Why do I need an accountant?
When starting a new business most people are told to get themselves an accountant. However, many people wonder 1, what an accountant can actually do for them and 2 if they really need one so why do I need an accountant?
So what will an accountant do for me?
Everyone knows an accountant will do your end of year accounts and tax returns. Many people simply want to hand over their books once a year and get their tax return done. By all means, do this if you would like but you may be missing out on vital information which will help you grow your business.
A good accountant offers so much more than simply year end accounts and tax returns. They are there to advise you throughout the year on aspects such as cash flow, costings, employing people and VAT. They can also help you set up your bookkeeping and provide cloud accounting solutions. Many accountants will run your bookkeeping for you if you wish so that you have time to concentrate on your business yet are up to date with how your business is performing. All of this allows you to keep on top of your business and make the important decisions necessary to grow.
Taxation advice is key to many businesses. The correct use of capital allowances and knowing what expenses can and can’t be claimed for can save you on your tax bill.
How do I pick the right accountant for me?
You need to feel comfortable with your accountant. After all, you need to be able to discuss your finances (something many people are uncomfortable with) and form a good working relationship. Find out if they are available for advice and support throughout the year – will they charge you for emails, calls and meetings? You should be able to get access to advise without the fear receiving a large bill. How much will your annual fee be? Many accountants now offer a fixed fee for the year so that you can budget and if you would like, spread the cost. You should be able to get a price from your accountant before signing up for their services, after all, you wouldn’t be able to sell your product to your customers without letting them know the price.
North Devon Accounts offers a free consultation so that prospective clients can come and meet us and see how we work and what we can offer their business before making a decision whether or not to go ahead.
The key questions to ask yourself are – does your accountant really understand your business and are they going to offer all the services necessary to support you and your growing business?
If you would like more information about the services we offer or would like to book in for a free consultation then please contact us on 01271 815332 or email info@NorthDevonAccounts.co.uk