Purple Accounts FAQs
Do I need an Accountant?
Around eighty percent of businesses fail within the first 18 months? One of the main reasons is lack of financial management and getting a grip on cash flow. Many of these businesses would have more chance of surviving and indeed thriving if they had access to an expert, trusted accountant.
Hiring an accountant to look after your business finances should be seen as adding value, saving you money and not a cost. We wouldn’t have a go at plumbing, or cut our own hair, so trying to ‘DIY’ could make a big difference to the financial health of your small business. Plus think about..
Hours spent each month
Hours lost growing your business
Time lost with family and friends
Or paying someone to correct errors
Missing all claimable expenses
Sifting through paper piles
Here's our top 5 reasons you need an accountant
Should I be a limited company or sole trader?
This a really common question for small business owners and we will be able to advise when you join, which structure will be best for you.
I hate bookkeeping! Do I need to do the bookkeeping or input data?
Never! We do all this for you as part of your monthly fixed fee. Who wants to be inputting on a weekend or after a full day? Plus you might miss something, or not claim for everything you are entitled to. Every penny counts.
Then as if by magic your financial information appears in XERO. Access is included free of charge with most packages. We can show you round to get started - it will help you get a grip on your cashflow.
What is an authorised agent?
As authorised agents, we act on your behalf, dealing with HMRC and Companies House for your company. Makes it much easier for you.
Can you help with VAT registration?
Yes of course. If your business exceeds the VAT threshold, you are legally required to register for VAT. In some cases it can be beneficial to register for VAT before your turnover reaches the threshold. We will always advise when you join us as a customer.
How easy is it to switch to Purple Accounts?
Switching to Purple Accounts from another accountant is easy peasy.
We will help you with the switching process, including contacting your previous accountant and arranging for the transfer of records, plus notifying HMRC and Companies House of the change - all part of the service.
Read more about switching accountant here