Finding an accountant in Coventry can be a difficult process. With so many accountants to choose from, it can sometimes feel like you are spinning your wheels and getting nowhere fast. This blog post is designed to help small business owners find the right accountant in Coventry for their needs. Learn about what makes a good accountants, how to go about finding one and more!
Why You Need a Small-Business Accountant in Coventry
They are trained to understand the ins and outs of taxes, accounting practices as well other important aspects that will help you succeed!
What does an accountant do?
A helpful accountancy firm can provide you with a number or tax benefits as well as helping you grow your revenue and how best manage finances for maximum profit potential. They can also help you with your tax returns and bookkeeping.
A good team will be able to provide a number of services for small companies in Coventry including:
– Helping manage finances, cash flow as well other important aspects that are vital in the success or failure on any given day; this includes making sure all financial records such-as invoicing are done correctly.
-completing your tax return and reviewing your records to provide a wealth of information for you to make management decisions.
Can I Do My Own Accounting?
Whilst you can technically do your accounting yourself it may not be the best idea because it can be time consuming and it may not provide you with a good value solution. Chartered accounting professionals have trained for years to give you the best advice and guidance to help you with your business. The advice and information given and impact on your business is worth the cost.
For example, if you are a small business owner and your accountants tells that it is time to hire more staff or invest in new equipment then they will be able-to provide advice on how much this may impact cash flow as well other aspects of running any given day for their clients which can help them make better decisions.
How to Find the Right accountant in Coventry for Your Small Business
Finding an accountant in Coventry is that is a good fit for your business can be difficult. But it doesn’t have to be, the best place to start is by asking friends and family who own or work in a small business for recommendations.
If you don’t have any luck there, then try searching online to see what is available near me that can support your business growth! The best way of finding a good accountants will be by talking with them about their experience working on small businesses like yours as well how they have helped others in your situation.
Connect with a trusted professional.
once you have found someone be sure to ask if they are Chartered and which professional body they are with.
The Association of Certified Chartered Accountants (ACCA) is the UK’s largest professional body for accountancy. If you are looking to work with an accounts specialist, it would be a good idea if they were either ACCA or Chartered Institute of management accountants (CIMA) qualified.
Questions to Ask an accountants
1. How long have you and your firm been providing tax services in coventry?
If you are looking for a long-term relationship, it would be best to find someone who has been in the business at least five years. If not then they may still have some experience but will likely need more time before being able or willing work with you on an ongoing basis and supply all of their services as needed by small businesses.
2. Are you available year-round?
Can you contact them at any time of year or is it just at tax time?
If they are available year-round, then you can contact them at any time of day or night. If not and it is only during tax season that the accountants will be able to work with you then this may become a problem in terms if scheduling meetings for other times throughout throughout the year if you need help.
4. Who will I be working with?
will you have a dedicated person or will you be passed around a team of different people?
You want to build up rapport with them so they know your business better than anyone else so it’s easier if we have someone who knows what needs doing when there are problems that arise. Otherwise if you are going to be passed round a team their services may be disjointed.
5. How much do you charge?
Typically you should look at spending around £500-£1000 per month for a good accountant in coventry.
The price will depend on the size of your company, how many employees you have and what type of industry it is in as well but this should be an average range to work with when looking at accountants near me in Coventry that are worth hiring! You may be able to get cheaper if you are just starting or have no staff for example but anything less than £200 per month should be a red flag. You simply wont get the same level of service and tax planning for that price. You will likely face tax issues that having a wealth of information and business advice from professional tax advisers could have avoided.
The cost should be a small percentage (around 10%) or your total turnover and it’s worth looking at the benefits you get from this as well such is tax advice, bookkeeping services etc which will make sure everything runs smoothly with HMRC!
6. What location do you work from?
Do you have an office in Coventry or are your staff working from home? In today’s age, it is important for any accountants to be prepared to work off site anywhere in the world. For example, offer meetings virtually via zoom or Microsoft teams that can easily connect with clients on their schedule (for instance if they’re based abroad).
7. Do you work at your level?
If a company specialises in start ups and you need company formation there menu of services may be a good fit. But if you are an established name in the UK their services may not support you. Read their website and see if their tax and accounts service in your location matches all the accountancy service you are after- not just accounts!.
8. ask for reviews
Most will list these on their web site or can be easily found by searching their name and location on google. Most uk accounting and tax practices should have at least 10 good reviews from genuine uk companies.
Other costs to consider
At first it is hard to justify the cost of a good accountants in coventry but there are other costs to consider that you may not have thought about.
For example, if your accounting advisor is doing their job correctly then they will be able-to spot any problems with your accounts and HMRC and help put a plan in place so this doesn’t happen again! This can save the company time as well money which would otherwise go on paying fines! There is also the impact on cashflow – your accountants will be able to advise on how much money is needed at any given time and when it should come in. Accounting is so much more then just individual self assessment tax returns.
If your accountants has been doing their job correctly then they may have also advised you of tax changes which could affect the company, for example if there’s a new VAT rate or change coming up!
Beware of Scammers Preying on new companies
Be careful out there, there are a lot of people out there who are looking to scam small businesses.
From people calling themselves accountants in coventry but with no experience of accounting who are just looking for a quick buck to those who think you need expensive coaching to start a business.
There are many scams out there and it’s important to be aware of them. The best way is just not get caught up in the hype, do your research before you sign anything or hand over any money! You’ll thank yourself later for doing so rather than when they’re gone with all that cash from a new business owner who was too trusting.
It’s important that you do your research before hiring, and make sure they have the qualifications required! This will help ensure their advice is accurate too – which can save time as well money in future.
If you have any questions about finding a good bookkeeping firm, or need help with your business accounting needs then please contact us. We are happy to answer any questions you might have and provide free advice pointing you in the right direction!