Finding a good accountant is essential to the success of your small business. Here we share our top tips for finding a suitable accountant to help you.
What’s the difference between an accountant and a bookkeeper?
Understanding the difference between an accountant and a bookkeeper is important so that you hire the right professional for your needs.
A bookkeeper:
– Is responsible for recording the daily financial sales and transactions.
– Prepares simple, basic financial statements.
– Often handles tasks like payroll and invoicing.
An accountant:
– Has a wider range of expertise
– Interprets and analyses your business’s financial data.
– Can prepare detailed financial statements, including balance sheets, income statements and cash flow statements.
– Provides tax planning and preparation for submitting tax returns.
– Can offer advice for financial planning, heeding regulations and potential opportunities.
– Will ensure your business is compliant with any financial regulations.
Do I need an accountant?
Consider hiring an accountant if you are self-employed or own a business and need assistance with tax planning, compliance, and financial strategy. An accountant is essential to ensure that your tax returns are accurate
How to find an accountant?
Consider using an accountancy recruitment agency to help you in your search. An accountancy recruitment agency will be able to assist you in finding an accountant to fulfil your needs.
Does your accountant have the right expertise?
When evaluating whether an accountant has the right expertise, consider whether they have the necessary industry knowledge and will be able to understand your industry-specific regulations and financial challenges. An accountancy recruitment agency will be able to help you find an accountant who provides a range of comprehensive services, including tax planning, auditing, financial analysis and strategic advice.
Get several written quotes from different accountants so that you can choose the one that fits best. It’s important to understand how their fee structure works as some accountants will charge a monthly fee whereas others will charge by the hour for their time. Make sure you choose a service that is suitable for your requirements.
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