Finding an Accountant - 3 Tips on How to Hire the Right One

Finding an accountant is probably much easier than you think. This article will give just a few suggestions on what to do and think about, where to look and how to start.

1. Do you need a new accountant?

This might sound really obvious and yet is a key question. Years ago Accountants and Solicitors seemed to stay with us for life. With nobody ever daring to challenge or question the level of service they received from such esteemed service providers.

Not so now as we become much more savvy business owners. Business owners in the new economy are becoming much more discerning about the service they expect from suppliers.

In many accountancy companies mergers have given way to an impersonal service for the small business owner who actually needs advice as well as someone to prepare his or her accounts.

Prices are rising and in a recession people are demanding more help. If you are concerned that every phone call will cost you a fortune, often a decision is made that is not ideal for business.

All things considered you have the right to ask for the service you want and one that is going to give value to you and your company. The first step then is to write down exactly what your dream accountant would be doing for you. Don't hold back here. Accountants are bright people and they can provide an amazing array of services.

2. Use the Internet Google is your best friend

So if you have decided to explore the possibilities where should you look? First off head over to your favourite search engine probably Google. Yes you can look in yellow pages or the local paper. However nearly 80 percent of people looking for a local service provider use the internet. If your accountant is worth his or her salt they will know this and meet you, their potential client where you are looking for them. It is also an ideal way to check out exactly what they are like and what information you can find on them as professionals.

The best way to search is to make a list of various terms that are relevant. If you want a local accountant make sure you add in the geographic location either before or generally after the keyword. So for instance, if where they practise and the type of service they deliver is important make sure you include this in your search. Let's look at our example when it comes to looking for an accountant in Lancashire in the UK.

So say you want an accountant in a particular town such as, an accountant in Chorley or it could be more specific with a search like small business accounting Chorley.

3. Speak to a minimum of two Accountancy firms

You have done your research and written your wish list. Now contact two or three different firms and see if they meet any or all of the areas on your wish list. Ask them what kind of accountancy service they will offer. How often will they keep in touch? Once a month, once a week, or just at the end of the year when they send your finalised accounts and their invoice.

Secondly and most importantly do you get along? Now I know Dentists and Accountants are perceived in a similar vein by most people. Yet working with an accounting firm should not be a painful process. Remember your new accountant in Chorley can make life so much easier for you in both the good and bad times of business. Ideally they should be a trusted advisor and hopefully the font of all knowledge when it comes to the financial advice you are looking for.

Colin Foster is an Accountant in Chorley who specialises in helping small businesses grow their business. If you found all the information here useful in finding an accountantinchorley You will really like his website at Expertaccountancy

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Good Ways to Find a Suitable Accountant

A good, professional chartered accountant can play many roles when it comes to helping your business, aside from the obvious taxation issues. By employing, hiring or outsourcing to a professional accountant you are effectively relieving yourself of the stresses and strains you would otherwise find yourself under should you attempt to do them yourself.

For large and small businesses alike an accountant should be looked upon as a sound investment of both time and money, however, like any investment you should ensure you do your research and ensure you are making the right choice prior to selection. Here are five ways you can improve your selection process and ensure you select the right person for your company.

Ask around

Rather than simply paging through the yellow pages you should try to get the opinions of someone you know and trust, as a business owner you are bound to have contacts who have come into contact with accountants, these contacts can be an invaluable supply of information and recommendations. Try to speak with people who operate in a similar industry to yourself as you will be getting an opinion on an accountant who already has experience in your industry.

Put together a shortlist of recommended accountants

Once you have asked around and been given a few names try to whittle them down to 3 or 4 prospective accountants and try to arrange a meeting to discuss the possibility of hiring them. When meeting them try to get an understanding of their qualifications, experience and current client load. Meeting someone face to face will give you a much better idea on how well you will be able to work with them and this is a very important point, if you hire someone and later find you do not like working with them it is a pain to start the whole process of switching accountants.

Let them know exactly what you would be expecting

It is much more beneficial to get your expectations and requests out in the open from the outset, you need to know that they will be happy supplying you with what you want before you hire them. This is better than hiring someone only to find out further down the line that they don't do something that you need doing and you need additional help from elsewhere. Listen to what a prospective accountant tells you they will offer and how everything will be presented to you.

Ideally find someone with knowledge of your industry

You can benefit greatly from hiring an accountant who has past experience in dealing with companies within your industry, not only will they be well versed in the intricacies of your company accounts but they will also be able to offer financial advice based on their previous experiences.

Take your time

Do not rush into hiring the first accountant you meet, you want to be extremely sure that the person you choose is the right person for your business. Switching accountants may prove more of a hassle than selecting the right one from the very beginning.

Finding a good, reliable accountant can be a vital business decision for small business owners. Check out our website to find the best professional accountant in Middlesbrough.

