You’ve probably had it up to your neck with your financial records and worries. Running a business isn’t easy, even in the best of times, but if you also have to deal with financial accuracy and documents and need to ensure that you don’t make a mistake on your payroll, taxes, and more, it may be time to leave it to the experts. An accountant can make sense of your financials, and they can give you highly-useful and relevant advice on how you are faring and where your business is going. Your accountant can serve as your lighthouse as you traverse the raging and roaring seas of business entrepreneurship. But whilst you may already know this, your next step would be to choose the most suitable one. So how can you select the most appropriate accounting service or accountant for your needs? Here’s what you should know.

Check their qualifications and experience

It may already go without saying, but one thing to remember is that an accountant is different from a bookkeeper. Anybody with some training and skill can become a bookkeeper, but not everyone can be an accountant unless they have the right qualifications and degree of study. Accountants in the UK should be recognised by an authority, such as ACCA, ICAS, or ICAEW. When they are a member of such authorities, they will have gone through extensive training and passed tests, and members of these bodies are also regularly assessed for their knowledge and skills.

Look for someone specialising in your type of business or industry

Even though you can opt for any accountant as long as they have the qualifications and skill, it may be better for you in the long run if you look for someone specialising in your type of business or who has done work for companies in the same industry in the past (or at present). For example, if you are a freelancer or contractor, it would be more feasible to go with an accounting service or accountant that has experience working with freelancers or contractors, especially since they need to be aware of laws on taxes like IR35. If you are operating a small business, it also makes sense to choose an accountant or accounting service that has worked with small businesses before, as suggested by GSM accountants in central London.

Consider the rates and fees

Of course, rates are another prominent aspect to consider. Once you have found some potential accountant candidates, ask them about their fees – will they be charging annually or monthly? Will they require entry fees or exit fees? How much will they charge for it if they have to do additional work that falls outside the tasks specified in their terms?

Ask about service inclusions

It’s also crucial to ask what is included in their service. Keep in mind that most accountants will perform a few core tasks and duties, from payroll setup and management to annual accounts reporting to VAT accounting and handling HMRC. But will the firm or accountant also handle self-assessment tax returns? This is included for sole traders, but it may be an extra fee if you are a business director.

Lastly, the accountant or firm you choose should have clear communication lines, and they should answer whatever queries you have promptly and timely.

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