For most people setting up their own business, it’s safe to say that many primary business decisions are going to be based on their core skills and experience, rather than getting a thorough understanding of the ins and outs of business finance.
Of course, not all of us are as equally skilled with the financial side of running a company as we are with the physical side of the job, which can make the whole process of balancing the books more than a little confusing – fortunately, this is where an accountant can help!
Experts in the field of finance, finding an accountant to work with your business can make the process of managing your company’s costs and expenses that much easier, whether that be understanding business tax for sole traders or what’s expected of you when it comes to PAYE and VAT.
Read on to learn more about how to find a good accountant, and what they can do for your business.
When it comes to the process of finding an accountant, there are several things you’re going to want to consider before picking the accountancy firm of your choice. We recommend looking at the following before you make your decision:
On top of these points, you should also make sure you only work with a firm that has in-date public liability insurance and personal indemnity insurance and appropriately qualified staff with recognised accountancy training – that way you can be sure that they know what they’re doing.
Finally, make sure that you speak with multiple different firms and get various quotes before making a decision to ensure you find a firm who can accommodate both your needs and your budget.
When it comes to the services that an accountant can offer, you can expect most accountancy firms to provide a mix of some or all of the following areas:
Naturally, certain more specialised accountants may offer more niche services that are tailored towards specific businesses, so it’s always worth asking about their full-service range when making inquiries.
Once you have several suitable accountancy candidates in mind, your next step should be to prepare for your initial meeting with them in order to correctly assess whether or not their suitable for your business.
We recommend preparing for your meeting by doing the following beforehand:
Out of all of the above points we’ve mentioned, it’s definitely worth checking and avoiding any accountants who ask for payment for any initial quote or consultation meetings where possible.
As Clive Lewis, Head of Enterprise at ICAEW (Institute of Chartered Accountants in England and Wales - one of UK accounting’s regulatory bodies) points out, everyone is obliged to a free, no-obligation advice session with a Business Advice Service (BAS) chartered accountant.
If you search the ‘Find an accountant’ section on the BAS website and look for accountants local to you with a BAS logo, you can contact them and arrange your free meeting.
At the end of the day, the right accountant for your business will be one who provides the types of financial services you need, has the necessary qualifications to work in the industry, provides fees that sit within your intended budget, and is someone that you feel as though you’ll be able to work with.
If you do speak with an accountant who meets all the criteria you expect, but you feel like you may struggle to form a good working relationship with them, then there’s no harm in passing on their services and looking elsewhere – after all, accountancy is a two-way street, and you want to be sure that the accountant you choose will be easy to work with.
Once you’ve finally decided on your accountancy firm of choice, they’ll issue you with a ‘letter of engagement’. This is a contract that sets out the terms and conditions of your agreement with them, and you’re required to sign it before your accountant can begin working for you.
From here, you should keep in touch with your accountant throughout the year, meeting virtual, in-person, or over the phone at least once a month to discuss any updates, service amendments, and regulation changes that may have occurred recently, as well as assisting your accountant with providing documentation when required.
Being organised with financial records on your end is a surefire way to make working with your accountant a much more straightforward process and will make the whole thing a far smoother working relationship.
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