Choosing a Wirral Accountant and the Benefits
November 17, 2018
When you begin a business, the last thing you want to do is undergo unnecessary expenses. Thanks to money constraints, many freelancers find themselves looking at accountants as an expensive and potentially unnecessary service. With the information available online, freelancers feel they have the knowledge to complete and file financial paperwork; however, not hiring an accountant can be a costly mistake in the long-run. This article will provide information on the benefits of a business account, as well as how to go about choosing accountants for your business in Wirral.
“The trend of being a business owner or entrepreneur has grown massively over the last decade and whilst this can and should represent some of the most exciting times of your life, it can also be one of the most challenging” – An accountant in Wirral
What Are The Benefits Of A Business Accountant in Wirral?
#1: No Loss Of Time
As a company owner, you will know that time is money. If you are not an accountant, it is likely that spending time trying to complete documents correctly will waste a lot of time; therefore, losing more money in the long-run. By hiring a business accountant from the beginning, you will have time to focus on the company. Moreover, business accountants charge flat rates of approximately $100 per month, instead of you losing your hourly client rate for time spent filling out tax forms.
#2: You Will Have Access To Valuable Information
The US tax code is not designed to benefit freelancers, but rather businesses as businesses are job creators. This tax code can also be rather complicated. This means that while you have built a business, you may not reap any benefits unless you have a full understanding of the US tax code. Furthermore, the tax code changes regularly so, even if you do understand it now, the chances are it will change in the next few months.
Accountants can be beneficial because they understand the US tax code and remain updated on regulation changes; therefore, ensuring your business receives full tax code benefits.
#3: You Gain A Trusted Advisor
It can be challenging to keep record of personal expenses, and when you place company expenses in the mix it can become even more difficult. Accountants have skills in monitoring expenses maintaining business and personal expenditure separately. In fact, it is best if you do this as mixing personal and business expenditure could trigger an IRS audit to show that the expenses are business-related.
What To Consider When Choosing An Account For Your Business In Wirral?
#1: Check Their Experience
In the same way that you would not trust an unqualified doctor with your health, you should not trust unqualified accountant with your company transactions. To ensure you do not face financial problems, it is essential that the accountant is qualified via one of the major accountancy bodies including the Chartered Institute of Management Accountants, the Association of Chartered Certified Accountants, and the Institute of Chartered Accountants. It is also recommended that you double-check the accountant’s cover for times they were not available.
#2: Finding A Proactive Business Accountant
A reliable business accountant is more than a “pencil pusher” and can be considered as a team partner. They will support the business and you throughout the year, not only during tax season. When things change in the business, it is beneficial to work with a proactive accountant as this is the best way of ensuring you take advantage of possible tax savings.
#3: Building A Professional Relationship
As a small business owner or freelancer, you may be confident conducting remote business; however, there are accounting firms that offer online services exclusively. This can be convenient, but it is not always the best approach when hiring a long-term business accountant. For an accountant to understand the workings of your business, you will need to build a professional relationship. To build this relationship, you must find someone you can trust and feel comfortable discussing sensitive topics with such as financial situations.
#4: Discuss A Fixed Fee
You will have various questions when beginning a business and cannot afford to be over-charged by accounting professionals. When choosing accountants for your business in Wirral, it is recommended that you discuss a fixed fee arrangement. By agreeing to a fixed fee, you can ensure that you won’t receive a large itemized bill at the end of the month. Of course, you need to understand the different services available and which are not defined underneath this agreement – in other words, look at the terms and conditions.