Stepping Up To The Plate: How Could Your Accountant Improve?
Accountants, by and large, will do whatever it takes to make their services complement your business model. Hiring someone like us gives you an inherent promise: to save you time and hassle when managing your payroll, tax returns and business expenses.
Contractors and freelancers need an attentive accountant who can keep up with the fast-paced nature of their work. If you’re unsure whether your accountant is hitting the right notes, here are some things to look for to see if you’re getting value for money.
Balancing the books
Having a scheduled quarterly or half-yearly bookkeeping check is vital for making sure there aren’t any invoices or receipts slipping through the cracks. A check-up like this should be extensive, ensuring that your accounts are in order long before the HMRC deadlines.
Combined with an online bookkeeping tool like FreeAgent, which can share your finances with your accountant wherever they are, makes for smoother communication. It can also ensure any issues are solved before they become troublesome.
Time for a cuppa
Digital dialogue is advantageous, but face-to-face meetings are still important for reviewing your financial position and business plan. Any issues you have are best solved in the personable sphere of a private room and a cup of coffee.
If your accountant is reluctant to see you once a quarter or so, take them to task for it. At the end of the day, both you and they will work more in harmony if you spend the time getting to know one another.
Room to grow
If you have grand plans to grow as a business, you want to be sure that your accountant is in it for the long run. Filing payrolls and tax returns isn’t too much of a headache or expense when you’re a one man band, but what about when you take on your first employee? Or your second, or third?
Your accountant should be prepared to support your long-term business plans, allowing your payroll and bookkeeping to evolve without watching your costs spiral out of control.
Keeping you compliant
If you’re an independent contractor, you really have to justify your self-employed status to HMRC if a particular job is taking up swathes of your time. The contracts you sign with a client need to be poured over so you can avoid financial penalties imposed by IR35. If your accountant is somewhat vague on this front, seek specialist advice from a contractor accountant – like us!
Working for yourself is a liberating experience yet, like any worthwhile pursuit, the advice and support of other people will make all the difference for the future that awaits you. Having a top-drawer accountancy service will secure your financial position and leave you resting easy that your accounts are under control.