Finding An Accountancy Firm For A New Business

If you are about to set up a small business or you already started one, then you may not have thought of what happens if you get to the end of your 1st year of trading. It might seems to be a long way off and you will find plenty of other things to stress about when establishing by yourself so seeking to find an accountancy firm isn't at the top of your priority list. Although a good accountant like this one, one that suits you as well as your small business needs, has to be chosen cautiously, not in a last minute rush while you get closer to the due date for submitting your accounts and finishing your tax return. So when you do have an extra minute in that busy first 12 months carry out some investigation into your possibilities for accountancy services. You can of course opt for a DIY approach, and this can be completely feasible when the business is fairly straightforward but even for simple businesses, including one man consultations, do not under estimate how time consuming preparing your own company accounts can be. Not just it can take plenty of your time but you could also overlook tax-saving advice that a decent accountancy firm will include in their service. You will be spared the hassle of filling out your own income tax returns, both business and personal. But just how can you know what constitutes a good accountant and where exactly you can find one? You might, of course, easily do an online search of your nearby region and get in touch with some likely companies. You may ask for individual advices from individuals you already know with small businesses of their own. Many people also post on small business sites however if you do that you simply risk getting inundated with messages from accounting firms offering their services instead of real suggestions. A few accountants work alone from home and it can be attractive to believe that this will be a less expensive alternative although that's not always the case. The disadvantage of a home based accountants (or indeed a one-man band in an workplace) is that there's no-one to fall back on when they, for example, become sick and therefore are not able to do the job when you want them. And if their rates aren't drastically cheaper this might not be a risk really worth taking. Also be sure the company handles establishments equivalent to yours either by market or size. You don't want to find that you're using an accountancy firm that generally deals with large organizations if you only have 5 people or the other way around. Will you've a dedicated accountant so that you talk with the same individual or see the same person every time? Bear in mind that large accounting firms often don't allocate your business to a committed accountant so there is little chance to build up a very good relationship with your accountant and for them to truly have an understanding of your business and any kind of troubles it might have. This could often be a distinct downside especially as you may find yourself having to bring the accountant up to speed on your company each time you talk to them. Tax generally can be a complicated issue but corporation tax even more so, hence, getting to know your accountant will assist to build up trust that he or she is competent to handle your tax affairs and will help you to lower your tax liability. Here there are 4 essential things to ask any potential accountancy firms that you're considering: Will you be assigned a dedicated accountant? What type and size of companies do they currently handle? Is the accountant local so it is possible to effortlessly meet up? Do they have a fixed charge accounting service? It is evident that the accountancy firm you select should be certified either as a chartered accountant or possibly a certified accountant. Visit the following site for a good sample of what I 'm speaking about. An additional point to remember is the amount you might like to ask for advice through the year - it is particularly relevant for new firms as they develop and progress while setting up themselves. If you would like to get the alternative to seek specific assistance but do not want to be shocked with a huge bill at the end of the year then look at an accountant which provide fixed fee accountancy services. These usually contain different price options from a standard service to one including regular telephone support as well as face to face meetings.