What an accountant can do for your business
If you run a small business or you’re self-employed, having an accountant can bring advantages.
Having an accountant frees up your time so you can focus on your business. An accountant can handle key functions such as bookkeeping, and filing your company and HMRC returns on time.
As your business grows, your accountant’s input will become more significant, covering essential areas like:
- financial reporting
- tax efficiency
- business planning
An accountant can also save you money in many areas by increasing tax efficiency and improving cash flow. They can provide invaluable general support by offering general business advice, discussing your ideas and future growth plans.
Above all, a good accountant provides you with the reliable financial information you need to make key decisions.
Choosing the right accountant for you?
Personality is key in any relationship, so it’s worth meeting your accountant in person before engaging their services. You’ll be working closely together, so a personal connection is important.
Ask about their range of services to make sure they can meet all your needs.
It’s also good practice to talk about qualifications and experience. Are they qualified through one of the recognised UK bodies? There are many professional bodies all of which require their members to have the necessary training and skills.
Accountants will offer different packages. You can choose the most suitable option depending on how heavily you want your accountant involved.
One-person band, small firm or larger firm
Is the size of your accounting firm right for your needs? Broadly speaking, you should match like with like.
If you’re a contractor, sole trader or micro company, then a small firm might suit you best. But if you’re a fast-growing start-up with a big vision, you might be looking for a larger sized firm to match.
The location of your accountant
It does not matter too much where your accountant is based, as most work can be done remotely. But regular face-to-face meetings are valuable and can be much more productive.
A face-to-face meeting allows you to discuss your business in broader terms and may spark creativity. So, it’s an advantage to be within travelling distance to your accountant as you can visit in person.