If you own a growing business or run a freelance operation, having an accountant can provide many benefits. Most importantly, your accountant can help you save time by taking care of things that require your attention, freeing you up to focus on what really matters. As your company expands, your accountant will become increasingly vital, overseeing important activities like accounting, finance, taxes, HR, and payroll. Above all, a great accountant gives you the information you need to make critical decisions, enabling your company to grow faster and thrive.
Why do I need an accountant for my small business?
Unless your business remains quite small, its accounting requirements won’t soon end up being too much for you to manage yourself. However, if you’re not an accountant, it might be time to consider hiring one. After all, most businesses begin with just one person. A good bookkeeper can save you countless hours of work and help you avoid costly mistakes. On top of that, they’ll also help you keep track of tax deductions and prepare annual financial reports, helping you maximize profits.
What can an accountant do for my business?
Having an accountant helps clear out your time so you can spend it doing what you do best; it allows you to cut down the risk of error by decreasing the number of mistakes made in tax, financial reporting, and compliance. Accounting firms can also actively save you time by helping you increase tax efficiency, improve cash flow, and manage your finances. Further, they may offer valuable general support by providing business advice, reviewing your ideas, and testing your business plans.
Here are some of the services your accountant can provide you.
- Helping you pay the right amount of tax
- Improving tax efficiency
- Financial compliance
- Creating / developing your business plan
- Sourcing funding for growth
- Growth management
- Extracting value from your business
- Exit planning
Finding an accountant
The first way is to use our search tool. Just choose option from the drop down detail as you can about what you need, and our system will match you with the nearest suitable accountant.
The second way is to search and browse. Enter your postcode to see a list of accountants in order of distance from you. You can then refine your search (e.g. to find accounts with specialist expertise).
Is this accountant right for me?
Be sure to meet with your accountant in person before contracting his services.
You will be worked closely together, so a face-to-face meeting is essential. Ask about their range of service offerings to be sure they can meet all of your needs. This is a great time to talk about their credentials and experience. Chartered status is an internationally recognized level of professional standing.
Most accountants will display certificates related to their training and experience. You can check with the relevant organization to see if they are certified. If you suspect your accountant may not be a chartered accountant, this is something you should raise during your initial appointment. You should also discuss your fees. Accountants’ jobs are to help reduce costs and protect clients from risk. They do this by working within set guidelines. Their services are tailored to fit your specific needs, so it’s important to know what those needs are. What services your accountant provides vary depending on how big your business is, how often you need them, and how much you spend.
For example, your accountant might charge a flat rate per year, or you could pay hourly rates for specific tasks. You can also get paid based on results, i.e. a bonus for meeting targets. You should also learn how your accountant plans to work alongside you. Some people prefer to manage their own books; others prefer to hire someone else to do the job.
Discussing these things ahead of time ensures you understand each other and the best way to run the business.