For many business owners, having an accountant or bookkeeper has become a necessity, especially as the business begins to grow and it needs someone else to handle the financial records and tax concerns. But working with a bookkeeper or accountant can be an experience which is especially daunting, particularly if you aren’t keen on numbers. But it’s always in your best interest if you can work well with your bookkeeper or accountant and get the most out of their expertise. Here, then, is how you can maximise your relationship with your chosen bookkeeper or accountant.
Know what they can do for you
Your bookkeeper or accountant can help you with a number of things, but they specialise in various aspects such as preparing your accounts for the year. With this, they can advise you on GAAP, or generally accepted accounting principles, and they can also deal with your tax returns (which include corporate as well as individual tax and VAT), help you create your financial budget, and give you advice on loans, funding alternatives, and investments. Your bookkeeper or accountant can also help you with personal or business financial advice. When you know what they can do for you, it will be easier for you to find one who can address your most important requirements. Of course, you also have to make sure that they are chartered or certified so they can give you the proper help according to the best standards.
Make sure you can work with them and they are the proper fit
In the same way that you wouldn’t choose a partner or an employee that you haven’t thoroughly checked, you shouldn’t hire a bookkeeper or accountant that you haven’t screened, either. Don’t select a bookkeeper or accountant simply because they can give you a low fee – look for one with the right resources and skills who is a good match for your business as well. If you can, choose a bookkeeper or accountant who is familiar and well-versed with the tax laws specific to your business. If you have a tight budget, look for a bookkeeper or accountant who can offer a fixed-price or value-based service, so you don’t have to go beyond your budget. In the end, however, it’s essential to choose a bookkeeper or accountant that you can see yourself working with and can trust, like the expert accountants central London companies use, from Griffin Stone Moscrop & Co.
Know the amount of work you want them to do
It is also essential to know how much work you want your bookkeeper or accountant to do. They often have an hourly charge, so if you let them handle all aspects of your accounting and bookkeeping, it may not be too cost-effective for you. You could, for example, deal with the daily bookkeeping tasks, and this can also give you the proper knowledge and understanding of your business’ financial situation. You can also make use of accounting software if numbers aren’t your strong suit; this can help you keep better track of your day-to-day accounting responsibilities.
Also, if you handle the daily bookkeeping and accounting tasks, you can ask your bookkeeper or accountant to deal with more complex tasks such as the filing of tax returns and bank reconciliation when you need it. It’s best for you to know what exactly to delegate to your bookkeeper or accountant so you can also concentrate on what they can really do to enhance the health of your business.
