Looking for an Accountant
- Thread starter Lauraadele18
- Start date
Yes that's definitely going to be true, but it doesn't mean that it hasn't got much easier over the last few years. I'd say that 15 years ago you would need an accountant for even a small limited company whereas now many would be able to go without.
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Whilst it may be easier to file a set off accounts now there is more to it than just filing them and there is a difference to filing them right with every claimed for and CA's etc.
As it has become easier, so the cost of preparing accounts has also come down.
I am capable of painting my front room, but I choose to employ a painter to do it, as he is quicker and better at it than me and it means I don't have to spend my free time painting.
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Hi Laura
It's a shame no one has recommended anyone for you.
I think you tend to find people who use the forum haven't yet appointed an accountant.
There are several of us accountants here who contribute to the forum (although not quite as many as in the past) myself included who have lots of experience in looking after the accounts and tax for small businesses run from home. Might be worth searching back on some old posts. I'm also happy to help if you want to get in contact.
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I think you have a dim view of accountants, most have worked incredibly hard to get to where they are. There is always a need for accountants.
Cloud software has made bookkeeping a reality for businesses, however they will surely not possess accounting knowledge to understand the principles.
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You need to do some initial research, and ‘Asking Around’ is one of the best methods – Your own Local Network becomes indispensable at this point. Accountants, just like Engineers, Doctors and Architects, etc., have various branches of specialisation; and not all will be suited to your business!
A ‘Time Orientated’ Professional Business operates in a very different way to that of Inventory Based Retail, and there are many different ‘Flavours’ in-between! Therefore, it is crucial that the Accountant ‘Aligns’ to your business, rather than the ‘Tail Wagging the Dog!’ In my own case our First Choice was very honest, declaring that “Your Business is not my Bag!” However, he was able to introduce us to the ‘Perfect Match!’ – A relationship that has lasted for over ten years.
The same is also true of Bookkeeping, and the fundamental principles chosen. (Here, I am thinking more of the suitability of Accrual –v– Cash Basis. Many will have found that what results becomes the ‘Cruel Method’ of Accounting!)
Choosing the right Bookkeeper is just as important as finding the right Accountant. Getting it ‘Wrong’ will only demonstrate that Accountants become Very Expensive Bookkeepers! Again, there should be little or no interference with day-to-day operations.
Already, some have argued that an Accountant might be unnecessary. However, he might well prove crucial when dealing with outside agencies, such as Banks and HMRC etc. Having an accountant enables these to be put at Arm’s Length. This will also enable you to determine your Accountant’s Scope of Work, and ultimately the Fees charged.
A ‘Time Orientated’ Professional Business operates in a very different way to that of Inventory Based Retail, and there are many different ‘Flavours’ in-between! Therefore, it is crucial that the Accountant ‘Aligns’ to your business, rather than the ‘Tail Wagging the Dog!’ In my own case our First Choice was very honest, declaring that “Your Business is not my Bag!” However, he was able to introduce us to the ‘Perfect Match!’ – A relationship that has lasted for over ten years.
The same is also true of Bookkeeping, and the fundamental principles chosen. (Here, I am thinking more of the suitability of Accrual –v– Cash Basis. Many will have found that what results becomes the ‘Cruel Method’ of Accounting!)
Choosing the right Bookkeeper is just as important as finding the right Accountant. Getting it ‘Wrong’ will only demonstrate that Accountants become Very Expensive Bookkeepers! Again, there should be little or no interference with day-to-day operations.
Already, some have argued that an Accountant might be unnecessary. However, he might well prove crucial when dealing with outside agencies, such as Banks and HMRC etc. Having an accountant enables these to be put at Arm’s Length. This will also enable you to determine your Accountant’s Scope of Work, and ultimately the Fees charged.
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My long-time accountant recently became unable to work.
Being fairly exerpienced and numerate I decided to take my own accountancy on.
It took about 4 weeks to realise that it was a rubbish use of my time and experience, so I took on an external accountant at relatively minimal cost
That said, there is some value in doing some basic bookkeeping and understanding your figures for business control and planning
Being fairly exerpienced and numerate I decided to take my own accountancy on.
It took about 4 weeks to realise that it was a rubbish use of my time and experience, so I took on an external accountant at relatively minimal cost
That said, there is some value in doing some basic bookkeeping and understanding your figures for business control and planning
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I am a director of an Accountancy firm. I am genuinely interested in how you think people should handle their accounts and corporation tax. I tried to help someone use the Companies House site a while ago to file accounts and CT and it was terrible!
I think Xero and Instafile might be a better way forward.
If I was advising a friend I would tell them to do it themselves if its a sole trader. Or get an accountant if its a Limited Company!
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T
The Byre
When one remembers that UK tax laws rules and regulations are the most complex on Planet Earth and there is not one human alive who can honestly state that they understand UK tax laws, then one realises just how absurd and dangerous that statement and the underlying attitude really is!
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If you are running your business as a limited company, I would recommend you get an accountant, just to help you with the legal requirements and especially as you are a new business. You can do a lot of things yourself, such as running payroll and bookkeeping, and refer to your accountant for things like financial advice and end of year accounts.
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If you a budget for an accountant, get one, makes life easier and also you will have more time to spend about on developing your business than have sorting out the books. On the other hand, if you have spare time and think all your finances are straight forward, you can do pretty much yourself.
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