Why you should have an accountant and how to choose one
As new research from business software and services provider Sage shows that
accountants are now seen as the most trusted source of business advice
for UK firms, we consider why you should have an accountant and how to choose one.
A qualified accountant is an experienced professional and will be able to act as your finance specialist allowing you to concentrate on spending your time running the business. From a business perspective they can assist in making the most of the information you have whether interpreting existing information or planning where to go next. They will also be able to make efficient use of your resources so that you do not end up with a bookkeeper doing lots of work to complete VAT Returns yet miss out on the advantages of producing meaningful management accounts for little extra effort.
Due to the number of businesses that accountants come across whether clients or trade contacts, they are also sources of information on company structuring, personnel matters and financial implications of contracts. They may well also be able to help you find business services from recommended suppliers.
However the bread and butter of the accountants work is tied up in compliance services for businesses and individuals to comply with government tax rules and cover:
- Preparation of accounts
- Preparation of corporation tax or partnership tax returns
- Individuals tax returns
- Payroll services
- Bookkeeping and VAT services
- Dealing with HMRC investigations
- Company formation
Larger and more specialist firms may also be able to deal with
- Auditing
- Specialist tax planning
- Advising on tax treatment in specific areas (eg VAT and property)
How do you set about choosing an accountant?
This decision is a matter of your personal requirements, one of the best ways is by recommendation but you do need to make sure you are fit into the same category as the person who has recommended, the service may be great for them, but not so good for you. You should always have a meeting or speak on the phone to see if you get on from a business footing, as mentioned earlier there must be a level of trust between adviser and client. Other areas you can look at and consider are:
- How proactive are they?
- How do they communicate (face to face, telephone, email)?
- What do other clients say about them?
- What do the testimonials on their website say?
- Do they have newsletters/blogs or information sheets to help out?
The choice is largely personal as I was reminded at a recent event , “people employ people” not businesses. Whatever choice you make I hope it serves the purpose you want it for.
Alastair Wood – AW Accounting “the accountant who speaks your language”
