A business needs an accountant as early as at the planning stage. I always advise businesses to hire an accountant as early as they can because when an accountant is hired at the initial stages of making the company he will understand the company better, he will be there for you to provide you cash flow forecasts, feasibility reports and also he can play a role in structuring your company as well as company formation process.
A good accountant will not only do bookkeeping but he will look after your finances and help your business grow.
An accountant who is also a financial advisor today has a vital role and therefore you should choose an accountant very wisely. We have discussed a few things which you should be looking for when choosing an accountant.
#1 : Know your requirements:
You should be very clear in what you want from your accountant and then you can choose whether you can engage a simple book keeper or you want an ACCA or an ACA.If you want to grow your business it might be a good idea to have an ACCA or ACA on board so they can give you financial advice, save you money and also help your business grow.
#2 :Where the accountants are based
Whether the location of your accountant matters to you or not depends on your individual priorities. Many businesses prefer giving their accountants all the information online. They can even do all the meetings online and therefore the location doesn't matter to them.These days a lot of accountants are using cloud based technology which makes it easier for the clients to access their financial information from anywhere at any time.
#3: If they have clients similar to yours
You should prefer an accountant who has experience in a business which is the same size as yours in terms of revenue and employees. It would be an added advantage if your accountants are already working with clients in the same business. This means they will understand your business better as they would be thoroughly aware of your individual industry requirement.
#4: The fee structure
You should understand the fee structure of your client and their billing process.
You should be very clear of what fees they are charging for each service.Some accountants charge a monthly fee which includes all their taxes, others charge a monthly fee which only includes the book keeping and then separate fees for other business and personal taxes. Some accountants charge fees on an hourly basis. If you choose such an accountant who charges you hourly it would be a better idea to do the data entry on your own and then get them to prepare cash flow forecasts and do more of a financial planning,
If you are interested in an accountant who can do your bookkeeping or business and personal taxes contact Taxaccolega and our team of accountants will be happy to help you. We specialize in property tax, inheritance tax . We can save you costs by benefitting you with the relief that is available to your individual business.