Best Value From Your Accountant
Allsquare Accountants Edinburgh show you How to get the best value from your Accountant
When you’re starting out in business, an accountant can seem to be an additional cost you could do without, and you might be tempted to do the work yourself. However, accountants can offer good value for money if you know how to get the best out of them. If you use your time wisely, your business can benefit from having an accountant.
Choose an Expert
It’s important when you’re researching accountants that you choose one who has worked with similar businesses before. This will ensure that they understand the specifics of your business and are more effective at providing help and advice. They should have a good knowledge of supporting growing companies and providing assistance with the day-to-day operations.
Use the Time Appropriately
Getting the best value from your accountant is all about using the time you have with them to your best advantage. Don’t just send them all your bookkeeping work without considering who would be best placed to do this. For example, it might be quicker and more cost-effective if you did some of the simpler tasks yourself, such as chasing debts, raising invoices and keeping an eye on the bank account. Then you can reserve your accountant for the more time-consuming and complex work.
Use Technology to Your Advantage
Modern technology and software can make accounting simpler and more efficient. There is a range of cloud-based packages available, including Xero, which make the processes more straightforward and can help with collaborative working. This style of working enables more efficient communication between yourself and your accountant, allowing you to share documents and transfer information quickly.
Seek Professional Advice
Your accountant should be there to help with areas in which you are not an expert. Nobody can be a source of information in every area, and at some point you have to realise that a growing business requires a professional accountant. Rather than taking it away from the company, the money spent will be a wise investment in the future development of the business. Accountants can support you with important deadlines, including end-of-year submissions. They can also provide strategic advice relating to tax and business issues. Taking on too much yourself and not delegating work where appropriate could end up costing you more through mistakes or late submissions.
Concentrate on the Business
Getting the best value from your accountant will provide you with the time to concentrate on the business. This will enable you to keep the day-to-day activities on track, and you can focus on growth and new areas of development. A good accountant should reduce the amount of pressure you’re under by ensuring that the business’s financial affairs are all in order.
The cost of an accountant shouldn’t be prohibitive. If you’re spending a lot on fees, then you might be better off researching other options. Choosing the right accountant can make all the difference to your business and ensure you’re getting the best value from your investment.
Call Allsquare today,on 0131 343 1510, to find out about our cost effective accountancy and bookkeeping solutions.