Once you have decided to hire an accountant, you have to make the right decision and outsource to an accountant. What makes a good accountant who will be beneficial to your business. Your chosen firm should be able to fulfil your requirements for the business, reduce costs and safeguard the future of your company.
Your relationship with your advisor will develop mutual trust and respect, so that your business benefits.
Five things you will need from a good cheap accountant
1. Communication is vital to building a solid relationship, and this applies to your accountant. You will need to be able to reach your accountant at various times, by various communication methods, and receive a suitable response within a reasonable amount of time. Email, letter, phone and face to face are all standard forms of communication, with some accountants offering live chat.
2. It is preferable to deal with just one main contact at the accountancy to encourage continuity and understanding of your business. Dealing with just one person helps to build trust, and they will build a comprehensive picture of your company.
3. Although your accountant is there to advise and guide you, the business and all its financial affairs are ultimately your responsibility. Your accountant will sometimes need to ask questions that are difficult to answer, but they need to know about every aspect of the company to be able to give you the best advice. You may also expect your accountant to offer advice above and beyond the scope of basic compliance.
4. If your accountant is always late responding to queries or they don’t supply information in a timely manner, you may want to consider changing to a more reliable company. To avoid penalty charges issued by HMRC, you will need to have all information to your accountant before the relevant deadlines become due. Any information needed should be requested well before the relevant deadlines, to avoid costly penalties and interest payments.
5. Find an accountant who has knowledge of your particular business type, so that you can be sure of receiving expert advice. Online accounting can also be an advantage, as it speeds up the whole process, creating efficiency and reducing accounting costs. A good accountant will offer a package that is tailored to your requirements, keeping costs as low as possible and making it easier to budget.
A good low cost accountant will make the difference between success and failure of a business, leaving you free to deal with other aspects of your company.