Top Tips: Find The Right Small Business Accountant

Whatever your business, whatever your experience as an owner and however long your business may have been running; you will face the constant and rather daunting aspect of dealing with your business finances.

Dealing with finances is no easy task and the pressure is regularly on as one slip up could land your business in murky waters. From bookkeeping, to tax, to VAT and PAYE returns; there are numerous financial ‘boxes’ that you must continue to tick off but with a business to run, employees to manage and success to reach, many agree that the best way to keep on top of it all is with the ongoing advice and support of a professional and qualified accountant.

There is a stigma surrounding accountants and I am almost positive that as I have even uttered the word; many of you will think of boring, suited men that charge far too much money and do very little to help your business. However, contrary to popular belief the right accountant will not only charge little for your services but save you a heap of money in the long run and of course ensure that your business finances remain in the best shape possible.

Below are my top tips that can help you ensure that, in your search for the right accountant, you get only the right results…

Experience- This is almost a given point to look for; as the more experienced the accountant, the more chance you have of ensuring you receive the best service. There is however another point to consider; has your chosen accountant got experience in dealing with small business and start-up business finance? The two can differ greatly from the financial situations faced by moderate and larger sized corporations so be sure to check into this before you make any decisions.

Fees- There is a myth that all accountants including small and start up business accountants charge large fees for an hour’s service however did you know that there are many accountancy firms that offer fixed fee services too? a fixed fee accountant is your best chance of getting the right service without a crippling price tag.

Services- An accountant isn’t just the tax man; the right accountant can become a trusted advisor who can help your business stay in the best financial shape, pay less taxes and may even advise on ways in which you can save money. Take the time to ask what services are on offer; bookkeeping, tax return advice, PAYE checks and help and support on VAT returns are services you will all need at one point and getting them all from the same trusted accountant is often easier, simpler and far more cost-effective.
Whatever your business, an accountant can make life easier by ensuring your fina

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Is It Easy to Change From My Current Accountant to Another Small Business Accountant?

When you run a small to medium business, your accountant plays an important role. As well as helping you stay on top of your BAS and tax obligations, your accountant should be able to help you create a plan to grow your profits and secure the future of your business.

If you do not feel as though your accountant is giving you the right guidance to optimise your financial performance and financial position, you may want to consider changing accountants. You can change accountants at any stage during the financial year.

Why change to another small business accountant?

Your accountant plays such an important role in your business and should be working with you on the below:

Business forecasting – To help you plan ahead and create budgets and cash flow forecasts
Profit dissection – By examining your revenue streams, your accountant can identify where to focus on increased income
Expense analysis – Break down the costs of running your business to see where you can potentially save money
Asset advice – Which areas of the business should you spend money on and how can you make your assets work for you?
Liability analysis – What parts of your business are holding you back financially?
Regular financial health checks – A good accountant will keep in touch with you throughout the year, not only at tax time, to make sure you are on a budget and on track to achieve your goals
Education – To allow you to clearly understand what is going on with your numbers
Future planning – You and your accountant should work towards forming a strategy for the business in the long term, including selling the business or winding it down so you can retire
If your accountant is not covering the points in the above table, it is likely there are a number of areas where your business could be improved financially. In this case, it is a good idea to consider a new accountant.

Before you look for a new accountant, take the time to do some research. As well as meeting the above criteria in terms of the day to day management of your finances, there are some things to ask yourself about what you want from your accountant:

Communication requirements – Do you expect your accountant to respond to your calls quickly?
Expertise – are there areas of your business you need your accountant to focus on?
Reliability – will your new accountant meet deadlines for deliverables?
Technology – does your accountant use software which will integrate easily with your systems?
Values – what are the values of the accountant? Are they aligned to yours?
How to switch small business accountant

Before you move to a new provider, ideally you want to tie up all your loose ends with your current accountant.

Select your new accountant before you move on as they will need to communicate with your previous accountant.

From there, it is time to break the news. You may choose to give your current accountant a call and explain that you’re moving on. If they are professional they will part with you on good terms and wish you all the best.

It is the responsibility of your new accountant to get in touch with your previous accountant to request a transfer of your financial information. In Australia, it is ethical best practice for your old accountant to comply and hand over the information.

Once your new accountant has your figures and financial statements, make an appointment for the both of you to review your business. Now is the time to explain your trouble points. Talk about your business and personal goals so your accountant has a c

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Small Business Accountants: Top Services Available

Whether you are a small business or start-up business owner one of the main worries you will no doubt face is taking care of those finances and managing the costs as best as possible. On top of running your business, managing employees, ensuring optimum results and planning for growth; as a business owner you must keep your finances in the best state possible in order to ensure that your organisation strives.

Dealing with a growing business is a lot for anyone to contend with which is why when it comes to finances, dealing with the specialist advice and support of an accountant can help. The right accountant can not only ensure that your finances stay in prime condition but help you save money and allow you the freedom to concentrate on the things that matter.

For many small business and start-up business owners however, there is often a major drawback. In an attempt to manage costs, the seemingly excessive fees of an accountant can be considered unnecessary. However there are many accountants out there who not only work on a fixed fee basis but offer a range of vital services that can give your business the fighting chance it deserves.

Below I have listed a few of the services the right accountant can offer, in an effort to keep your business in the best condition…

Bookkeeping- Bookkeeping is the task of recording all financial records and is a legal obligation that all businesses must comply with. An accountant can help maintain accurate and detailed records of all incoming and outgoing expenditure, records of accounts, records of cash expenses and details of business expenses.

Year End Accounts- Year End is a daunting prospect that all businesses must deal with however with the right accountant you can finalize your Year End accurately, review your company performance and financial forecasts and ensure that all accounts, business and personal tax returns are filed on time.

VAT Returns- One of the most complex issues any business owner will have to face is the VAT return however an experienced small business accountant can normally deal with the majority of the process, freeing you from the hassle. Accountants will often work with you to ensure you are registered, your return is accurately complete and submitted on time and any possible future reductions are planned for.

Payroll- Whether a small or start-up business, you will naturally have employees that will need to be paid. An accountant with payroll experience can keep on top of employee salaries, ensure all tax and national insurance deductions are made, ensure that PAYE submissions are made to HMRC on time and students loans, sick pay and maternity cover is accounted for.
The above are just a few of the services that the right accountant can offer. With the right fee and the right experience, allowing an accountant to deal with the above issues amongst others can provide you with the ease and security of knowing your finances are in the best possible hands and even save you time and money.

Whatever your views on cost saving; putting your business in the hands of a professional accountants could be one of the best investments you make.

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