HELPING YOU FIND THE FINANCIAL EXPERTISE YOU NEED - TO BUY, RUN AND GROW YOUR OPTICIAN BUSINESS
Working together for the optician industry
Finding an accountant who understands the optician industry may be essential for your financial success
As a high street optician, you run a business as well a practice responsible for caring for the sight of your patients.
That business must work in a highly competitive industry, where there is a constant threat from well-funded and professionally marketed franchise chains who are intent on poaching your customers.
To stay competitive - and profitable - you need to find answers to every aspect of money management, from navigating the taxation minefield to providing expertise on every aspect of cash management - from fundraising to credit control.
Finding an accountant who understands your optician business is vital for its success.
The Rangewell Opticians Services Directory
At Rangewell, as part of our commitment to supporting UK businesses, we have put together a directory of people with the skills you need - and made it free for you to use. So, if you need professional support, call us for details of the professionals who can help, including:
- Sales and acquisition agents
- Equipment suppliers
- Legal Services
- Media Services
Why you need a specialised accountant for your optician business
The accountancy profession includes many highly skilled professionals and many well-regarded practices.
You may know of several working close to your own business location.
However, a generalist accountant cannot have expertise in every sector. The financial, legislative and practical demands facing your optician business are unique for the sector.
Finding an accountant who is familiar with the optician business in general, and can apply that expertise to your business in particular is key not just to ensure you can maximise your profits, but to ensure that your practice really has a future.
By helping their clients to maximise their profits and minimise their tax liabilities, and providing access to expert support on all aspects of finance facilities from credit management to external funding, they can help you put your business on a sound financial footing.
Business Start-Ups and Company Formation
Setting up any business demands support from qualified professionals.
An accountant with expertise can help you with everything from creating a detailed business plan to securing the funding to put that plan into practice.
A credible and professionally prepared business plan will be vital to attracting the funding you need to set up your optician business. Creating a business plan will need realistic and up to date knowledge of the real figures involved and the factors that will influence your profitability.
Cash flow forecasting and budgeting models are important, to help you plan your finances, and are commonly requested by banks and other lenders as support for your requests for finance.
An accountant with expertise in the sector will be able to provide long and short term forecasts with profit and loss, balance sheet and cash flow forecasts based on current experience and benchmarking - greatly increasing your chances of receiving the funding you need.
Having an accountant who understands your business can streamline your own administrative workload, giving you more time to focus on the clinical aspects of your practice.
The basics - book-keeping and VAT returns - may seem routine but not only is it essential to get them right, they can also provide the basis for substantial tax savings - if you can call on expert support to identify exactly where and how those savings can be made.
Having an experienced accountant with sector knowledge can provide a valuable source of informed advice when you have business decisions to make.
It can also mean reducing your tax. The VAT system can be confusing, and an accountant with expertise in the sector can identify those allowances and entitlements that might otherwise go unnoticed, but which are entirely approved by HMRC. it can mean reducing your business tax liabilities and improving your cashflow, making your business more profitable, and removing some of the most stressful aspects of running it.
Administering your Payroll can be a time-consuming process that diverts resources and focuses your attention away from the real focus of your business. It is made all the more stressful by the increasing complexity of taxation and employment legislation and the penalties for failing to comply with legislation.
PAYE, National Insurance, Statutory Sick Pay, and Statutory Maternity and Paternity Pay, and Automatic Enrollment into a staff pension scheme are all part of your responsibilities as an employer. Dealing with the routine basics can be a time-consuming distraction from your core business focus. The special arrangments for joiners, leavers, P45 and P46 forms, bonuses, commissions and holidays and salary sacrifice schemes can be a real headache.
Outsourcing your payroll to an expert accountancy business could reduce your workload, and ensure that you steer clear of issues with your payroll itself, your annual returns and your planning for the future.
Year End Accounts and Corporation Tax
All limited companies in the UK must pay Corporation Tax on all taxable profits.
It is, of course, your responsibility to calculate out how much you owe, pay it, and then report it by filing a Company Tax Return.
If you are not familiar with the various tax allowances that are part of the system, this responsibility could leave you paying substantially more tax than you should. An accountant with an understanding of the sector could provide full and up to date knowledge of the practices and allowances that are accepted by HMRC.
Rather than experiencing stress, frustration and difficulty, their knowledge and understanding of the UK tax system can help plan ahead and use your tax position as an opportunity to enhance your trading position, rather than a drain on your resources.
In addition to simply providing the optimised return, an experienced accountant will be able to advise you on the most tax-efficient approach for a wide range of activities, from raising funds to acquiring equipment, premises and taking on and training staff.
As well as ensuring your business and your bookkeeping is compliant with the various requirements of HMRC, an accountant with relevant sector experience will be able to produce audited accounts.
These will have several benefits to your business, as well as ensuring that you meet your statutory obligations. In particular, they can help your accountant work with you to identify any potential problems before they become serious, and a threat to your business.
Developing and extending your optician business may be crucial to its success, helping you compete against the major franchises and chains.
An accountant with relevant sector skills can provide advice on the tax-efficient implementation of business strategies, and support during restructuring, mergers and acquisitions.
This can include developing expense budgeting models that can be used for comparison against actual results and making full use of measures such as capital allowances - a complex tax area and very few owners have the necessary expertise to take full advantage of them.
Selling your optician business
The time will come when you are ready to pass your optician practice on.
Naturally, you will want to maximise the sale price.
An accountant with an understanding of the industry and the challenges involved can be essential. They can provide accurate valuations and forecasts, helping present your business in its best possible light, and ensuring that a fair and appropriate agreement can be arrived at with a potential purchaser.
Finding the specialist accountant you need
At Rangewell, we work with opticians across the UK, to help them find the funding they need.
This means that we work closely with many professional suppliers serving the sector - including accountants. We are always happy to share our knowledge, and if you feel that your business could benefit from an accountant with experience in the industry, please call us on 020 3936 0069.
We will be happy to introduce you to an accountant in your region who can provide the expertise you need.
Joining the Rangewell Opticians Services Directory
Are you an accountant with expertise in the optician sector? Please contact us to discuss being included in our database. There is no charge.
Call us now on our Opticians' Support Sine on 020 3936 0069.
Download Rangewell’s free and detailed guide to business lending
What kinds of business funding are available and which lenders are experienced at providing finance to the opticians sector?
- How can they provide extra funds for you - without reducing funds available for your business?
- Why you must find the right lender to cut costs
- The downsides of borrowing
- Guarantees and security
How important is it to choose a lender that is authorised and regulated by the financial conduct authority?
Find business finance packages for any purpose for optician practices, including to help with cash flow, working capital finance, premises funding or even equipment finance
Is business finance limited to companies based in the UK only?
Will it be hard work to apply for finance? What paperwork you will need to submit with your application
Key financial terms explained, such as credit lines, Asset Finance, Merchant Cash Advance and terms.
An additional commitmentBorrowing may be a long-term commitment, with ongoing monthly repayments which will affect your cashflow.
You may need to repayIf you sell your business, you may need to repay your borrowing.
Borrowing may be a personal liabilityLending will be secured on your practice, but you may be personally responsible for repayment with some types of loan.
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