Running one’s own company is no mean task. As a director, you may have to deal with the tax obligations, Companies House, etc. This need not be the case, however, since such duties can be delegated to a specialist accountant for a monthly fee.
You will need to hire the right accountant if you’re looking forward to a stress-free ride as a contractor, at least in the financial department. You don’t want to work with an accountant with poor communication skills, or worse still below par accounting skills. So how do you separate the best accountants for contractors from the rest? You might find the tips below helpful:
Find a genuine specialist
Getting To The Point – Businesses
Make sure the accountant you choose specializes in contractor affairs and understands why it’s important to comply with the IR35. You may want to avoid high street accountants, as most of them don’t possess this knowledge, even though they may be cheaper to hire.
The Key Elements of Great Companies
A good accountancy firm gets more word-of-mouth referrals thanks to the solid reputation they’ve built over time. Ask other contractors about the firms they’ve used in the past, and their overall experience with them.
If you can’t get a hold of any contractor, doing some online research can be very helpful. Check out their reviews on respected comparison sites to get a feel of what they can offer you. Not all these reviews are trustworthy, however, so you may have to check across a few other sites.
The cost of hiring an accountant is certainly going to be an important factor in your decision. Bear in mind that paying more will not guarantee you excellent services. On the other hand, hiring the cheapest option could turn out to be expensive in the end.
What’s more important is to feel comfortable working with the accountant. You must trust them to be able to handle your tax issues competently. Don’t allow price, therefore, to weigh in too much on your decision.
Remember when contractors had to send paperwork in an envelope to their contractors to have it “processed?” Those days are gone. In present times, things are so much easier for both parties thanks to the web. Not all contractor accountants have embraced the newest technologies fully though. Some will ask you to upload your spreadsheets via an interface, despite claiming to have an online accounting system.
Firms that have actually adopted the newest tech do offer purely online services, where you can view and update your accounts in real time. The software used isn’t necessarily the same for all, but that shouldn’t matter so long as it’s efficient and user-friendly. Before signing up with a firm, be sure to ask for an online demo so you know exactly what to expect.