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Why You Should Use An Accountant

If you are managing your own organisation you have the responsibility of finishing your tax returns, often a new organisation owner will decide to keep costs low by doing his/her own taxes. Whilst it can be agreeable to do taxes yourself without shelling out for a chartered accountant a company has to be be attentive of the all manner of downfalls and dangers that skulk in tax returns. This is principally true if a organisation has a lot of tax deductions, as what was a legitimate tax deduction last year may not necessarily be the case this year.


The visible answer is to appoint a proffesional accountant to look after your company's accounts. A chartered accountant will be up to date with the modifications and amendments to the tax code leaving you to focus on managing your day to day business. Perhaps the most reassuring thing about working with a proffesional accountant is the knowledge that you won't be alone should the tax office spring an audit on you. More importantly it is human nature to be mindful when submitting tax returns but being too cautious means you're paying too much in tax and leaving money on the table. A professional accountant will guide you through the process, sailing close to the lines at all times making sure that they get as much back for your company as they possibly can within the boundries, in fact it is often said that a goo tax accountant will save you more than you pay them in fees.

If you decided to complete your tax return yourself and wrongly complete a form then, at best, it'll be sent back to you to do again, at worst, it will be sent back to you in the hands of a tax man who wants to pore over every single piece of paper you have.

If you're employed and don't run a side business, you obviously have less to discuss than a small business owner. Still, getting expert input on the tax impact of major purchases, retirement planning, stock trades and other important decisions is invaluable.

So why should you use an accountant? Whether your business has been established for a long time, or you are just starting up, you need to ensure you look after every aspect of it. Using an accountant allows you to care for the financial aspects, and therefore concentrating on other aspects, by:

Ensuring you are maximising the tax benefits available to you and your business

Taking the hassle and time out of doing it yourself, freeing up your time to concentrate on core activities within your business

Giving you piece of mind, using a professional accountant ensures the job is done correctly

Satisfying Inland Revenue requirements, a professional accountant will know exactly what is required

By: Paul Wheater

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Intial Considerations in Starting up a Business

We are a firm of Chartered Accountants in Southampton offering key advice on business startup.

It is the ambition of many people to run their own business. Some may have been made redundant and find themselves with free time and financial resources. Others make the decision to start up in business to be more independent and obtain the full financial reward for their efforts.

Whatever the reason, a number of dangers exist. Probably the greatest concern is the possibility of business failure.

Read on for guidance on some of the factors which need to be considered before trading begins.

This fact-sheet cannot cater for every possibility and any decisions should be supported by professional advice.

Initial Considerations

In order to make your business a success there are a number of key factors which should be considered:

commitment- starting a business is demanding. Determination and enthusiasm are essential

skills- you will need managerial, financial, technical and marketing skills. If you do not have these skills personally, they can be found in a partner or employee, or acquired through training

your product or service should have a proven or tested market, but must not conflict with the patent or rights of an existing business.

In addition to these general considerations there are a number of more specific matters.

Taxation

When starting in business, taxation aspects must be considered. Power Accountax are Chartered Accountants in Southampton , offering key taxation advice.

Taxation on profits

The type and rate of taxation will depend on the form of business structure. However, the taxable profit will normally differ from the profit shown in the accounts due to certain expenses which are not allowed for tax purposes and the timing of some tax allowances.

National insurance (NI)
The rates of NI contributions are generally lower for a sole trader or partnership than for a director of a company but the entitlements can also differ. But in a company, it may be possible to avoid NI by paying dividends rather than salary.

Value added tax (VAT)

Correctly accounting for VAT is an essential part of any business and neglect may result in a significant loss.

When starting a business you should consider the need to register for VAT. As Chartered Accountants in Southampton we can help register you for VAT. If the value of your taxable sales or services exceeds the registration limit you will be obliged to register.

Expect a visit from HMRC within eighteen months of registration. This inspection of your records ensures VAT is being properly accounted for.

Employing others

For the business to get off the ground or to enable expansion, it may be necessary to employ staff.

It is the employer's responsibility to deduct income tax and national insurance and to account for student loan deductions. The balance must then be paid over to HMRC. Payroll records should be carefully maintained.

You will also need to be familiar with employment law.

Premises

There are many pitfalls to be avoided in choosing a property. Consideration should be given to the following:

suitability for the purpose

compliance with legal regulations

local by laws

physical restrictions such as access.

Insurance

Comprehensive insurance for business motor vehicles and employer's liability insurance are a legal requirement. Other types of insurance such as public liability, consequential loss, business assets, Keyman and bad debts should be considered.

Pensions

Putting money into a pension scheme can be a very attractive way of saving for retirement because of the favourable tax rules. Many companies have to provide access for their employees to a stakeholder pension.

How We Can Help

As Chartered Accountants in Southampton whilst some generalisation has been made by us about starting up a business by us, it is always necessary to tailor the strategy to fit your situation. Any plan must take account of your circumstances and aspirations.

