Choosing The Right Accountant
If you are running a successful business then having a good accountant is invaluable, especially if you are a limited company or own a few umbrella companies or even if you are a contractor. It’s a wise idea to start the process of choosing an accountant as soon as you launch your business as your account would want to know everything from start date, wages and everything in between. This is where they can maximise your profit!
However, that is just the start of what a great business accountant can do, here is what they also offer as well as financial benefits.
What Can Accounts Do For You
Provide you with tax advice – Certified accountants are the type of people that will provide you with advice on just about anything. Especially when it comes to tax advice, because, their job is to save you money and what better way than to help you smooth your taxes and save you money in the process. Having experience and extensive knowledge of tax laws as well as always keeping up to date, you can rest assured that with a qualified professional you are in safe hands.
Help to manage your cash flow – Cash flow is one of the most important parts of any business and contractor. Without managing your cash flow, you will be chasing up invoices and payments, this can become quite tiresome and instead of getting on with actual work or even enjoying life chasing payments becomes your job description. Which is what you don’t want. A certified accountant can help you manage this by chasing up invoices for you and managing your money.
Keeping records for tax and annual renewal accounts – Obviously with every company there are things you have to annually and monthly pay out for. Things like wages, expenses and such can be a real knock on your money, however, an accountant has the ability to track where this money is going as well as keep a record for you if you ever want it. They also have the ability to see discrepancies that might be happening with your money and tell you about it. Keeping a balance sheet is always good!
There are a lot more benefits of choosing an accountant and then hiring one for your business or as a contractor, however, these are just a taster of the grander scheme to come.
What do you need to have in mind when choosing your account?
Depending on whether you are a business or a standalone contractor you’re going to want to know what kind of accounting firm you need. With over 22,000 active firms in the United Kingdom at the moment, a lot aren’t going to be the right one for you as a contractor. For example, the bigger firms are tailored more to corporations and enterprise businesses. The small firms of course are for contractors and freelancers. Think about it this way, you don’t want to put all of your eggs into one big firm just in case you get overlooked.
You need to know what you as a contractor or as a business needs from an accountant
An experienced accountant can derive what you want and how to grow your business, however, we have yet to discover the technology to read minds. Therefore, it’s always a good idea to write down what you or your business needs from an accountant even before the initial consultation, to which they will more likely charge a consultation fee. The best accountant will do more than asked, so make sure that you choose the right one for you!
Take the time to interview several accountants
To make sure you get everything that you need to get on the table and that they can provide what you’re looking for, you need to take the time and take a look at more than one accountant. At the end of the day, you wouldn’t go on amazon and pick the first thing that you see, you would take the time to “shop around” so to speak. Therefore, taking a look at specialist and then some more is a great way to figure out which to hire.
The more accountants you interview the surer you will become of yourself and your goals. Your chosen accountant will probably give you a lot of good business advice as well as business tax, bookkeeping and accounting to.
The most important thing before you start interviewing
You need to conduct a thorough background check and ask for references when you are going through an accountant interview process. Like a job interview, this is incredibly important as it is your money they are looking at and handling. I can’t imagine anyone not doing this, but you would be surprised at some of the people that just decide to hire on face value or through online means without first setting up an interview.