Are you struggling to manage your small business accounts? Do you panic when it comes to submitting your tax returns?
Here are some fundamental tips to help small businesses that have decided to outsource their accountancy requirements. Read on to find out how to do it to get the best results.
The Right Accountant
Finding the right accountant to take care of your businesses financial information is an important step. Not all accountants specialise in the same area so it is vital to find an individual or company with the right qualifications and experience to meet your needs.
Companies like Neil Houghton Accounting based near Bristol in the UK are a good option for small to medium sized businesses. However, there are a wide range of accountants to choose from wherever you happen to be based. Your in the driving seat when it comes to finding a good accountant so make the most of this!
Take Your Time
It is well worth investing your time in identifying the right service for your business because with the right choice of accountant, you will be entering into a long-term business relationship that will give you the best possible chance of success.
Ideally you should have an accountant on board to advise you right from the moment you start your new business, as this will give you access to the right information regarding the best way to actually structure and plan the business from day one, from a financial point of view.
Qualifications & Reputation
Make sure that you outsource your accountancy requirements to an individual or company with suitable qualifications and preferably choose someone who is a member of a professional body of accountants.
This will ensure you receive a high level of service and will also give you access to protection and advice should anything go wrong.
Outsourcing Is The Most Cost Effective Option
Outsourcing your accountancy requirements is the most cost effective way for small businesses to access a comprehensive range of accountancy services on a low budget. Accountants structure their fees in different ways as some charge by the hour whilst others will offer you a fixed rate fee for an agreed level of service.
Fixed Rate Fees Help
Fixed fees are preferable if you prefer to know exactly how much your accountancy service will cost you each month and can budget accordingly.
The alternative pay-by-the-hour system can often result in an unpleasant surprise when you receive your bill, particularly if any issues crop up during the year.
Usually you will be charged an annual fee, but it may be possible to pay monthly instalments instead and there is certainly no harm in asking if you would prefer to pay this way.
Choose An Individual Or Company You Actually Like!
Given that this is a business relationship that will ideally last the duration of your business life, it makes sense to work with people who you get on and like.
Clear communication skills and a friendly personality will be every bit as important as qualifications and skills.
If you do not feel that you trust your accountant to have your best interests at heart, or do not feel at ease with them, you are not going to have a successful long-term business relationship with them.
Don't Leave It Until The Last Minuteâ€¦
Outsourcing to an accountant may cost less than you think and a good accountant will undoubtedly save you money over time.
If you know you need an accountant, be sure to give yourself plenty of time to make sure you find the right one and don't just go for the first one that pops up on Google. Accountants are used to hitting deadlines but they are not superheroes!