Picking the right Accountant for Small Businesses
Original article published in The Bay Magazine Swansea (June 2018)
Choosing the right accountant is an important decision for a small business to make. A good one can save you time and help your business grow, and a bad one could cost you much needed money and add little value.
At Allchurch & Co, we value every client relationship and ensure that the Client is getting the level of service and support that they require.
We strongly believe that an Accountant should be more than someone you drop records off to once a year, and who then sends you a set of accounts and a tax bill to pay once a year!
From the very first meeting, we want to get to know you and help your business thrive. We feel that understanding your accounts and getting a meaningful analysis of your businesses performance from the outset, is crucial for your venture to succeed.
We tailor our services to suit you. We encourage regular contact with clients, and the more we understand your business and its current affairs, the better the outcome for us and your business.
Benefits of having a good accountant and understanding your accounts
Takes the stress and pressure off you having to think about ‘Am I complying with current regulations and statutory deadlines?’
Helps you understand the information which lies behind the numbers on the face of your accounts. For example, ask yourself – Are some of my revenue streams loss making?
Enables you to think and identify areas where you could save on costs and maximise profit.
Ensure you understand all eligible business costs which could help reduce tax liabilities.
Prepare your accounts and business plans for use if seeking to raise finance within your business via banks or investors.
Establish an efficient bookkeeping system which works for your business – Is your business ready for Making Tax Digital?
How to choose the right accountant
Below are some tips to look for when choosing an accountant
Choose a chartered or certified accountant For peace of mind, choose an accountant that’s regulated by a professional body
Look for an accountant with relevant expertise It is useful if your accountant has worked with businesses of a similar size, industry sector and are familiar with the software package you use or wish to use
Find out what software the accountant uses Some accountants have their preferred accounting software and may be adverse to change. With Making Tax Digital on the horizon, it is important that your accountant is on board with the changes due to come in, and can offer a suitable software, or work with your chosen software.
Understand and Negotiate Fees There is no universal method of calculation for accountant’s fees. Understand from the offset how your accountant will charge you. Will it be a fixed fee spread over the year, or will they bill annually on an hourly rate?