Whether setting up a new business or if your current one is starting to take off, choosing an accountant to deal with the many financial and legal proceedings is a necessity.
Choosing an accountant smartly will help your company successfully navigate through the changing times for your business while staying on the right side of the law and hopefully increasing profits.
There are hundreds of accountants out there looking for clients to work with but not every single one will be suitable for your requirements. Instead answer a few key questions before hiring one or more accountants to work with your business.
Choosing An Accountant – Do We Need One?
For a sole trader business the answer is possibly no. It should be simple enough to stay on top of your accounts and ensure all the appropriate taxes are paid in full and on time. However, to be on the safe side some sole traders do enlist the services of accountants to complete their tax returns.
A limited company can technically be set up without an accountant. However, for most start-ups, SMEs and larger companies it is advisable to use one.
Many accountants will even offer free advice when setting up a new business, usually as long as you allow them to do your accounts.
Choosing An Accountant – Are They Qualified?
Choosing an accountant to take charge of your figures who is not properly qualified will lead to all sorts of problems, such as missing out on important information and bits of advice.
As they are going to know a lot about your company and its dealings, you need to trust that they are highly competent in what they’re doing.
When choosing an accountant to hire check they are registered by The Institute of Chartered Accountants in England and Wales (ICAEW). Members of the ICAEW are covered by insurance so that if your business loses money due to bad advice it can be claimed back.
Choosing An Accountant – Will They Suit My Business?
Many accountants specialise in certain areas so finding one through Just Accountants that will more than adequately suit your needs is advisable.
Some will be experts at dealing with small and start-up companies, and ensuring they have plenty of experience in the sector before using is a good idea.
Establish how much you’ll be in contact with your accountant and the services they will be providing. This should show how good a fit they’ll be. If problems occur then look for a new one as soon as possible to prevent problems spiralling.