We were talking about ways
to get
money quick for last week's Finance Fridays. This week we are
looking at how to choose the right accountant. When you first start
out as self-employed or set up a small business you may be able to do
your own accounts. As your business grows this can be very time
consuming and you may find yourself missing deadlines and not
claiming all the payments and expenses you are due. When this time
arrives you need to find an accountant that suits your needs but with
so many to choose from where do you start? Whether you need to find
your first accountant or wanting to change your current one here's
some tips to picking the right one.
Specialist in your
business type – You could be a sole trader or running a small
limited company so having an accountant that deals mainly with big
businesses may not be best for you. Tax in particular is a very
complicated area and the rules vary widely depending on how your
business is registered with HMRC. Most people who go self-employed
or start a small business are doing it for the first time so have
very little experience in accountancy matters. A specialist
accountant will know exactly what you should be recording and the
deadlines you need to comply with.
Check they're qualified
– Many people have good bookkeeping skills but they aren't
professional accountants. A qualified accountant will keep up to date
with all current rules, regulations and legislation. Membership of
professional accountancy bodies means they have to adhere to certain
standards and have professional indemnity insurance. This means any
losses you incur due to their bad advice they will be covered for.
Look out for qualifications from the The Institute of Chartered Accountants in England and Wales (ICAEW)
or Association of
Certified Chartered Accountants (ACCA).
Be clear on fees –
Before you engage the services of an accountant find out how much
they charge. Do they have an hourly fee or a flat charge for each
service? They may have a set monthly fee depending on how you use
them. Whatever the fee structure make sure you know what it is going
to cost before you are landed with unexpected bill.
Word of mouth –
With so many accountants to choose from ask trusted friends or other
business owners who they use. Most people will be happy to say which
accountants they would or wouldn't recommend.
Going digital –
Gone are the days of paper accounting with bank statements, receipts
and invoices. You also don't necessarily need to be meeting your
accountant face-to-face on a regular basis. Accountants can now work
in conjunction with their clients using 'cloud
accounting'. This is where your accounts can be accessed online
and updated with all transactions, bank accounts, invoices and even
payroll. Your accountant can then log on whenever required and spot
any problems you may not have noticed or give advice on how you can
change things.
Share your ambitions
– You may think that accountants are just there to keep your books
in order. Ask any potential accountants what they can do to expand or
grow your business. They should be able to help with finding funding
schemes and ways to raise capital if required.
Have you ever had an
accountant? Would you know how to choose one?
This is a collaborative
post.
If
you want to join in with this week's Finance Fridays then add your
link to the linky below. Any post concerning financial matters is
allowed. Full details here.
It doesn't have to be published today as you have until 23.55 on
Tuesday 28th
February 2017 to join in.
If
you use Twitter, Facebook, Instagram or Google+ please tag me and I
will retweet, Like, Share or +1 as appropriate. You can find me here:
Twitter:
@jibberjabberuk
-
please
use the hashtag #FinanceFridays
Facebook:
Jibberjabberuk
Instagram:
jibberjabberuk
Google+:
Jibber
JabberUK
No comments:
Post a Comment
I appreciate your comments. If you have any tips, tricks or tweaks please pass them on!