There is no such thing as silly questions, especially if they are accounting questions! It’s true. So many people think that if they have to ask their accountant something, they may appear foolish.

The truth is that you can’t be expected to know everything there is about the accountancy side of the business!

If you have no formal training in accounts, you are bound to discover that some issues arise that you’ve never encountered before.

And if you are just thinking about setting up on your own, you will have lots of questions. In fact, there are questions you should ask your accountant before employing them.

Even if you have been in business for years, life can sometimes throw issues at you that you’ve never experienced before.

So, we at Concept Accountancy are encouraging you to ask us a question about accounting and business finance. No question is stupid, so feel free to ask.

There is quite a bit of jargon in accountancy. Words that are specific to the profession may be often used by us accountants daily, so we often forget that what we say may be a mystery to non-accountants.

Accounting questions we get asked

Chances are that no matter what you want to ask, someone has asked before. And just because it has been asked before doesn’t mean you shouldn’t ask again.

Over the next few weeks we are going to look at many frequently asked questions. But before we do that we’d love to know what questions you might have. We’ll then answer them for you. They can be specific and we won’t publicise your name.

Some questions you have might have been answered in previous blogs. For example, if you are just starting a business, you may want to know what self-assessment is. Well, check out our blog that looks in-depth at the issue.

Questions about starting a business

Some common questions we receive include, “How detailed does my business plan have to be?” “Are there any benefits to writing a business plan?”

We will look at business planning in the next few weeks, but if you have a specific question, please don’t be afraid to ask it.

Limited companies

Directors from limited companies are expected to keep their business on track, but many are experts in their own field.

So, they may not always understand what makes a limited company a limited company. We have looked at what limited companies need to legally file before, but if you have any questions let us know. We plan to look at what is expected of directors and their legal requirements in the future.

Payroll

Payroll sounds pretty simple, but you must master what it is and what is expected before taking on employees. As well as calculating PAYE, you also have to understand National Insurance contributions and auto-enrolment pensions.

Keeping payroll records can be a massive job that takes you away from your own job, so outsourcing payroll might be an option.

Either way, it is something we get asked about regularly and there are definitely no silly questions when it comes to payroll.

We look forward to hearing your questions and sharing more of our knowledge over the coming weeks. If you would like to ask a question, please send an email to [email protected]