North London Accountants – David Grant

Once you have decided that you are going to set up a small UK-based business, one of the most important things you should do as soon as possible is to find yourself a good accountant. His (or her) help and guidance will be invaluable in the setting up stage of your business. Here are the 4 key things that you should keep in mind while looking for the right small business accountant for you.

1) Be absolutely clear about what you want your accountant to do.

Accounting is a very large field and good accountants tend to specialise in specific areas. You should therefore be very specific in determining what you want your accountant to do for you.

It is most likely that all you will require basic accounting services to help in filing tax and company returns. In this case you should look for one person or a small practice. Not only will this be the most cost-effective solution but you are also likely to receive highly personalised attention.

However, if you are looking for more specialist support such as advice on the best way to start-up or grow your small business, look for a small business accountant that has relevant experience and specialisation in these areas.

2) Recognize your own responsibilities.

Your accountant can provide advice and guidance but ultimately the law will hold you responsible for all matters connected with your business. This includes any filing with tax or company law authorities. You must be aware that, under the law, ignorance is no defence. Also, you cannot evade your responsibilities on the grounds that you received bad advice from your accountant.

3) Your accountant will charge you for his time.

Accountants, like lawyers, usually bill by time spent on your account so don’t expect any free lunches. Remember that any contact with your accountant may cost you money so acquaint yourself thoroughly with what you’re going to be charged for and how much you can expect to pay. A lot of your basic questions can be answered with a little research on the Internet and the less time your accountant spends on you, the cheaper it is going to be.

You will find that some of the better small business accountants offer a free first consultation. Use this time well to ensure that there is a good match between your needs and your accountant’s services.

Some accountants offer fixed fees.  You will know where you are at the outset, with this kind of arrangement as long as you know what work the fee covers.

4) Look for value not cost saving.

You can get basic services from a bookkeeper especially if your accounting requirements are limited to keeping your books of accounts. But for all complicated matters such as corporate or personal taxation, you would be taking a risk if you do not use the services of a proper small business accountant. Remember what happens if you pay peanuts: you get monkeys.

David Grant – North London Accountants