Running a small business is one of the most rewarding things you can do. When there is a success that is down to you. You feel the biggest feeling of pride knowing that your business that you have put all of your time and effort into is a success. Although it is easy to try and handle every aspect of the business yourself, sometimes it is best to get the professionals in, seeking specialist advice.
Your tax and accounting is definitely one of the times when it is best to seek professional help. It is an easy process to calculate your own taxes and submit them to the correct government bodies, but hiring a professional gives you the ongoing support and advice to make the most of your business accounts and ensure you are not overpaying on your accounts.
With tax being one of the major outgoings for any business, hiring a proactive accountant can be the best business decision you make to help towards the success of your business and build on your personal wealth.
Having a pro-active accountant is so important. There are many accountants who will take on your accounts for your business and submit them for you at the end of every fiscal year. This is fine, but we are looking for more than this. Pro-active accountants have a wealth of business knowledge and should be offering help and advice, to help you make the most of your business.
Is your accountant pro-actively helping your business? If not, it may be time to consider finding an accountant who is. Meeting with multiple accountants is time well spent, as finding that perfect pro-active accountant for your business can ensure you are paying the correct amounts and not a penny more.
How Qualified is your Accountant?
In the UK there are thousands of accountants. You only need to look at a local directory to see a massive amount of accountants and accountancy firms. It does seem like anybody can set-up as an accountant. In fact there are hundreds of different qualifications for accountants. These range from having 8 years of studying with multiple exams, requirement for verified employment, annual checks and ongoing learning. With the other end of the scale needing not much more than a credit card and a signature to have a simple qualification and letters after your name.
It is important to understand how qualified your accountant is. You want the best advice and support for your business, so having a full qualified chartered accountant, who has been through years of training and is still learning more on an ongoing basic is a must.
Does your Accountant understand your Business?
Lastly, find an accountant who understands you, your business and what you are trying to achieve. It’s great to strike a good working relationship with your accountant, so you can bounce questions off them, have them suggest ideas for you and work together when you need it the most. If you have a plan in action to try and save certain amounts and build assets for borrowing in the future, your accountant should know and understand all of these plans. They can ensure you accounts are prepared with these goals in mind and advice you on the best way forward for your business.
As you can see from above, the advice of a well-qualified accountant can be a huge asset to your business. Be sure you choose carefully and find an accountant who you feel can be a real asset to your business.