When it comes to Contractor Accountants , all are not created equal. It’s absolutely vital that you get the right accountant for the job, but it can be tough to know how to do that. Keep reading for some advice.
Why accounting contractors, anyway?
When you first start your own business, the first thing you will be warned about is how tough dealing with the tax side can be, with the added irritation of needing to deal with the company registrar, etc. The good news is that these necessary obligations can easily be met with a simple monthly fee and the right accountant. Unless you have the qualifications to handle this yourself, it’s the easiest way to a stress free time you could ask for.
However, as we said, not every accountant out there is a good ne. And even good accountants can suffer from other personality flaws- like the inability to communicate succinctly and well.
In a post-recession world, the number of firms looking for the contractor buck is growing. More and more entrepreneurs have sprung up in the post-recessionary landscape, and they represent a good target for accounting professionals. They tend to have simpler accounting demands then big firms, too. So how do you pick the right one?
Are they qualified and a genuine specialist?
This is the first point to check, and one of the most vital. Not only do you need to verify that your possible accounting practitioner is a genuine and qualified accountant, they should be familiar with the accounting needs and accounting cycle of the contractor too. Compliance with IR35 legislation is a must for the modern contractor, for example.
How are they charging [and what are they charging]?
The needs of a contractor are pretty simple as the business world goes. Generally, contractor accountants will charge a fix monthly fee. Whilst its sound advice to be wary of very low priced practitioners, paying more shows the accountant knows how to charge you, not necessarily that they’re a great accountant for your needs. Remember that you must also asses the qualifications they offer, how comfortable you feel with them, the sense of competence- and later, the deliverable, provable competence- that they offer, and how well they meet deadlines for you.
What service do you receive?
This is one of those questions that does, unfortunately, only start rearing its head once you’ve signed up. However there are questions you can ask that will give you a sense of how your needs will be me, such as whether or not you receive a dedicated account manager, what sort of guarantees you’re offered and how many other clients the manager handles, along with the meeting style favored by the firm. Lastly, you also want to know what technology the accountant will be using in order to ensure the ease of delivery of your data, whether you’re comfortable with it and how it runs.
Getting a good contractor accountant is a blessing, but some good investigation in the preliminary stages will ensure you get the provider you want.