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Choosing the right accountant for your business
Small business owners often try to be an expert in all things – finances can dictate this at times – but one of the best ways to save yourself money in the long run is to find an accountant that suits your business and works hard to make your turnover grow year-on-year.
Qualifications and reputation
There are a number of qualifications you should look out for from any accountancy firm you work with, including the Association of Chartered Certified Accountants (ACCA), the Chartered Institute of Management Accountants (ICMA) and the Institute of Certified Bookkeepers (ICB).
But qualifications only tell part of the story when it comes to finding the right accounting services – before choosing you should also ask for testimonials from previous clients to find out how they rate them, and discuss exactly what level of service you can expect, what resources they have available, and a pricing agreement that fits within your budget.
Benefits of using an accountant
Dealing with finance and accounting is an arduous task, unless it is your area of expertise. Outsourcing this function will not only free up time for you and your staff, you will also be sure that every available tax break is being used to maximum effect, which will improve your bottom line.
Having your books kept up-to-date will also give you the comfort of knowing exactly what your cashflow position is, and could enable you to take advantage of opportunities that may have passed you by if you did not know your company’s exact financial position.
Dealing with an accountant will also give you access to expert support throughout the year without having to pay for it in-house, so problems can be nipped in the bud and advice is at the end of the phone or email when you need it most.
Outsourcing your accounting functions gives you the freedom to scale your business up and down as required, with the knowledge that you are saving money by not paying for in-house expertise and the associated costs, plus a good accountant can help you draw up plans on how to move your business forwards, not matter what the economic environment looks like.
In addition, if you decide you would like to move your business into offshore markets, or need to source raw materials abroad, a good accountant can help you make the right decisions about how this can be done most cost-effectively. Having one person dealing with this in-house could mean a lack of understanding in this area that could ultimately hold your business back.
Peace of mind
Not having to worry about the accounts will give you peace of mind, and enable you to spend your time doing what you are good at – running your business and making sure it becomes as successful as it can be.
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