Tag: limitedcompany

what is an accountant

What is an Accountant?

Posted on | by Jade Donno

What is an Accountant? Unveiling the Essential Role in Your Business

If you’ve ever wondered, “what is an accountant?” then you’re in the right place. As a premier UK-based accountancy practice, 1 Accounts Online Ltd is here to demystify the role of an accountant and explain why they are indispensable for your business.

What is an Accountant?

At the most basic level, an accountant is a trained professional who maintains and audits business accounts. But, in reality, the role encompasses much more than that. They provide a vast array of financial services, ranging from record keeping and financial forecasting to strategic planning, compliance, and consulting on all financial aspects of a business.

The Versatility of an Accountant

Accountants wear many hats, and their roles often extend beyond just number-crunching. They are financial advisors, tax experts, and strategic consultants. They can work within a business, for an accountancy firm like 1 Accounts Online Ltd, or independently.

Financial Management & Reporting

An accountant takes charge of managing a company’s financial data. They ensure that financial records are accurate and that taxes are paid properly and on time. Accountants perform audits and prepare financial reporting records, such as balance sheets, income statements, and tax returns. These records provide a clear financial image of the business, guiding strategic decisions.

Regulatory Compliance & Tax Expertise

One crucial role an accountant plays is ensuring businesses comply with the latest laws and regulations. In the UK, this includes abiding by the Companies Act and adhering to HM Revenue & Customs (HMRC) requirements. With their tax expertise, accountants save businesses from potential penalties and help them take advantage of relevant tax deductions and credits.

Business Strategy & Consultation

Beyond compliance and day-to-day management, accountants play a vital role in shaping the strategic direction of a business. Through financial analysis and forecasting, they help identify growth opportunities and areas for improvement.

Accountants and Small Businesses

Many small business owners may wonder if they need an accountant. The answer is a resounding yes. Accountants offer invaluable expertise that can help a small business thrive. They can guide you through the complexities of tax regulations, provide advice on financial management, and offer insights to help your business grow.

Why Choose 1 Accounts Online Ltd?

As a UK-based accountancy practice, 1 Accounts Online Ltd offers a comprehensive range of accounting services. Our team of qualified accountants are committed to helping your business succeed. We navigate the complexities of accounting so you can focus on what you do best – running your business.

In conclusion, an accountant is more than just a numbers guru; they are an essential partner in your business. They not only help you meet regulatory requirements but also play a critical role in your business’s strategic direction. If you’ve been asking, “what is an accountant?” now you know. And if you need a dedicated, professional accountant, consider 1 Accounts Online Ltd. We’re here to help your business thrive.

What is business compliance?

Posted on | by Jade Donno

Unraveling the Complexity: UK Business Compliance in Accountancy

In today’s swiftly shifting regulatory environment, understanding UK business compliance in the realm of accountancy has never been more vital. With businesses continually subject to various rules and regulations, understanding compliance is key to maintaining a healthy, thriving, and legally compliant business. Let’s take a deeper look at what this entails and why it is so important.

What is Business Compliance?

In the simplest terms, it refers to the process of ensuring a business adheres to all the necessary laws, regulations, and standards relevant to its operations. This extends across multiple levels – from local to national, and sometimes even international.

In the world of accountancy, compliance includes adhering to the various reporting and accounting standards set forth by the relevant governing bodies, tax obligations, auditing procedures, and financial management. This process is mandatory and neglecting it can lead to significant consequences, including hefty fines and penalties, damage to the business’s reputation, or in severe cases, even closure of the business.

Key Areas in Accountancy

  1. Tax Compliance: This is one of the most critical aspects of. It involves understanding and adhering to the tax laws as prescribed by HM Revenue and Customs (HMRC). This includes paying corporation tax, VAT, PAYE, and national insurance contributions, as well as proper reporting and record-keeping.
  2. Financial Reporting: Businesses are required to adhere to the Financial Reporting Standards (FRS) in the UK. These standards outline how businesses should prepare and present their financial statements, ensuring transparency and uniformity. Small and micro businesses may adhere to FRS 105, while medium and large companies will typically follow FRS 102.
  3. Audit: Depending on the size and structure of the business, it may be legally required to have an annual audit conducted by a registered auditor. This ensures the business’s financial statements are accurate, providing reassurance to shareholders, investors, and other stakeholders.
  4. Companies House Reporting: UK businesses are required to file certain documents with Companies House, including annual financial statements and confirmation statements, which provide updated information about the company’s directors, shareholders, and registered office.
  5. Data Protection: Though not strictly accounting, the General Data Protection Regulation (GDPR) has important implications for the way businesses manage and protect their financial data.

