When it comes to doing accounts a huge number of us struggle with controlling the household budget never mind business and tax accounts. This is where a good accountant can come in – these industry professionals can be worth their weight in gold for some people, as they can make life far easier, can help clients to avoid unnecessary charges and costs, and can help them to save money on their taxes.
Of course, you need to consider whether you need an accountant and if so which one to choose. For example, if you are a lone trader and run a very simple business and simply need to file your tax return with details of your income and outgoings (e.g. you have no savings, capital gains, or any other income to consider) then you can probably manage alone. If, on the other hand, you have a lot of different areas that have to be taken into consideration and your accounts are far more complicated then you could really benefit from the services of an accountant.
There are a number of different ways in which you can choose an accountant. Like any other service provider, some accountants will prove better than others for your needs, which is something that you need to bear in mind. Often, the best way to find a suitable accountant is through word of mouth. You may have business associates who use a specific accountant or accountancy firm, so it is worth asking around to see how happy they are with the service that they receive.
Another thing to look at when choosing an accountant is whether he or she has experience of dealing with others in a similar business to yourself. Obviously, you want to get an accountant that will benefit you based on your business and someone with experience in that specific field can prove particularly beneficial.
Of course, another thing that you will need to consider is how much the accountant charges. You don’t want to pay over the odds for the service otherwise you will be saving money on one hand and giving it away with the other. Find out about their charging structure, how and when you will pay, and what they do and do not charge for.
It is always a good idea to choose an accountant that is fairly local to you, as you may need to go in and see them on a regular basis depending on the complexity of your business and accounts.
Andrew writes frequently about personal finance as well as issues effecting both consumers and small businesses, covering everything from savings to mortgages to Wizardmidrand Free credit checks.