Have you recently started up a small business or are looking to start this journey? Then you’ll need to get an accountant. For most small businesses, their accountant is their most valuable advisor and will be responsible for keeping their books in order, tax planning and making sure that you don’t get caught out with tax deadlines. Check out the following tips for some valuable advice on how to choose the right accountant for your small business.
Get the Right Accountant Before You Start
Our top tip would be to try and get a great accountant before you have even set up your business. When you choose the right accountant, they will be able to give you the advice that you need to ensure that your business accounts get off to a smooth start. Your accountant can advise you on a broad range of topics from start-up expenditure to registering with the tax authorities. For example, the Australian accounting company AR Advisors offer a business advisory service and business bundles. The former will help you with any decision making and the latter can provide you with help on things like bookkeeping, tax advice and cashflow forecasts.
Ensure They Are Fully Qualified
When choosing an accountant for your small business, you should always make sure that they are fully qualified to do the job. When you use a reputable accounting firm, they should be part of a recognised accountancy body and this is usually different from country to country.
Part of the reason why you take on an accountant for your business is to give you complete peace of mind that your business accountants are being taken care of and are not something that you need to worry about too much. For this reason, we would always advise that you choose an accountant who has experience in dealing with small businesses and has other clients of a similar nature. This means you can spend less time stressing about your business accounts and spend more time focussing on growing your business and ensuring that it is a success.
What Services Do They Offer?
Every accountant is different, and while some may offer the services that you specifically need for your business, others may not. Before choosing an accountant, make sure that they provide the services that you need and also that they will complete the simple tasks such as doing your annual accounts and setting up payroll for your employees. Will they provide other services such as self-assessment returns? You need to know this kind of information before you sign up.
What Are their Fees?
Before entering into any arrangement with an accountant, you will need to ensure that they provide you with all of their fees upfront so you are not stung with an unexpected bill at a later date. While some accountants charge annual fees, others charge monthly. What’s more, some may charge you an exit fee and charge more for extra work.
Ask for Recommendations
When choosing a new accountant for your small business, you are well within your rights to ask to speak with other clients. This will give you a good idea of whether they’re a good fit for you or not.