Why is Compliance Essential?

Maintaining compliance is fundamental to the successful operation of any business. It protects the business from legal and financial penalties, supports operational efficiency, and upholds the reputation of the business. Additionally, it can build trust with stakeholders, including investors, customers, and employees, which is crucial for the long-term sustainability of a business.

Compliance in the Digital Age

In today’s digital age, many businesses are adopting accounting software solutions to assist in maintaining compliance. These tools can streamline processes, enhance accuracy, and provide alerts for upcoming compliance deadlines, significantly reducing the risk of non-compliance.

In Conclusion

Understanding UK business compliance in accountancy is an ongoing task due to evolving regulations and standards. It is crucial for business owners to stay updated and ensure they meet all compliance requirements to avoid penalties, protect their reputation, and foster trust among stakeholders. Consider seeking professional advice from accountants or solicitors, who can help navigate the complexities of business compliance and ensure your business remains on the right side of the law.

Kayla the audiology expert

Client Spotlight: The Audiology Expert

Posted on | by Jade Donno

At 1 Accounts Online, we pride ourselves on our diverse clientele, each bringing a wealth of unique knowledge to our accounting practice. Last month, we were privileged to host one of our esteemed clients, The Audiology Expert, for an insightful talk at our networking event. This event became a platform for us to witness first-hand the impressive expertise and passion of our clients, showing us the importance of audiology in our daily lives. We were proud to be the audiology experts accountants!

An Ear for Knowledge: An Audiology Presentation

The event was truly a masterclass in audiology. We were provided with an in-depth understanding of this fascinating field, bringing to light how this science intersects with various aspects of our lives. For the uninitiated, audiology is the branch of science that studies hearing, balance, and related disorders. Our client offered us a unique perspective into the intricate workings of the ear and how audiology can contribute to overall health and wellness.

From discussing the latest advancements in hearing aids to sharing riveting case studies, our client’s presentation was a revelation. The talk was not only educational but also engrossing, offering our team a chance to explore the world of audiology beyond the balance sheets and profit & loss accounts.

Bringing Businesses Together: Networking and Learning

kayla the audiology expert

As accountants, we believe in constant learning and growing, understanding the businesses of our clients, and sharing knowledge across various fields. This event was a brilliant example of that belief in action. By having clients like our audiology expert share their knowledge and experience, we foster a more interconnected, educated community.

This event showcased our dedication to our clients and our commitment to understanding their businesses. As digital accountants, we go beyond the traditional realm of number crunching. We value the relationships we build with our clients, ensuring we understand their business and their industry to provide the most effective and tailored financial advice.

1 Accounts Online: Your Accountant of Choice

Our client’s talk emphasised the critical importance of effective, specialised financial management for businesses, including audiology practices. At 1 Accounts Online, we understand that each business is unique, requiring tailored, industry-specific accounting solutions.

For audiology practices, we recognise the need for adept management of medical equipment costs, patient billing complexities, insurance claims, and the financial aspects of running a modern clinic. We are equipped to assist with all these needs, providing comprehensive financial guidance and digital solutions that streamline your accounting processes.

For businesses searching for reliable and tailored accounting services, 1 Accounts Online is your go-to partner. If you’re an audiologist looking for accounting services, or any business in need of expert financial advice, we are eager to learn about your industry, your specific business needs, and how we can help you to navigate your financial landscape.

Share Your Expertise

In closing, we would like to extend an invitation to any of our clients or fellow businesses who would be interested in sharing their expertise at our future networking events. We believe that learning never stops, and we welcome the opportunity to gain insights from various industries.

Should you be interested in doing a talk for us, please get in touch with Jade at jade@1accounts.co.uk. We eagerly look forward to our continued journey of learning, growing, and serving you better.

