

How did this Accountancy Advice Session make me feel?

Iona told me that my companies have been set up with the right way and I have done a good job at record keeping, confirmation statements, and tax filing. I feel relieved and confident about the way I can balance the interests between my own company and the company I co-direct with someone else.

REFLECTION:

On a scale of 1-10, how confident are you in your financial matters?

What would bring it up to a 10 (most confident?)

If you meet with an accountancy adviser today, what questions would you like to ask?

If your finances are a source of headache for you, speak to a professional as soon as possible. You can find out more about these Business Support 1:1 sessions at COWORK LOCAL/ Business Support.