If you want your small business to be as solid as possible, it follows that you have to make sure your financial records are in order. This not only means keeping close track of all your expenditures and income; it also means making it a point to know the government deadlines on taxes and self-assessment tax returns as well as all other regulations and legislation concerning your business’ finances.
On top of this, you also have to take care of your payroll and your duties to HMRC and National Insurance. If you have been trying to do all this on your own without help from an accountant, it’s all well and good. But if you feel that the time has come for you to get professional help and expertise from an accountant or bookkeeper (especially if you want to pay attention to your other responsibilities in developing your business), how can you be sure that the accountant you hire is good for you? So are you a small business owner? Here’s how you can find the ideal accountant for you.
- Do an interview
Just like you would interview a candidate for a position in your company, you should do the same with an accountant. The accountant you choose for your business should be the right fit, and this means talking to them and finding out precisely what they can do for you and how they can help you. You also need an accountant who understands how you operate your business and what kind of support you need, and if the accountant has had previous experience with the kind of business you have, then this can go a long way as well. It also follows that it’s better for you to choose an accountant with experience rather than one without, as one without experience may fail to let you know what you need to know before it’s too late.
- Ask for any certifications or accreditation
It would also be wise to ask the accountant if they have any certifications or accreditation, particularly from a professional authority or organisation (like the Institute of Chartered Accountants of England and Wales). If they are a member of or are accredited with a professional body, they ought to follow certain standards and processes, and you may even be able to seek help from the organisation or authority if your accountant gives you bad or inappropriate advice. You should do a check on their background, just like you would with a prospective employee, and if you can, ask them for references as well.
- Look for an accountant who can do a variety of tasks
While it’s true that your accountant can perform general accounting and bookkeeping and the management of your accounts, they can do a number of other things as well, as the accountants from www.gsmaccountants.co.uk often do. That being said, look for one who can do a variety of tasks, such as taking care of your payroll, filing your tax returns, helping you find the best loans or investors, and identifying various schemes for tax relief, among others. Your accountant should not only be capable of balancing your books, he or she should also be able to give you the best advice on major decisions involving your finances and how your business can grow and profit both in the short- and the long-term.