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How to Find Good Accounting Services for Your Business?

How to Find Good Accounting Services for Your Business

Managing your tax-related affairs along with your small business is not an easy job. You have to put in a significant amount of time and effort. From basic bookkeeping to filing tax returns, there’s a lot that needs to be done. There are deadlines to be observed, failing which, you need to pay penalties. Even then, you cannot be sure of having done the best job. Hiring an accounting firm or specialist has several advantages, convenience, hassle-free tax filing is one of them. You could also save on certain costs. But before you hire accounting services for your personal or business needs, there are certain factors that you need to consider. Here are some of them.

Go for One who has Experienced with Small Businesses

It is better to choose account specialists that have experience working with small businesses. They will understand your requirements, limitations, and approaches and advise you on dealing with other small companies. Any specialist that you hire should offer relevant insight and possess sufficient experience in your sector.

Ask them About their Fees

The kind of fees charged by the accounting specialist will depend on the type of service they provide. Ask them about the range of their services, and then weigh those against the fees being charged. Questions such as in what way their services will add value to your business should be put forth. At the same time, ask if you will be paying them monthly or annually. Are there entry and exit fees and a standard charge for different types of tax-related jobs?

What Kind of Services are Provided?

Your accounting expert should be able to provide you with a wide range of services. Even if they cannot, they should include those that are indispensable to your business. Some of those are filing tax returns, corporate tax returns, VAT returns, general bookkeeping and taking care of all other business with HMRC (Her Majesty’s Revenue and Customs).

 Be Sure that Your Accountant is Qualified

The qualification of the accountant is an essential factor that you cannot afford to overlook. Go for one that is qualified by the recognised bodies in the UK like ACCA (Association of Chartered Certified Specialists), CIMA (Chartered Institute of Management Accountants) or ICAEW (Institute of Chartered Accountants in England and Wales). At the same time, also check if there are any disciplinary proceedings against them.

Are they Communicative Enough?

You should be able to get in touch with your accountant whenever there is a need. Insufficient communication could lead to all kinds of problems. For example, you could have a question regarding a tax return. Having to wait for days for a reply is worrying and could cause more significant problems too. Ask your accountant how they will keep in touch, for example, meetings, phone calls, video conferencing. Anybody you hire should also explain the various complicated concepts and processes.

What Kind of Technology are they Using?

It is better to hire specialists in accounting who are familiar with the latest technology and are a part of their daily tasks. Some of the online accounting software they should be familiar with include SAGE, FreeAgent, Quickbooks and Zero. Things would be even smoother if you and your accountant shared the same software, thus making it easy to exchange data. A user-friendly software will let you view the status of your tax returns or other documents easily. For safety reasons, one of the best options is to go for cloud-based software with in-built encryption.

Read What Kind of Reviews they Receive

Reading reviews is a time-tested way of knowing whether an accountant specialist is reliable, intelligent and efficient. Give preferences to reviews by businesses that are similar in size to yours. Check how many stars they receive in general and the kind of comments left behind by their clients. If a small business owner uses the same services, ask them to recommend it and why. Visit their website and see how many customers they have.

Factors like these should be remembered while looking for the best accounting services for your business. A trustworthy accountant will ensure that you don’t incur any losses because of tax-related issues while helping your business develop.

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