Unless you own a
very small business or you are an expert in financial matters, it is always
advisable for you as a business to seek the services of an experienced
accounting firm which will provide you with myriad services such as
Book-keeping, VAT, Tax, Payroll and Accounts.
Qualifications - Once you have done the groundwork and start looking for the
candidates, then the first thing to look for is the
qualifications/certifications your prospective accountant has. A non-qualified/certified
accountant may not be able to take care of all your financial needs. Especially
when it comes to services such as tax advice and return preparation, financial
statements etc., business owners usually look forward to certified accountants.
You should ensure that they have either of the qualifications such as ACCA,
CIMA, ICAS or ICAEW recognised by one of the UK bodies. Also find out if they
are Chartered Accountant, as chartered status is an internationally recognised
level of professional standing. An important thing to keep in mind is that the
qualifications you seek in your accountants should be in sync with the type of
services you require from them.
What To
Do Before You Start Looking For An Accounting Firm
Initially
it may appear daunting to you when you start searching for an accounting firm. However,
this can be tackled by asking the following questions –
1. What kind of
financial services you are looking for?
2. What is the
level of expertise and quantum of experience you need?
3. What is the
budget earmarked for these financial services?
Important
Things To Consider Before Choosing The Right Accountant
Experience – Apart from the qualifications and certifications, accountants you
plan to hire must have the relevant expertise and experience to cater to all
your financial needs and most importantly also help your business grow. Ensure
that the accountancy firm has the experience of dealing with different business
sizes and the industry sector in which you operate. An experienced accountant
not only manages your money but also helps you to save it.
Location – In today’s digital world, it doesn’t matter where your accountant
is based. Nowadays, most of the work gets done remotely. However, it always
augurs well for your business if you have face-to-face meetings with your
accountants initially to discuss your business needs in broader terms and get
their expert advice.
Size – It is natural to get attracted to a large firm having a brand
name, but your focus should be a firm irrespective of the size having relevant
experience. If you are a sole trader or a small proprietor then a small
accounting firm would fit your bill, however if you are a fast growing mid-sized
firm with a big vision then it’s best to employ a mid to large size accounting
firm.
Fees – One of the most imperative points to consider while hiring
accountants is the fees they charge. Some firms charge by the hour whereas
others work on retainer basis. Get estimates from various accountants and
compare them. However, don’t base your decision solely on the basis of cost. Your decision to hire the accounting firm should be a
holistic one based on all the points discussed above.
What Can
An Accountant Do For You
Some of the business accounting services that your
accounting firm can
provide is –
1. Book-keeping
2. Payroll
services
3. VAT related
services
4. Preparing
financial statements such as Balance sheet, Profit & Loss A/c, Trial
Balance etc.
5. Tax return
preparation/Tax Advice – Tax Compliance and Tax Planning (Planning refers to
reducing your overall tax burden, whereas compliance refers to being up-to date
and obeying the tax laws of that country)
6.
Creating/developing business plan for you.
7. Exit planning
A Few
Points Before We Conclude
1. To maintain
goodwill, some accountants may provide you with a couple of additional services
(although this could be a one-off instance). Don’t hesitate to ask for these.
2. Ask your
accounting firm how they keep in touch with their clients. It can be via
emails, phone calls, video conferencing or face to face meetings. Frequent
communication minimises the risk of errors creeping into your business.
3. A good
accounting firm should assign a dedicated contact person for you. This builds a
personal rapport and also reduces the risk of missed deadlines by sending you
regular reminders and thus keeping you stay on the right side of the HMRC and
Companies House.
(Looking for an
accountancy service? Want to save time?
Want to save tax legally? To get answers to such queries and to know
more about the range of services we provide, kindly visit our website www.doshiaccountants.co.uk
or call us at (020-8239-4999)
No comments:
Post a Comment