Thank you again to our wonderful audiology expert, whose enlightening talk added to our shared wealth of knowledge and brought our community closer together.

accountibility

The importance of accountability in business coaching

Posted on | by Jade Donno

Elevating Your Enterprise with a UK Business Coach: The Role of Accountability in Business Success

In the dynamic landscape of entrepreneurship, the key to achieving sustained success lies in recognising and harnessing the importance of accountability in business coaching. With a world that is rapidly evolving, being accountable allows business leaders to adapt, overcome challenges, and continually grow. Whether it’s in Suffolk or any other part of the UK, a business coach with a strong emphasis on accountability can help catalyse your organisation’s journey to success. From setting clear, achievable goals to promoting constant progress and fostering an environment of trust, accountability forms the cornerstone of effective business coaching.

Accountability: A Pillar of Effective Business Coaching

Paving the Way for Measurable Success

As your chosen Suffolk Business Coach, we firmly believe in making your success measurable and tangible. With clear accountability, each milestone and goal set for your business is specific, measurable, achievable, relevant, and time-bound (SMART). This approach not only facilitates clarity but also fosters a sense of responsibility, driving you to make substantial strides in your business journey.

Ensuring Constant Progress

As UK accountants, we understand the importance of continuous growth for the health of your business. Accountability fosters a culture of progress, helping you stay on track and continually advance towards your goals. It eliminates complacency, fostering a proactive attitude that is essential for business growth.

Creating an Environment of Trust

Trust is the backbone of any successful business relationship. By embodying accountability, we aim to instil a sense of trust and confidence in our clients. Whether it’s through our services as UK accountants or as a Business Coach, our commitment to accountability helps you see the real-time progress and results, fortifying your faith in us and our processes.

Suffolk Accountants: Your UK Business Coach and Accounting Partner

At 1 Accounts Online, we combine the power of strategic business coaching with our expertise in financial management. Our dual role allows us to offer solid financial advice to entrepreneurs, bolstered by our rich background as UK accountants.

We ensure that every piece of financial advice we offer aligns with your overarching business strategy and objectives, helping you make well-informed financial decisions. This fusion of coaching and accounting facilitates more holistic business development, driving you towards your desired financial results.

In essence, the interplay between a business coach and accountability can drastically improve the trajectory of your business. As your trusted UK Business Coach and UK accountants, we at 1 Accounts are committed to fostering a relationship grounded in accountability, propelling your business towards a future of sustained growth and success. Reach out to us today to explore how we can lead you on the path of accountable and strategic growth.

business success meeting

Your Pathway Business Success in the UK

Posted on | by Jade Donno

In today’s fast-paced, competitive world, achieving business success is a path fraught with many challenges. The journey to becoming a top-tier enterprise in Haverhill or any other part of the UK is more than just having a great idea—it requires a blend of strategic thinking, operational effectiveness, financial guidance, and above all, professional business coaching. At 1Accounts Online, we offer comprehensive business success services, unrivalled by any other UK business coaches.

A stalwart in the industry, our team of experienced business coaches in Haverhill and beyond have a proven track record in guiding businesses towards their envisioned success. We possess an understanding of the intricacies and unique hurdles of conducting business in today’s fluctuating markets. And through this understanding, we provide customised business help designed to fit your specific needs and goals.

Expert Business Coaches Haverhill

At 1 Accounts Online, our team of UK business coaches is committed to helping you unlock your potential. We see beyond the numbers and dive into the operational essence of your business. Our business coaches in Haverhill employ a hands-on approach, working closely with you to enhance your management skills, streamline your business operations, understand your financials and refine your strategic decision-making process.

Tailored Business Help for Success

Every business is unique, and so are its challenges and needs. We at 1 Accounts Online appreciate this fact and are dedicated to providing bespoke business help. We conduct a comprehensive review of your business operations, identify areas of improvement, and formulate strategies that cater to your specific objectives. Our goal is to empower you to overcome obstacles and steer your business to new heights of success.

