When it comes to picking an accountant you may find yourself getting a bit overwhelmed by the amount of accountancy companies offering you a huge range of services. However, it’s important to not be blind sighted by huge discounts and special offers that can disguise a lack of crucial experience and skill that you should be looking for in a good accountant.
We are sharing the five things you should expect from your accountant…
Know Your Business/Industry
Your accountant should have a sound grasp of your business and the industry your business is in. You should expect your accountant to research and take the time to understand and value the businesses needs and goals. Your accountant should know what you do, and what key members of your team bring to the business too.
Improvement In Your Cash Flow
Cash flow is an extremely important element to the good functioning of a business, and something you should expect your accountant to improve. Your accountant should be continuously advising you on ways to improve your cash flow and supporting that as a priority in their role.
Prevent Any Unexpected Bills
An important element to an accountants role, is to prevent any unexpected bills, and failing to do so is really a rookie error. An accountant should be clear and concise with any expenditures to the business. They should always provide you with estimated costs and prepare you for outgoings.
Be GDPR Compliant
GDPR has been one of the biggest changes to business in over a decade, and making sure you are GDPR complaint can be the difference between a business thriving and a business being shut down. The sensitivity of the data you will share with your accountant about you and your business should be enough to prioritise finding an accountant who has their own GDPR regulations, as well as following your businesses.
Get Your Tax Correct
A no brainer for an accountant right?! But essentially, this is the most important job you require from your accountant and getting it wrong can cause a lot of problems for you and your business.
You may not have sound knowledge and the experience to manage your financial obligations whilst running your business, so it’s important to employ somebody who does – an accountant. A great accountant will have your tax return filed for the year, and proactively working on your next one.