If you have a small business or work on your own, you get many advantages of having an accountant. So here is an easy guide on how to find a good accountant UK.
At the most basic level, your accountant can free up more time by handling key functions such as accounting and tax returns. As your business grows, your accountant’s contribution will become increasingly important, covering essential areas such as financial reports, compliance, payroll, tax efficiency, business planning and more.
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What can an accountant do for my business?
If you have an accountant, your time is reserved so you can concentrate on what you do best. It also reduces the risk to your business by reducing the likelihood of errors in taxes, financial information and compliance. An accountant can actively save you money in many areas by increasing tax efficiency, improving cash flows and obtaining financing. In addition, he or she can provide valuable general support by offering general business advice, discussing your ideas and testing business plans.
These are some of the services that your accountant can provide.
- Accounting and bookkeeping
- Keeping more money in your bank account
- Helping you pay the correct amount of taxes
- Improve fiscal efficiency
- Financial compliance
- Create/develop your business plan
- Financing for growth
- Growth management
- Rate your business
- Retirement planning
Organize first meeting
The right company, when finding a professional appointment, means that you should do some homework. We recommend:
- Look for suggestions from your business contacts
- Calling at least three companies and hitting at least two people face to face. Personalities are important: you must have a professional, friendly and open relationship with your accountant.
- Check your first free meetings before going.
- Be sure to assist the person who will take care of your work within the company. They may not be present at this first meeting.
- Ask questions: how much they charge and when they are payable. You should know what your rates will cover, to find out what is included and what the additional charges are. Will they deal with a fixed price during the first year? If you want to keep rates low, do what you can to help them do their job, for example, provide information or documents quickly when requested.
- Clive Lewis, Head of Company at ICAEW (Institute of Public Accountants in England and Wales) said that anyone can attend a free counseling session, without obligation for the public accountant of the Commercial Advisory Service (BAS).
What to expect from your accountant
When you decide on your accountant, you will issue a “commitment letter”. This is a contract that establishes the terms and conditions of your agreement with them. Your accountant should contact you during the year, not just at the end of the year. They are there to help you manage your business; don’t be afraid to call your experience. Communication must be in two ways: you must inform your accountant about changes in your business, problems, costs, etc. It is always reasonable to consider whether your accountant provides the service you need. Ask for specific help if you are not satisfied. And if you discover that the relationship is not working, you can always change the counters.
Does the position of your accountant apply to you?
Technically, regardless of whether your accountant is established, most of your work can be done remotely. However, regular face-to-face meetings remain valuable and can be much more productive in terms of obtaining added value from your accountant. In a face-to-face meeting, it is easier to discuss business in broader terms and benefit from general business advice. Therefore, if you want more basic accounting services, it is good to be within walking distance so that your accountant can visit you in person.
Before you go, I hope this article on how to find a good accountant UK is helpful for you.