Comprehensive Financial Guidance

Financial management is a cornerstone of any successful business. Without the right financial guidance, it becomes nearly impossible to make informed decisions. 1Accounts Online understands this vital need and provides comprehensive financial guidance. Whether it’s about managing cash flow, optimising capital expenditure, or understanding financial reports, our team is always at your side, ready to help.

The Business Success Service You Need

In conclusion, the key to business success lies not only in having a good product or service but in understanding how every facet of your business works together. With our extensive range of business success services, coupled with our team of experienced UK business coaches, we at 1Accounts Online stand ready to offer the business help you need.

Whether you’re just starting or are an established business in need of financial guidance or strategic coaching, consider 1Accounts Online. We’re not just business coaches in Haverhill—we’re your partners in prosperity.

tax advisor josh and director jade

Welcoming Our New Tax Advisor: Meet Josh!

Posted on | by Jade Donno | Leave a Comment on Welcoming Our New Tax Advisor: Meet Josh!

At 1 Accounts Online Ltd, we pride ourselves on being a family business that delivers first-rate financial services. Today, we’re thrilled to announce the addition of a new family member to our team. Meet Josh, our new Tax Advisor in Haverhill!

A Dynamic Professional and R&D Tax Credits Expert

Josh brings a fresh energy to our operations and carries a wealth of experience. Particularly in the niche area of Research and Development (R&D) tax credits. With a proven track record in R&D tax credits in Haverhill and beyond, Josh’s expertise will provide immense value to our clients. He is poised to help our clients navigate these complex incentives and save on their tax liabilities.

More Than Just a Tax Advisor

In addition to offering expert tax advice, Josh will also play a crucial role in helping with our bookkeeping service and business reviews. His comprehensive understanding of business growth strategies and taxation will enable him to identify and implement the best practices for our clients.

Josh’s strong analytical skills, coupled with his strategic mindset, make him an invaluable asset for any business looking to grow and save on taxes.

A Warm Addition to the Family Business

Picture of the Donno family and tax advisor josh

On a more personal note, we’re particularly excited about Josh joining our family business as he is Jade’s fiancé. Their combined passion and dedication to providing top-tier financial services will undoubtedly strengthen our offerings to our clients.

Meet Josh: Cricket Fan, World Traveler, and Dog Dad

Away from the tax world, Josh enjoys staying active by playing cricket. He also loves to travel and explore new places, capturing beautiful moments through his lens. His sense of adventure is not just limited to exploring the globe; he enjoys a lively adventure with his dog, Jango, who is a beloved part of the family.

tax advisor Josh playing cricket

Ready to Welcome Josh?

As we warmly welcome Josh to the 1 Accounts Online family, we’re confident that his skills and expertise as a Tax Advisor in Haverhill will significantly benefit our clients. We look forward to the new perspectives and insights Josh will bring to our team, enhancing the services we offer and contributing to the growth and success of your business.

For any queries related to R&D tax credits in Haverhill. Or to find out how we can support your business growth, feel free to reach out to us. Remember, at 1 Accounts Online, your business is our family. Here’s to new beginnings and many successes ahead!

Our Journey to Becoming Xero Platinum Partners

Posted on | by Jade Donno

Celebrating Our Journey to Becoming Xero Platinum Partners: How Your Trusted Business Advisors & Accountants in Haverhill Made it to the Top

We’re incredibly excited to announce a milestone moment for our team here at 1 Accounts Online. After years of hard work, dedication, and a commitment to excellence, we have officially become Xero Platinum Partners. This achievement places us among an elite group of UK accountants recognised for their expertise and service quality.

This journey began with a vision to be more than just accountants in Haverhill. We wanted to become trusted business advisors and coaches, helping businesses transform their financial management and achieve their objectives. Xero, with its innovative approach to online accounting, aligned perfectly with this vision, and we embraced its platform to provide a seamless, intuitive accounting experience to our clients.

Becoming a Xero Platinum Partner represents a commitment to efficiency, modernity, and exceptional client service. As UK accountants, we’re proud to be part of an community of accountants that Xero recognises for their dedication to clients.

At 1 Accounts Online, we’re not just accountants in Haverhill; we’re also renowned business advisors and coaches. We understand the challenges of running a business. That’s why our role as business coaches in Haverhill extends beyond numbers. We strive to provide strategies that help businesses thrive, with an emphasis on financial health, growth and sustainability.

