Little-known factors that can affect your choice of accountant: What you should know
If you are looking for an accountant to advise you on financial and tax matters, you may already be aware of what you should be considering. Does the accountant of accountancy firm have a track record of working with clients which operate in your sector or industry? Is that person or firm duly qualified and accredited. It does pay to have an accountant with the proper qualifications, especially if they have reached Chartered Accountant level, as you may need this if you decide to take out a loan or the business audited.
But apart from the necessary skills, experience, and expertise, what are the other benefits you should consider which can affect whether or not you choose the right accountant? Let’s have a look at some little-known factors that can affect your choice of accountant and what you should know.
Accountant’s purpose and role
We all know that accountants are entirely capable of handling your bookkeeping and financial records. Keeping track of your spending and profits is part and parcel of their remit. In many cases, they should also be able to deal with your invoices and bills and even take care of your payroll. But are these the only responsibilities you can expect from your accountant?
You should know the purpose and role of your accountant so you can choose one who fits their role and purpose, as recommended by the experienced and qualified accountants from www.gsmaccountants.co.uk. An accountant will often base their fee per hour, so whilst it’s all too tempting to relegate them to data entry activities, you may want to make better use of their time in other ways.
You can, for instance, get them to reconcile your bank accounts, prepare and file your forms for tax returns, calculate your business capital depreciation and so much more. You can take charge of standard accounting yourself or have someone in your company do it. If the basics are in order, you can then hand the accounts over and the accountant they can make proper sense of it. The thing is it’s best for you to know their role and purpose so you can optimise their expertise.
How can they save money for you?
Here’s another factor which may well affect your choice of accountant; how can they save money for you? Admittedly, not many business owners think about this in their quest for an accountant simply because they are too caught up in other business day to day functions. You may also want to think about how your accountant can be active in saving money for you. A proactive accountant is a blessing for any business, so if you want something more from your accountant, ask them what they can do or suggest so you can save on your business’ expenses.
For instance, can they give you advice on what portion of your operational expenses you can offset against taxes? Can you also offset a portion of your car expenses, telephone bill or mortgage or rent payments if you are a consultant or a sole trader? Here’s another tip; find an accountant who is fully knowledgeable about tax laws so they can help save money for your business whilst still ensuring that you are on legal ground at all times.