An accountant for business

One of the least enjoyable things for most business owners when it comes to running a company is keeping up with the accounts.This is why it can often be easier, quicker and much more efficient to enlist the services of a proffesional accountant. However, for a lot of companies, it isn't quite as straight-forward as that. A business owner will have to consider what tasks they will continue to do themselves, and what tasks they would expect their accountant to deliver.

Doing Your Own Accounts

If a business owner intends to go it alone with their accounting, it is worthwhile them knowing that they will likely require the services of an accountant at some point in the future. For example, some limited companies are required to have their accounts audited. Although some people think that they will spend more money by employing the services of an accountant, they may actually find that they end up spending more on tax; getting less attractive financing options; missing tax deductable items that an account would pick up on and that the business owner wastes too much time on filling in returns that should be spent growing the business.

Accountant's Sector Experience

It's great to work with an accounting firm that has experience with other clients in the sector or industry in which you operate. The firm will then not only be able to take care of your paperwork but also give you advice on the future direction of your business. Ask your potential accountant for examples of clients similar to you that they've worked with. If they can't, then ask them why they think they're right for the job.

A Large Accounting Firm or an Accountant?

If you work with a larger accounting firm then it is likely that you will have access to experience in more areas. Larger firms have experience in dealing with business consultancy, taxation, mergers & acquisitions, auditing and other complimentary services. However, their prices will definitely be higher. They have more expenses and, they are unlikely to be willing to dedicate as much time to your company if they have some larger customers to look after also.

An individual accountant, on the other hand, will form a closer bond with you and your business. They might not have direct access to all of the experience on hand, but you are more likely to be able to get their services for a cheaper price.

Recommendation on the accountant

It's always best to get references from other business owners before choosing an accounting company or accountant. Find out about the experiences others have had, whether they completed work on time, whether they offered tips for their business, and whether they found their service to be satisfactory. It is always best to get some first hand recommendations before entering in to a contract with someone.

Accounting Prices

Agree prices before you have any work carried out. Some accountants charge a fixed annual fee whilst others charge per hours worked. Evaluate your business and work out which is the most cost effective route for you.