Starting a new business? Get 40% off our accountancy services for 3 months! 😀

x

For small businesses, an accountant is a must.

Unless you’re qualified you’ll need someone to take care of your finances, to help you decide if you should be VAT registered and to tell you about important pieces of tax legislation that might affect you, like IR35.

But before you pick up the yellow pages (or have a scan of Google) and hire the first accountant you see, you need to get some things in order.

1. Grasp the lingo

When you’re speaking to your accountant you’ll need to have an understanding of your accounts, what you want them to look like and how they impact your business.

That means you can’t sit glossy-eyed while your accountant tries to explain VAT registration and dividends to you.

Before you hire an accountant, have a quick search of the business terms that affect you, and show a keen interest in how they can benefit your company. Your finances will thank you for it!

2. Create a system for your invoices

It can be tempting to walk into an accountants’ office because your accounts have reached such a state that you can’t deal with them.

Rather than dump your accountant with a load of muddled papers try sorting your records before you speak to someone.

Having a system for invoices will give your accountant more time to spend on the stuff that really matters, like making sure your business is as tax-efficient as possible.

You’ll also understand your own business better, and will be able to have an in-depth conversation about how your finances will benefit from an accountant.

3. Make a list of personal information

UTR number, tax reference number, tax codes; the list of information you need for your accounts can be dizzying.

Before you hire an accountant you need to make sure you’re in possession of all the right information, and if not, you need to speak to HMRC to see how you can get it.

Make a list of all the relevant information your accountant will need to know, and save time in your consultation for the more important subjects.

4. File your receipts

As with records, you’ll need to know where your receipts are and have them in order if you want to make the most of your accountant. Time that you could have spent tidying records will be time your accountant charges you for.

File your receipts in a sensible system that your accountant will be able to easily make sense of. It might seem like a tedious task, but your accountant will thank you!

5. Settling with your previous accountant

If you’re switching accountants, your new accountant will need access to information that only your previous accountant had access to.

You should check your contract with your current accountant to ensure there are no special circumstances that apply when you switch to a new accountant. You should also settle all fee payments before you switch to a new accountant.

When switching, your new accountant will get in touch with your previous accountant to request relevant information, which they must provide within a reasonable timeframe.

Are you thinking of switching accountant? Grab an instant quote from TAP and see how much you could save!

About The Author

Karl Bilby

We work very closely with our expert accountants to bring you the latest factually correct tax and accounting news. We also enjoy writing about small business news that we hope you find useful!

More posts by this author
guest
0 Comments
Inline Feedbacks
View all comments

Read more posts...

Umbrella Companies for Self-Employed Contractors

When you set up in business as a contractor you might either work as a sole trader or as a limited company….

Read More

Get Ready for Small Business Saturday UK 2022

Small Business Saturday started in the US in 2010, on the first Saturday following Thanksgiving. It aims to encourage shoppers to consider…

Read More

Architects and Tax

Architecture is a highly diverse sector when it comes to tax. It’s partly down to the type of businesses that carry out…

Read More
Back to Blog...

Confirm Transactions

The number of monthly transactions you have entered based on your turnover seem high. A transaction is one bookkeeping entry such as a sale, purchase, payment or receipt. Are you sure this is correct?

Yes, submit my quote
No, let me change it

Please contact our sales team if you’re unsure

VAT Returns

It is unlikely you will need this service, unless you are voluntarily registered for VAT.

Are you sure this is correct?

Yes, the business is VAT registered
No, let me change it

Call us on 020 3355 4047 if you’re not sure.

Bookkeeping

You only need this service if you want us to complete the bookkeeping on your behalf.

Would you prefer to complete your own bookkeeping?

Yes
No

Call us on 020 3355 4047 if you’re not sure.