Accountants definitely plays an important role in any business, as they can do a number of functions. Not only should your accountant be able to perform bookkeeping and accounting tasks and keep your finances in check, but they should also be able to make sure that you are completely compliant and updated with all the continuously-changing rules and regulations of local and national authorities. But what else can an accountant do for your business? They can, for one, help you and give you advice when making important business decisions as well. If you are eyeing the services of an accountant and would like to make the most of what they have to offer, here are some top tips on how you can best maximise your accountant’s services for your business.
- Look for someone with the proper expertise
It’s not only important to choose an accountant who is qualified and who has the right experience in regard to accounting and bookkeeping, but it’s also important for you to choose one with expertise in your line of business. If you can, look for an accountant who has worked with the same or similar companies in the past, especially if you are in a specialised market segment. It will definitely pay off if they have the relevant experience because it will be easier for them to understand what your business needs.
- Determine how to delegate tasks
Whilst your accountant can take charge of your bookkeeping as part of their job, you may also want to do your part by being responsible for daily bookkeeping tasks yourself. This way, you can give the more essential tasks to your accountant, and you are killing two birds with one stone by being fully aware of the daily financial standing of your business as well. Most accountants will have an hourly rate, so if you’re always delegating simple, easy-to-do tasks to them such as invoicing and bookkeeping, you may not be able to make the best use of their skill and time. If you can, become more involved in the process by handling basic accounting yourself or handing it over to a staff member, but you can then hand more complex work to your accountants such as the completion and filing of tax returns, the reconciliation of bank accounts, the calculation of capital depreciation, and payroll.
- Find an accountant who can be proactive
It would also be in your business’ best interest if you can find an accountant who can be proactive in regard to your business decisions, as well as what it takes to save you money, as recommended by CBHC, a specialist accountant Chelmsford companies use. Prior to selecting your accountant, ask them not only about their relevant skills but also about what they could suggest in order to save your business some money. For instance, ask them what portion of your operational costs they can offset to help you save on taxes. You can also ask them about offsetting a percentage of the bills for your business, such as car expenses and phone bills, particularly if you are a consultant or sole trader.
Before choosing the accountant for your business, it’s also best to speak to them face to face, or at least on a video conference call, to ascertain whether or not you will be comfortable working with them. Don’t just choose the first accountant you meet; instead, speak with several before you make your final decision. Good luck!