5 things to know before hiring an accountant

Accounting is an art that brilliantly represents the financial situation of an entire company in a few figures. For an investor, a manager or a partner, the most important thing to consider about a business is financial reports, which are prepared after a complete accounting record. Hiring a good accountant is crucial if you want your business to prosper financially. Having adequate accounting support also ensures that you continue to comply with laws and regulations, thus avoiding problems in the future. But with so many accountants and accounting firms in the current world, how do you choose the right one? Below are some of the 5 things to know before hiring an accountant

1. Check your accreditation.

Make sure the accountant you have chosen has qualified through the Chartered Accountants Association or the Institute of Chartered Accountants. These are the leading accounting agencies in the UK.  Atkinsons, accountants in Brighton are supposed to be some of the best in the business.  Members must be held accountable for professional misconduct, which means they will get a degree of protection if things go wrong.

2. Ask if they are specializing in your industry.

Some of top accounting firms focus on certain sectors, such as doctors and health, real estate, retail, technology, and so on. Some accountants specialize in helping small businesses, while others only accept multinational clients. Choose an accountant who has many years of experience in your industry and helps clients in the same boat as you.

3. Find out about their fees.

How much do they charge? Are the rates fixed or do they have an hourly rate? Choose an accounting firm with a simple, fair and transparent rate structure. It is better to work with a company that offers fixed rates, so you know exactly what services you are receiving, and at what price. A good accountant will offer fixed rates for some work and will never do anything that involves a free bonus without asking for approval. This way, you will not receive a surprise bill at the end of the year.

4. Talk to your team and evaluate if you feel comfortable with them.

It is important that you like your attitude and how they work. After all, they will advise you on money, and you should be able to trust them while you feel comfortable enough, to be honest about your business finances. Trust your instincts You want to work with an accountant with whom you click.

5. Check how responsive they are.

A good accountant will talk to you regularly, not just once a year when tax returns come due. It’s a good approach to hire an accounting company to get help even if your chief accountant takes a break.

Why investing in an accountant is a smart move

Irrespective of whether you’re an individual or a business owner, dealing with your finances takes care and commitment. While you may be able to handle regular accounts on your own, more intricate management requires professional guidance and assistance. After all, the right insight and strategies into your finances can even help you grow richer, almost effortlessly. You also get the help you need to ensure that you’re on the right side of the law with regard to your money. But is investing in the services of a professional account really necessary? Well, it certainly is a smart move to make, and here is why.

1. Accountants Can Help You File Your Tax Return

Though you can probably file your tax returns on your own, it is wise to use an accountant to assist you. Even if the living situation is simple, having a lot of deductible expenses can make filing your tax return a hard chore. In case you own a business or if you have invested capital on various means, it becomes even more important to use an accountant to help with filing the correct return. You might be earning income from multiple sources where it is important to file the proper returns based on the income. Accountants will make it easy for you to file the right returns, so you should always use a registered tax agent to help you. You can easily find registered accounts at your local accounting firms.

2. Accountants Can Help You With Complex Tax Issues

At times tax matters do get complicated. If you earn income from foreign sources such as owning stocks or mutual funds of foreign companies, filing tax returns becomes a hassle. These professional accountants in Hove say that if you are expecting a large capital tax gain, then you need someone to ensure that your gain is taxed at long term rates and can find other ways where you can minimize your taxes. At times common transactions such as making a large financial gift or setting aside funds for your children and grandchildren is not simple. Only accountants can explain to you the tax benefits of different possibilities such as making your retirement plan the source of your funds.

3. Accountants Can Benefit Your Business

The different financial aspects involved in maintaining a business is complex and time consuming. An accountant will help you with your business structure, plan it out, and will explain any financial projections for business growth in the future. They will ensure that your business finances comply with all regulations and are on track. If you’re looking for funds to grow your business, they can help you by presenting your case to the bank or other sources. Along with that, if you need any advice over your business legal structure, an accountant will help you with this by explaining to you about the advantages and disadvantages of various aspects in the legal structure.

In summary, investing in a professional and experienced accountant is a smart move indeed. Not only do you not have to look over your shoulder worrying about tax lapses, you tend to make wise financial decisions. This, in turn, benefits you as an individual and as a business.