July 11, 2020
As a business owner you have to be very careful while selecting an accountant. If you have the right person looking after your business accounts, only then you can expect right advice whenever the need arises to decide the financial productivity of the business. An accountant is like a doctor on whose advice the monetary health of your business depends. You must be 100% sure that your accountant understands your business and requirements.
There are different accounting services that an accountant can offer. However, here one fact is worth mentioning that every accountant may not be an expert in all accounting fields. Based on the nature of your business you need to decide who will fit in as the best as your accountant with the relevant knowledge and skills. An accountant’s experience in relevant accounting fields is the major aspect based on which you can determine that you can get the correct legal financial advice.
Now, it boils down to the question that how will you find an accountant who can handle accounting for your business and provide effective guidance in building the business. It can be too much of a hassle and time consuming as well. However, thanks to the internet you can simply start your hunt by doing online Google search. Most of the renowned accounting firms have their websites where they give the information of the professional services offered, areas of expertise and number of years they are in service. Further, you can also rely on an existing client’s personal feedback to assess whether a firm’s clients are satisfied or not. You can also run through the online reviews of a firm but here you have to keep in mind that reviews available on their websites may not be always authentic.
There are many accounting firms that provide full range of services viz. Year-end accounts, Bookkeeping, Management accounts, Taxation service, Payroll and business advice under one roof. You need to short list a certain number of firms, so that you can compare their services and experience to establish which one is the best according to your requirements.
Once you have finalised the accountant or firm, it is very important that when you meet your accountant for the first time you discuss all parts of your business specifically past and current financial records, projections and future business plans.
You do not have to be an expert of legal and financial matters to make sure that your accountant is keeping your accounts properly or whether he is giving you the right advice. A good accountant will always give you the confidence that your numbers are working for you and free up your time, so that you can work more on the stuffs that you like.
You need to seek financial advice when you are setting up a business, ceasing or selling business, want to make new investments, applying for loans, filing taxes or handling complicated tax issues and most importantly looking for growth and to build your business.
Now, in a nutshell to know that you have the right accountant for your business and you are being provided with the right advice, you simply see that your accountant is keeping accurate and comprehensive accounting records, making sure that you are legally compliant, reducing your tax bills, helping you to manage your cash flow and maximising your business profit.