You’ve taken the first step to run your own business or perhaps you’ve had your own business for years but the time has come for you to take on the services of an accountant. Where do you start? How do you choose? What represents good value for money? What’s the difference between them all?
We would obviously like you to use Bedford Accountants Ltd, however, we want our blog to help you navigate the accountancy world so we are going to give it to you straight…
When do I know if I need an accountant?
The simple answer is, once your turnover breaches the £85k threshold and you start entering the realms of a registering for VAT. But we all know it’s more complicated than that. You might require the service if you are time poor, and you need help with your bookkeeping. Or, if you are a limited company and your Finance Director has left and you need an accountant to pick up the slack immediately, this could be: payroll, corporation tax, management accounts and your year end accounts. In all honesty, if you are beginning to feel uncomfortable with your finances or HMRC have been in touch…then now would be the time to reach out for an accountant.
How do I pick the right one?
Again, we shouldn’t be telling you this BUT, shop around and listen to your instincts. Most accountants offer a free of charge introductory meeting, this is your opportunity to ask as many questions as you like. Think about what is important to you and your business. Ask about their experience in your industry, how available will they be to you, who will be your point of contact and will they remain the same person throughout your time with them? The big question…what are their rates? How much is it going to cost? This may be the point where they start to find out more about your business and how it operates this is so they can ascertain how much work will be involved. This is also where speaking to several can come in handy.
What should I expect from my accountant?
A good relationship to start with; you want to feel that you can pick up with phone with any question about your business finances and be met with independent insight and advice that you can consider. A life beyond the paperwork, the figures are one thing but putting them into context is another. A good accountant will light the path for you and show you the way. This could be anything from the right time to invest in taking on additional staff to when and how to purchase a company car. Your accountant should take away the stress of your figures but also be proactive in helping you achieve success.
Ultimately, which accountant and when is your choice. What we would say is, really think about what you want and be honest about it to whoever you go with.
If you would like to book in an impartial no obligation chat with us, then please do get in touch.