Accountants are one of the most overlooked elements within small businesses, as many aren’t aware of the benefit it actually brings to your business in terms of profitability. Before we get into that, let’s look at some basic functions of an accountant.
Accountants help you to keep your expenses and income in check, ensuring your bookkeeping records are up to date. However, as your business progresses, accountants are able to engage in more areas of your business such as planning or tax efficiencies. They will also identify opportunities to cut costs for your business, improving profitability overall.
However, we still couldn’t emphasize more the importance of getting a reputable accountant such as Accounted For. Get more information about their services on accountedforltd.co.uk
How Do I Identify The Best Accountants For Me?
Choosing the best accountant to hire can be tricky, as it takes time to find an accountant that brings value to the company. However, worry not, as there are ways to find out which type of accountants you’ll need.
There are a few types of accountants you can engage, such as
- In house accountant
- Accountant Agencies
- Cloud Accounting Agencies
Here are some ways to find out which type of accountant will suit your needs.
Talk To Them
Meeting your accountant virtually or physically will help you to understand their working and communication style, as these personal relationships are vital in businesses. Take this opportunity to learn about their services in-depth, and also learn about their past experiences or case studies.
Of course, it is also a good opportunity to communicate your business goals, vision and mission to your accountant. These goals will determine how much effort will the accountant put into each part that may help you to achieve your goals.
Check Their Certification
While it may not be mandatory, we highly encourage you to look for accountants that are certified by professional bodies such as ACCA. These regulatory bodies ensure that these accountants are fitted with the appropriate skill to work while ensuring they are kept up to date regarding the latest political landscapes that might affect taxation.
You may also check if your accountant is a chartered accountant. The “chartered” status refers to a recognition given to an accountant on an international level.
Do You Need To Physically Meet Your Accountant?
The recent concept of cloud accounting has been trending within the business world, it means you can look for accountants that are based outside your working area.
While using cloud accounting can be cheaper and quicker, it lacks physical meetings. If you will be requesting your accountants to go on business trips with you, then it might be best for you to look for either an in house accountant or an accounting firm based near your location.
What Are The Benefits Of Getting An Accountant?
Many people think that you do not need an accountant when you are still a small business, but we believe it should be the opposite! As your business moves forward and experiences growth, the accounting efforts will increase exponentially, which is why it’s wise to get an accountant to keep your books properly.
The first impression that comes to mind regarding accountants is – bookkeeping. While that remains true in the modern days, their work scope has expanded to assisting your business in decision-making via data-driven means.
Accountants generally handle a lot of financial data, and they are the ones who are able to analyze and provide you with methods to improve your financial efficiencies, such as cash flow or expense cutting.
An accountant’s work scope is much more than just bookkeeping, here are some work that an accountant can do:
- Bookkeeping
- Determine The Tax Amount
- Looking For Tax Cut Opportunities
- Keeping Your Company Financially Compliant
- Providing Insights For Business Plans
The Bottom Line
The bottom line is to do extensive research, and know what you want from getting an accountant. Look for your local accounting firm or a cloud-based accounting firm for more information.
