It is always important to make a distinction between price and value when making hiring decisions of any kind.
It is widely recognised that small businesses do need to be cost conscious, yet we have all experienced the situation where using the ‘cheapest’ option actually leads to unexpected problems and can actually prove to be more expensive in the long run.
When it comes to hiring an accountant, it’s worth remembering this quote “ if you think it’s expensive to hire a professional; wait until you hire an amateur”.
Cheap accountants may produce the basics, yet at what cost to you? If you are pondering on this question it may be wise to do some research.
Not everyone knows, for instance, that anyone can use the title ‘Accountant’, the use of this term is not restricted to professionally qualified people in the way that ‘Solicitor’ is.
There are a few essential questions business owners should ask when hiring an accountant:
-Do they provide commercial insight and analysis?
-Will you be dealing with an accountant that knows you, your business, issues and objectives or will you have to explain how you operate your businesses every time you interact with them?
-Can you be confident that your affairs are dealt with in the most tax efficient way possible?
-Can you be confident that your accounts are compliant with the latest regulation and guidance?
Most successful business owners will say that you can only confidently answer yes to these questions if you engage with a qualified Accountant.
As well as ensuring your records are kept up to date and your spend is correctly categorised, a good Accountant can identify opportunities to help your business grow, help to secure funding, ensure your business is legal and compliant, they are abreast with all the ever changing tax laws and could even save you money on tax.
They also know what expenses are deductible and can alert you to missed opportunities which would lower your tax bill.
To provide these services effectively the Accountant must be experienced and, in most cases, qualified and be able to offer you the time your business requires. This enables them to support you with research, analysis and creativity where necessary.
Investing in a good Accountant allows you to benefit at the very least from knowing that your business is compliant and often a lower tax bill will result from the accurate and effective attention given to your accounting and tax affairs.
Should you be in position where you need to be more stringent and are on a budget, it’s advisable to do your own bookkeeping under the guidance of a good Accountant once you have engaged with them and they have a full understanding of your business.
Having the peace of mind that all your finances are in order allows you to concentrate on your business without undue stress.
Good Accountants are also generally available to answer questions throughout the year as part of a fixed fee arrangement, as opposed to a billed per call approach which could sometimes be the case.
Good accountants are a trusted advisor, if your financial plans are changing or you have concerns about your future; they can provide you with an objective point of view that’s based on running the numbers and is not coming from an emotionally attached position. They can also teach you best practices, after all, the better you understand your financial picture; the better you can make informed decisions in the present and in the future.
On the surface, it may seem that hiring a cheap accountant is saving money, yet if they are not prompt with updating your records, mismanage your cash flow and are not advising on best practices to save tax, the compromise could prove quite costly. A good accountant may seem a higher cost initially, however in the long run you will see how worthy the investment is.
Here at Keen Dicey Grover, due our close working relationship with our clients, we make it our business to know their businesses. We can therefore ensure that financial information is created in a way that is suitable to their business and industry. This helps us to conduct relevant reviews of the business and its performance and take the time to understand the owner’s needs in order to support them and their business.
With over 40 years of experience, we work hard to provide visibility, eliminate the unknown and ensure our clients feel confident and informed about the status and future of their businesses.
Keen Dicey Grover
We care…………..we really care