This new status as a Xero Platinum Partner confirms our ability to provide superior service to businesses in Haverhill and beyond. It’s a validation of our skills and a testament to the relationships we’ve built with our clients, who trust us to guide their financial journey.

However, this achievement isn’t just about us; it’s about you – our clients. Your faith and trust in our services as your preferred UK accountants and business advisors have made this journey possible. We thank you for your unwavering support and promise to continue delivering excellence, innovation, and professional guidance.

So, whether you need expert accountants in Haverhill or dedicated business coaches in Haverhill, remember that at 1 Accounts Online, we’re committed to helping you build your dreams. This journey from zero to Xero Platinum Partner has been an exciting one. We look forward to continuing to strive for excellence together.

Thank you for being a part of our journey. Stay tuned for more exciting updates and insights from your trusted business advisors at 1 Accounts Online.

Why we love Xero!

Posted on | by admin

It’s no secret that we love Xero! It is the accounting software that we recommend to absolutely all of our clients. This is because we truly believe that it offers better features and useability than its competitors. Here are just some of the reasons why we love Xero!

1) Easy to use

Xero has made its interface very user-friendly and we find it easy to use on our end as well. This also makes it easy for us to teach you how to use it, to make sure that you get the best out of it and make sure your data is always accurate and up to date! We offer Xero training sessions to all of our clients at the onboarding stage so we can make sure you start off with it well, especially if you have never used it before.  Multiple users can be added who can all access the software at the same time.  You can also have different access levels for different team members so individuals can access or be restricted from certain parts of the software as appropriate.

2) Up to date reports

Using Xero means you will be able to access up-to-date reports that make it easy to understand how your business is doing. These are also able to be tailored to your specific needs for your company.

3) Cloud accounting

As with the majority of the other products that we love, Xero is cloud based! This means there is no need to save your documents to your PC and your data is backed up automatically and securely so you will never lose it. This also means that it can be accessed anywhere at any time, either via the web browser or the app.

4) Automatically brings in bank feeds

Xero can be set up so that it automatically brings in bank feeds from your business bank accounts and credit cards so your transactions are automatically bought into the software daily.  This limits the need for manual entries and means your figures are up to date in real time. This makes it easy for our bookkeepers as well as we won’t have to ask you for statements!

For a list of available bank feeds please see here.

We can help you set up your bank feed if you need, please just get in touch.

5) Integrations with other software

Xero also has over 1000 different apps, add-ons and integrations with software such as Dext, GoCardless, Stripe, Vend, Square, PayPal and more. Many of these apps can be set up to automate time-consuming tasks to make your admin easier!

If you need any help with setting up apps and integrations with Xero please get in touch.

6) Ahead of the crowd

Xero is typically always one step ahead of its closest competitors.  This can be in terms of reporting or keeping up with change in statutory requirements and legislation such as Making Tax Digital, Domestic Reverse Charge and even the Covid Furlough Scheme. It is constantly evolving and adding new features, particularly based on customer feedback on what features users would like to see implemented or ways existing features can be improved.

If you would like to find out more about Xero, transfer over from your existing software or try a free trial or demo please contact us so we can discuss!

How to use Karbon’s Client Portal

Posted on | by admin

Welcome to the 1 Accounts client portal! This portal is an online management system that allows you to easily and safely send, receive and store all of your accounting and tax information online.

What does this mean for you?

The client portal allows you to review and approve your accounting and tax information with the click of a button. It also allows you to view open and closed requests and any current requests we’ve sent to you.

Why are we doing this?

It’s a safer and more efficient way to handle your accounting and tax. It simplifies the process for you and allows us to serve your individual needs better. It also provides you with more flexibility, you can comment and ask questions directly in the portal. Your accountant is immediately notified and can take action. This eliminates the need for email and keeps it all together in one place, so you can review it at any time.

Review Tasks

You will receive an email with your tasks. Click on ‘manage checklist’ to access the tasks you need to complete.

You will automatically see all the tasks assigned to you for completion.

