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When you choose an accountant for your business, you’re not just choosing someone who can keep your financial records in check and who can record all your financial transactions and keep your books in order.
You are also choosing someone who can become an invaluable asset to your business – a partner who can give you timely and relevant advice on whatever decisions you intend to make for your business to grow and prosper.
You can depend on your accountant, who will – and should – have your best interests at heart, and they can give you the right advice and guidance so your business can thrive. Choosing an accountant can be tricky, so here’s how you can properly select the best accountant for your needs.
Their location – and if it matters
In the past, most businesses chose their accountants based on their location. Accountancy firms located nearby were preferred so they could easily meet with them face to face.
Nowadays, however, the situation has changed, especially with the pandemic, and more businesses and their accountants are not finding it necessary to meet personally and instead collaborate via the web and cloud-based apps.
The location of your accountant won’t be that much of an issue, although this will also depend on what you need from them. For instance, if you would like your accountant to accompany you to meetings and conferences, then it would be best to look for an accountant who is in your location or who is willing to travel some distance to meet with you.
But here’s the thing: whether you end up choosing an accountant in your location or another area altogether, make sure they know the various tax laws concerning and applying to your industry and enterprise, as an established firm like www.gsmaccountants.co.uk recommends.
Their skill and expertise
Of course, you need someone who has the right skill and expertise, but what exactly does this mean?
You need someone with the relevant amount of experience handling tax returns and all sorts of financial records and documents for companies and businesses that are similar to yours in size, scope, and revenue.
If the accountant has worked with businesses in the same or similar sector, this means that they will have a broader understanding of precisely what you need. Also, if the accountant has bigger clients, this may mean that they can handle your needs as you grow as well.
While you can choose between a regular accountant and a chartered accountant, some situations and requirements may call for a chartered or certified accountant.
If you simply need someone who can record your financial transactions and keep your books up to date as well as perform payroll and tax functions, then all you may need is an accountant.
But if you want extra peace of mind knowing that your accountant is regulated by a professional authority, then you would do better with a chartered accountant.
Chartered accountants, or CAs, as they are also known, are fully qualified and have completed beyond-degree level study accompanied by at least three years of work experience.
You may also need a chartered accountant later on if your business expands or if you would like to apply for a loan or get audited.
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