At Modus we think that the relationship you have with your accountant can be your most valuable business relationship.
Having a professional handle your book-keeping, payroll, end of year accounts and tax returns gives you more time to focus on running your business and hitting your goals.
A top accountant, like Modus Accountants, can also provide considerable support by advising you on your business strategy, structure, purchases, compliance, and tax efficiency to make the most out of your enterprise.
DID YOU KNOW – Modus Accountants customers can also take advantage of business coaching, mentoring and marketing support. Find out more here.
Below are a few things we think you should consider before you choose your accountant:
Does a small business need an accountant?
When launching as a sole trader or a limited company, there is no legal obligation to hire an accountant. Many entrepreneurs question whether engaging an accountant is necessary for a small business – believing they could save money by doing the accounts themselves.
Although many business owners begin by handling the accounts themselves, this can prove a false economy as the business grows. Accounting requirements will rapidly begin to consume too much of management’s precious time – time that could be better spent on important strategic decisions and running the business.
As a general rule, if your business accounts are taking up more than four hours of your time per week, it is probably worth investing in a professional.
What can an accountant do for me?
An accountant can save you time and money by improving you cash flow and sourcing funding, they also reduce the chance of expensive mistakes in tax, financial reporting and compliance.
However, if you find the right firm or person for your business, your accountant can provide much broader support, including evaluating business plans and offering business growth advice.
Some of the general services an accountant can offer to support your business:
- Sourcing funding
- Maintaining accurate tax payments
- Improving tax efficiency
- Developing strong business strategies
- Extracting value from your business
- Financial compliance
- General business advice/ strategy planning
- Exit planning
As entrepreneurs ourselves, at Modus we understand how important getting the right support can be. By taking the time to learn about the businesses and people we are working with, we are able to ensure our clients are fully supported, and we touch base regularly to see if there is anything else they may need a helping hand with.
You can find out more about what we can offer here.
What questions should I ask myself and accountancy firms?
Firstly, does your business require a small or larger firm?
• Usually if you have a smaller business, a smaller firm will suit your needs. If your business is fast-growing, you may require a medium-sized firm to match.
Once you have identified potential candidates, you should establish a personal connection. Although COVID currently prevents face-to-face meetings, an initial phone call will help you evaluate the services and qualifications they can offer to suit your personal business needs.
Some key points to discuss with short-listed firms:
- Relevant qualifications
Are they a chartered accountant? eg. a member of the ACCA.
- Available Services
Does what they offer meet all your needs?
- Accounting Fees
What are they charging and how are these payments made? eg. which services require monthly payments, and which require one-time fees.
They should provide you with testimonials from their previous clients.
- Where they are based
Once face-to-face meetings resume, being relatively local to your accountant will enable you to easily meet in person if you wish.