An accountant can sort out your tax return or your annual accounts and
provide advice on a range of issues, but how
do you get the best return on the fees you pay to an accountant?
1. Choose
carefully
Look for accountants with experience of your type
of business. Anyone can set up as 'an accountant', so look for chartered or certified accountants,
whose qualified status is backed by membership of professional bodies. A large
firm suggests reliability, but a smaller one may respond better to your needs.
Ask prospective accountants how they can help your business.
2. Explain
your expectations
Your accountant will summarise terms and conditions
in a letter of engagement. Put your expectations in writing, too. Describe the
level of service you require, for example, how quickly you need queries to be
answered. Ask to deal with a specific contact, to help build a close
professional relationship.
3. Ask
questions
Check what other services your accountant can
offer. These could include guidance on setting up your business, preparation of
financial forecasts, help with loan applications, audits, investment advice and
other suggestions for minimising your tax liability.
4. Use
your accountants’ contacts
Accountants specialising in your type of business
can often suggest good trade contacts. Perhaps your accountant knows a supplier
who can offer you a great deal or maybe they know of a potential investor.
5. Keep
talking
Communicate regularly with your accountant to get
the best possible value from the relationship. Schedule quarterly meetings to
review your firm’s performance; this will help you plan better for the future. Be
sure to meet before producing your end-of-year accounts or tax return.
6. Keep
user-friendly records
If necessary, ask your accountant for advice about
how best to maintain your financial records. If your books are easier to read,
you will save them time, which should mean a lower bill.
7. Do
the easy jobs yourself
To reduce your outgoings, take care of simple
bookkeeping tasks yourself, possibly by using accounting software. You could
then better focus your accountants’ efforts where they best serve your
business.
8. Delegate
If your time would be better spent concentrating on
sales or product development, you could ask an accountant to take greater
responsibility for your bookkeeping and payroll. This would free you up to make
more profitable use of your time.
9. Shop
around
Armed with recommendations of good accountants, get
a full breakdown of an accountant's charges and services. Work out which one
offers you best value for money (and that's not necessarily the cheapest, of
course). And, at least once a year, review the value for money you receive. If
you believe you can get better advice and value elsewhere, go elsewhere.
10. Seek advice
An experienced accountant can offer sound advice in
a number of areas. For example, they could help with your business plan, help
you estimate the cost of new projects or advise on the levels of investment
needed to achieve your business development goals.
We
understand that all clients are individual and as such have different needs –
our cost effective but personal approach gets results and ensures that
customers always get the best out of
their accountant if they choose Omni.
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