For a lot of entrepreneurs accounting is a necessary evil. And that is why decisions on the matter must be taken carefully. A good accountant can be a precious ally. The most important thing for an entrepreneur is to dedicate himself or herself to his business (customers, sales, products).
But on the other hand, the owner has to get involved in administration, paperwork and accounting to manage the company, which can bring a lot of worries. So it is vital to choose a good accountant – the person who will help you with all financial issues. We will see now 10 tips for choosing the right one:
- Meet the accountant in his or her accounting firm. You’ll see the working atmosphere and his hardware installations. It’s the first step to know if they are serious or not.
- Explain your requests and your needs. An accountant who is experienced in the type of business you are doing is very helpful. Moreover try to know your turn-over.
- Analyse the contract. Ask what services are included. Be careful, in most cases the core rate is attractive but at the end of the year you can discover some additional fees.
- Try to know if accountants are available, what is their commitment and time of reaction. The time of sending the contract is the first hint. To incorporate the best and the most appropriate approach for your company (tax policy, accounting and financial scheme) your accountant has to be patient and available to help you.
- Analyse your accountant, if he or she is involved in your project, he has to be like a coach for you, especially in financial management. The worst situation is if the accountant didn’t even know what is your business.
- Does the accountant use all the modern communication technology (mails, Skype etc.)? More software and communication technologies they use, more quickly they will answer or contact you.
- Evaluate the quality of the accountant network (bankers, insurers, lawyers etc.)
- Check which service which the accountant can provide to you and if they can be adapted to your business. You have to prepare all questions you need before the meeting.
- Find not more than 3 accounting companies to have the time to analyse the pros and cons. Remember, if you made a mistake in your choice, you can change it the next year!
Entrepreneurs made this mistake
Many entrepreneurs agree that when they had to choose an accountant for their business, especially in the startup phase, they didn’t follow this type of advice. Often, unfortunately, accounting is not considered the most important part of business, and that is a mistake. If you’re not rigorous in your finance, your business angel will run away.
When you choose an accountant, you should ask for clients’ references and call them. You’ll see if they are satisfied or not. Work with the accountant who provides advice, and who says no when he or she sees that there’s too much risks and gambles.
All types of Accountant Benefits
Some accountants provide just basic benefits, and others numerous services. Choose who provides all the services that you need.
Maintenance of Bookkeeping
Control of the overall operation
Annual balance sheet
Tax return (VAT, Company Tax, Professional Tax)
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Preparation of pay slips
Legal secretariat (holding general meetings and management committee meeting)
Management consultancy services
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Setting up of Business plan
Provide advice in social and business law
Preparation of projected profit and loss accounts
Provide assistance in finding financials resources
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