Please note: if you open this link on one device, and you’d like to access it on a different device, click the link again and it will ask you to “Send Access Link”. This will send another link to the originally sent email that will allow you to access it from the computer.

Comment, ask questions and upload files

You’ll be able to comment, ask questions and upload files on each of the tasks, which your accountant is immediately notified of and can take action.

Click Comment to comment or ask questions on a task or click upload files to attach files to a task. To add files to a comment click on the paperclip icon on a comment while composing.

Log in

By logging in, you’ll have access to all your open and closed requests, including current client requests that haven’t been completed. You’ll also have copies of documents you have uploaded, so you can keep track and easily find what’s been sent.

  • If you have a login, follow the instructions and log in (example A)
  • If you don’t have a login click the ‘create account’ button and it will ask you to create an account (example B).
  • If you forgot your password, click the forgot password link and follow the instructions (example C)
Example A
Example B
Example C

Once you have created an account, you can access the client portal at any time. Once you are signed in, you will be taken directly to the client portal which looks like this.

Magic Link

The main way you will access the client portal

Spend money to make money

While you can save a couple of hundred pounds doing your own books, you won’t save as much with an accountant and you could actually end up losing a lot more. With an accountant on your team, you can save both time and money while having the reassurance and peace of mind that you’re making sound business decisions for your future.

If you would like to learn more click here to get in touch.

Or feel free to use our chat box —>

Want to keep up to date with our blogs?





Want to read more….

Starting your own business after redundancy

Posted on | by admin

Facing redundancy can be incredibly challenging, but it could also be the perfect time to start a brand new career based on your interests, your lifestyle and your aspirations.
Does this sound too good to be true?
With these five steps, we can help you transform your redundancy package into your very own startup:

1) Take advantage of your notice period

Typically, you’ll need to work a notice period. Instead of worrying about what comes next, use this time to start planning your new venture!
Dive into research, enrol in training and network as much as possible. The sooner you can start, the better! After all, wouldn’t you prefer to plan for your future whilst you’re still on the payroll?

2) Develop a business plan

Success is all about strategy, so it is important to develop a business plan.
Every business plan will look slightly different, but the main areas you want to focus on are the:

  • Executive summary – create a brief overview of your business detailing what services you offer and what you intend to achieve.
  • Management bio – this is your opportunity to introduce yourself, your values and your professional experience.
  • Marketing plan – identify your target audience, USP and market competitors before explaining how you intend to attract your desired audience.
  • Financial plan – because you’re just starting out, your financial plan will be primarily made up of projections (sales projections, expensive projections, cash flow projections etc.). Make sure you’re thorough with your research if you intend to achieve accurate estimates.

Your business plan will become the blueprint for your company, so the more information you can include, the better – particularly if you want to attract investors!

3) Address any legalities

To establish a legitimate business, you need to fulfil certain legal requirements. Now, these requirements may vary depending on your business model and industry, so it’s always worth checking whether you need to obtain a specific type of permit or insurance.
You can find these answers by visiting the government website or checking with your relevant industry bodies.
It is also worth hiring an accountant early on to advise you on the financial aspect of your business.

4) Open a business bank account

This next point is directed specifically to our sole traders. Although you don’t have to open a business account, we strongly suggest you do. It will make your bookkeeping 10x easier! So unless you want to waste your time separating your expenses and risk receiving a penalty, you should seriously consider setting up a business bank account.
If you are starting a limited company this is also something you will need to do, however it is essential rather than it just being strongly advised.

5) Set yourself boundaries

Starting a business is an exciting endeavour. However, it can become all-consuming. So for our final point we wanted to discuss the importance of setting yourself boundaries and practising self-care.
Firstly, give yourself some grace. Redundancy is incredibly difficult to navigate, so try not to be too hard on yourself – especially during those early days.
And secondly, start as you mean to go on. Give yourself lunch breaks, take time off and allow yourself opportunities to relax. Only then can you avoid burnout and achieve sustainable growth.

When life hands you lemons, make lemonade


No one wants to be made redundant – but that doesn’t mean it has to be all doom and gloom. Instead, this could be the start of your exciting adventure into entrepreneurship! So take the chance, pursue your passion and totally transform your career. You may just find redundancy works in your favour.