When you first start out as a sole trader or a small limited company, you usually do it yourself. This usually entails everything from answering the phone to invoicing to cleaning the office, not to mention actually doing the work for which your clients have paid you.
If your company expands, you’ll find that you can’t do it yourself, and if you want to keep growing, you’ll need to hire help. The first specialist you should consider recruiting is an accountant, but finding the right accountant for your company isn’t as easy as you would think. Here are some pointers to help your decision-making.Feel free to find more information at Jones CPA Group.
Make certain that your company hires a trained accountant. Many people may try to do your accounts for you, and they may seem to do a decent job on the surface, but you won’t know how good of a job they’re doing until the Inland Revenue asks to examine your accounts in depth. If this happens, you’ll want to make sure your books have been prepared by a trained accountant who is up to date on current tax laws and allowances.
Select an accountant with whom you believe you can establish a sincere professional relationship. When searching for an accountant, there is usually a distinction made between large accounting firms and smaller local accounting firms. If you own a small or medium-sized business, the more personalised attention you get from a smaller accounting firm can help you build a fruitful long-term partnership. A smaller accounting firm’s service costs are often likely to be less expensive.
Choose an accountant who is familiar with your industry. Most small-business accountants aren’t focused on a single industry and have a wide range of accounting experience. It’s important that the accountant understands your industry and company setup in order for them to do a good job for you, so make sure they do.
Select an accountant who provides a wide variety of services. Accounting is much more than just bookkeeping, and at a simple level, your accountant should be able to file your tax returns with the Inland Revenue, prepare your financial statements, and present any appropriate documents for auditing if necessary. Many accountants can also monitor the company’s progress, assist with business and development planning, and provide guidance to your management team.
Make sure you interview several accountants before making a decision, rather than just one. Choose two or three accountants you believe are the best fit for your company and compare their services, costs, knowledge of your industry, and, most importantly, how well you get along with them.