If you are about to start a business or have already started one, you may not have thought about what will happen when you reach the end of your first year of operations. It may seem like a long way to go and there are so many other things to worry about when installing on your own, so trying to find an accountant isn’t at the top of your priority list. But a good accountant, one that suits you and your business, should be chosen carefully, not in a last-minute rush when the deadline for filing your bills and completing your tax return approaches.
So when you have a free moment in that busy freshman year, do a little research on your accounting services options. Of course, you can go for a DIY approach, and this is perfectly possible if the business is fairly straightforward, but even for simple businesses, including one-man consultancies, don’t underestimate the time it may take to prepare your own accounts. Not only will it take a long time, but you may miss out on the tax saving tips that a decent accountant will include as part of their service. You’ll also save yourself the hassle of completing your tax returns, both personal and business.
But how do you know what constitutes a good accountant and where can you find one?
Of course, you could just do an internet search of your local area and call a few likely companies. You can ask for personal recommendations from people you already know with their own businesses. Some people also post on small business forums, but if you do, you risk getting messages from accountants selling their services rather than genuine recommendations.
Some accountants work independently from home and it is tempting to believe that they will be a cheaper option, but that is not necessarily the case. The downside to a home accountant (or indeed a one-man band in an office) is that there is no one to turn to if, for example, they get sick and cannot work when you need them. And if your rates aren’t significantly lower, this may not be a risk worth taking.
Also make sure the company runs businesses similar to yours, whether by industry or size. You don’t want to find out that you are using an accountant who deals primarily with large corporations if you only employ 5 people or vice versa.
Will you have a dedicated accountant to talk to the same person or see the same person every time? Remember that large accounting firms often do not assign their business to a dedicated accountant, so there is little opportunity for you to establish a good relationship with your accountant and for them to truly understand your business and any issues you may have. This can be a distinct disadvantage, especially since you may have to bring the accountant up to speed on your business every time you speak to him.
Taxes in general are a complicated subject, but corporate taxes are even more so, so knowing your accountant will help build confidence that he or she is competent to handle your tax matters and can help you minimize your liability. tributary.
Here are 4 essential questions to ask any potential accounting firm you are considering:
• Will you be assigned a dedicated accountant?
• What type and size of companies are you currently dealing with?
• Is the accountant local so you can easily meet?
• Do you offer a flat rate accounting service?
It goes without saying that the accountant you choose must be qualified as a public accountant or certified accountant. Another factor to consider is how much you want to seek advice during the year; This is particularly relevant for startups as they grow and evolve while establishing themselves. If you want the option of seeking specific advice, but don’t want to be surprised by a large bill at the end of the year, consider an accounting firm that offers flat-rate bookkeeping services. They typically include several pricing options, from a basic service to one that includes regular phone support or face-to-face meetings.