An accountant is a valuable addition to any London business, large or small. But since every business in London is different, it can be hard to choose the right accountant for your needs and be sure that you are getting the right specialism for your own particular sector. The right accountant can make your life easier and your business more successful. Before working with a London accountant, ask and answer these four questions.
1. Are My Records in Good Condition?
You need to ask yourself, and a prospective accountant, if your financial records are in the correct state. You need records that an accountant can understand. It is important that you keep records and that they are in a logical order. If your records are lacking or you don’t have any records, discuss this with your prospective accountant. The state of your records affects how much you pay, in many cases, so bear this in mind when you are looking for an accountant.
2. How Much Accounting Assistance Do I Need?
Think about the amount of help you need, and what types of tasks you will require an accountant to look after. This will affect your choice of accountant, as well as for how many hours you will need to hire them. It is worth remembering that you can do your own accounts, if you have a simple business set-up, but it may not be the best use of your time, and you could risk fines for paying taxes late or filling out forms in the wrong way. Professional accountants in central London avoid the headaches of late and inaccurate filing, as well as help free up your time so you can concentrate on more important business matters.
3. What is the Current Structure of My Business?
You need to be clear about what structure your small business in London takes. There are differences in tax and national insurance structures depending on the form of the business, and you may need to discuss this with an accountant before they take you on as a business.
4. How is my Business Performing?
Be prepared for an accountant to ask you if you know how well your business is doing in terms of profits and losses. Think about how you want to progress and what you want to focus on to grow the business. A good London accountant will be interested in working with your business to not only focus on accounts but to put structures in place that help the business succeed and grow in the future.