If you’re a business owner and don’t want to spend your day worrying about balance sheets and VAT returns, then you’ll need to find a qualified accountant. But that’s where the problems can start. Google ‘accountants in Aylesbury’ and you’ll get a long list of accountancy firms, but how do you know which one is right for your business?
We take a look at some of the common problems small businesses face when looking for an accountant and how you can solve those issues.
Although most accountants offer the same range of accountancy and tax services, their client expertise will vary. Some may work mostly with limited companies, while others may focus on sole traders. In an ideal world you want to find a firm of accountants, who have worked with other companies of a similar size and revenue to yours. So, if you’re a sole trader, it would be inadvisable to choose a firm that specialises in SMEs with a turnover of £1m+.
Also think about whether sector expertise would be valuable. If you work in the construction industry, then it would be wise to choose someone who is up to speed with all the rules of the Construction Industry Scheme and understands how to submit CIS returns.
With so many accountants offering a wide range of services it can be difficult to identify what services you actually need. Do you just need your tax returns filed? Is self-assessment your biggest area of concern? Or would you also like business growth advice?
Accountants have access to all your financial information, which means they are ideally placed to help you spot trends, identify areas for improvement and write business plans.
And if you don’t think you need that level of support now, think about the future. The last thing you need is to have to find a new accountant in 12 months time, who can offer you business growth services.
One of the biggest hurdles to finding an accountant for small business is money. Most companies, quite rightly, want a great service at a reasonable cost, which is why it’s so important to find out upfront how you are going to be billed.
A fixed fee gives you the advantage of having access to advice throughout the year with the reassurance of knowing exactly how much you will be paying. An hourly rate could be a good option if you only want help with one area, such as personal taxes; however you will be charged for all telephone calls and email responses. This can soon mount up, especially if an unexpected issue is found.
It’s fair to say that choosing an accountant is a minefield, which is why an initial meeting is so important. It will help you sort out exactly what services you need and most importantly check that your chosen accountant is a good ‘fit’.
We offer a full range of accountancy services and are happy to help you as little or as much as you want. Call us now for a free initial consultation.
We help ambitous small business owners grow their personal wealth and achieve their ideal work/life balance.
267 3184 85
Palmers Business Support was founded to help ambitous small business owners grow their personal wealth and achieve their ideal work/life balance. With accountancy as the central pillar of our offering, we take the view that timely accounts and efficient compliance is the bare minimum our cients should expect.