Outsourcing an accountancy service could very well be one of your best business decisions, and it can do a lot indeed when it comes to your financial transactions and record-keeping aside from your taxes and more. The proper accountancy service or accountant can prove vital to the ultimate success of your business, especially if you are keen on levelling up your game and playing with the big leagues, as they say. But even if you are already utilising the expertise of an accountancy service, is it the ideal and most suitable one for your needs? Of course, it’s all well and good to rely on your accountant or accountancy service for such aspects as tax returns, bookkeeping, and other accounting basics. But those who are the best in their field can deliver more. So how can you choose the best one? Here are the most important answers to your frequently asked questions on accountancy services: what you should know.
Do I really need an accountancy service/accountant for my business?
If your business is still small, you may wonder why you need an accountancy service or accountant in the first place when you can still deal with everything on your own. But unless your business stays small permanently, your needs in accounting are destined to grow and will soon enough become too much to deal with. If you aren’t trained in accounting, this can lead to a financial loss because you are more likely to commit errors or mistakes, resulting in penalties or fines. Here’s one rule of thumb you should keep in mind: if it takes you over four hours each week to tackle your accounts, it may be time to get a professional.
How can I effectively select the right accountancy service?
This is a big question, and there are various answers to it. For one, you should look for the ideal chemistry with your chosen accountant. It would make sense to meet them, whether face to face or through a video conference call, and this can already give you a good perspective on how well – and how comfortably – you can work together.
Ensure that the services they provide will meet your requirements – not just for now, but also for the future, as recommended by the expert central London accountants at GSM & Co. Ask them to explain how they can support your business as it grows and develops. You should also assess their qualifications, including their chartered status, if this is what you require. It also pays to ask them regarding their experience in your industry because it will have an impact if they already have knowledge of businesses that are similar to yours. Lastly, ask about their fees and payment methods and make sure you are happy with them.
What are the services I can expect from you?
Another top question many business owners ask is what kinds of services an accountant or firm can provide. It can cover a whole range, from bookkeeping to tax returns and other basics to tax efficiency and the development of your business plan. Some accountancy firms can also offer help with finding funding, and they can also help you manage the growth of your business. Other services include exit planning and advice, and they can assist you with your year-end or annual reporting needs, especially for HMRC.