At Charter Tax we realise that business people generally want to be concerned with running their business, not necessarily with running their finance department. However, without a good finance department, one cannot run a good business!
Particularly for smaller businesses, or low head-count businesses, one must question whether it is really sensible to entrust the whole of the finances of that business into the hands of one single key employee (in-house accountant). For example, what if the in-house accountant makes a mistake? (who will review his work to notice this?), or worse still, perpetrates a fraud? Or he’s trustworthy, but actually just isn’t that good and so doesn’t put the right systems in place and lets tax bills unwittingly build up? Or he’s good, but then is simply off sick?
When designing the appropriate internal controls for a business, division of responsibilities is key and sometimes this just isn’t possible in a business with an accounts team of one. That’s where we come in.
After all, outsourcing IT requirements is commonplace. Most businesses don’t have the in-house knowledge of server systems and the like to do all their IT in-house. Indeed, we outsource our own IT to a specialist IT firm (we understand accountancy software packages but we can’t fix a faulty server!). A business should do what it is good at.