Whilst business success can never be guaranteed, professional chartered accountants advice can help to avoid some of the problems which befall new businesses. We would welcome the opportunity to assist you in formulating a strategy suitable for your own requirements. We can also provide key services such as bookkeeping, management accounts, VAT return and payroll preparation at an early stage.

For information of users: This material is published for the information of clients. It provides only an overview of the regulations in force at the date of publication, and no action should be taken without consulting the detailed legislation or seeking professional advice. Therefore no responsibility for loss occasioned by any person acting or refraining from action as a result of the material can be accepted by the authors or the firm

Choose Power Accountax as your Chartered Accountants in Southampton

Contact

Tel No: 08704 42 32 22

Rajesh Kohli : rajesh@poweraccountax.co.uk

http://www.poweraccountax.co.uk


HREF="http://www.poweraccountax.co.uk">Chartered Accountants Southampton

Rajesh Kohli is a Chartered Accountant working with Power Accountax Ltd as a Managing Principals for a firm of accountants in southampton. Rajesh Kohli qualified with PricewaterhouseCoopers, then went to setup his own practice in 2000. Since then he has a well established practice, providing invaluable advice to owner managed businesses including all aspects of accounting services.

http://www.poweraccountax.co.uk

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A Chartered Accountant Can Help You in Many Ways

The function of a chartered accountant can be intricate to understand, the majority just associates them with tax returns. This however, is far from all a chartered account is and if that is the only thing you are asking your regular accountant to do, then you are missing out on a valuable source of information advice and knowledge. An accountant is not only trained to deal with the financial aspects of your business, they are often up to date with the legal laws of many other areas and someone you can turn to for guidance and direction.

You should inform your accountant anything that goes in your family. Up to a point of course! Everyone wants to keep the amount of tax they pay to the government down. If your accountant is kept up to date with the financial circumstances surrounding you, they can put this information to good use by devising methods that will ultimately save you money this year and for following years to come.

One of the main tasks you expect from an accountant is that they can help reducing the amount of tax you need to pay. If you provide them with all necessary details they can put this information to good use and plan how you can save money in the long-term. A good accountant will come up with a good strategy that will make it possible for you to save money for future events, such as college funds.

Chartered accountants work in various business and finance sectors. These can include public practice work, the private sector and government bodies. In Australia they belong to the Institute of Chartered Accountants of Australia and use the elected letters CA, higher-ranking members of the Institute are nominated as Fellows and use the letters FCA.

So to the question, what does a chartered accountant exactly do?

Personal or business income tax returns can be prepared by accountants. Business tax returns can be arranged for companies, superannuation funds, partnerships or trusts, capital gains tax and rental properties. They can provide services to help legally lessen defer and plan tax payments. Advice can be given on a range of issues including business tax, sale of shares or property, business acquisitions or disposals and deciding upon the most suitable tax structure.

Australian chartered accountants based in Sydney or other areas will have experience of the Australian Tax Office (ATO), and can give you information and on Business Activity Statements and Goods & Services Tax.

Financial planning is important for everyone, individuals and in business. It is about putting systems into place to safeguard you and your family’s future. An accountant will look at certain areas and devise a strategy that suits. Financial planning is simply putting together a strategy and plan that will enable you to save towards costs of weddings, buying a house or retirement. Chartered accountants will look at your finances and outgoings and make a plan to suit you. A financial planning service should involve superannuation products for maximising retirement benefits, investments for building wealth together with shares, property, managed funds and fixed interest. Insurance should also be covered as protection from economic loss in the event of death, disablement, accident or illness.

Superannuation can be managed to save and invest money whilst you are working to use in your retirement. For many Australians, this is the second largest asset after the family home. Chartered accountants Sydney can provide advice on Self Managed Superannuation Funds (SMSF) and whether it is suitable for you. Chartered accountants are very useful when registering a new business and for accounting services.

If you have already have a business or are registering a new one and need help then see a chartered accountant who can help with this and the accounting. They will be able to offer valuable advice on increasing profits by the application of useful financial plans and systems. A chartered accountant can help you in many areas; business valuations, payroll services, accounting services, strategic planning and salary packaging, financial statement preparation and computer accounting software are just some of the areas they operate in.

Accountants today are computer friendly, meaning there is no need to make appointments to go into the accountancy office. Most things can be done online, communication and files the most common. Income tax returns can even be arranged from computerised accounting files, such as MYOB and Quickbooks. The agency you choose should be informative and experts in their field of work, they must be able to answer any questions concerning your personal or business account.

Look for a chartered accounting firm offering professional financial planning services. If you are seeking a proficient financial planning service or want help setting up a small business then they can help you realise your goals.

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Michiel Van Kets provides article services for Nicole Flannery who writes articles for ARW. Adrian Raftery Wawrzyniak (Chartered Accountants Sydney) is offering a suite of professional financial services including chartered accountants and proactive solutions to help clients reach their financial goals and. For information on chartered accountants Sydney visit ARW’s website.
">financial planning, tax returns and proactive solutions to help clients reach their financial goals.

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