It’s wise to engage an accountant as soon as you decide to launch your business. A good accountant will help you set up your accounting and payroll systems properly. This will save you a lot of time and money in the long run.
But that’s just the start. A great accountant will also:
- offer business advice that you can immediately apply
- produce a regular cash flow, management report and forecasting (actual v budget)
- keep records and prepare your annual statutory accounts
- provide tax advice
- business analysis which incorporated Lean and 6 Sigma
- provide technical assistance from industrial experts
- employ consultant on specialist subject matters (International tax, Trust, Wills, Inheritance Tax etc)
Additional question to consider:-
- Write down what your business needs from an accountant
- Start your search by talking with peers and colleagues
- Interview several accountants and ask plenty of questions
- Ask prospective accountants about your financial and business needs
- Conduct a background check and ask for references
- Hire someone you respect and like
- Make sure your accountant has relevant experience
- Make sure they are technically savvy and can use online accounting software
- Confirm the fee structure in writing before you hire your accountant
- Establish a review period to help maintain your relationship