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?)
  • Worse still, perpetrates a fraud?
  • Is trustworthy but actually just isn’t that good and so doesn’t put the right systems in place and lets tax bulls unwittingly build up?
  • Is 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 one’s IT requirements is commonplace.  Most businesses don’t have the in-house knowledge of server systems and the like to do all of 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.

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