If you plan on starting a small business, then you should hire an accountant during the planning stages of your company. An accountant can help you crunch the numbers to find out how much money you can invest in the business and help create a business plan to get financing for your endeavour. Here is some information about hiring an experienced business accountant.
In the UK, almost anyone can say that he or she is an accountant or a bookkeeper because it is not a licenced profession. However, there are credentials that qualified accountants will hold so you know that they have an education in accounting and have passed a series of examinations. Some of the qualifications chartered accountants often hold are memberships in organisations such as:
- Chartered Institute of Taxation
- Association of Chartered Certified Accountants
- Chartered Institute of Management Accountants
- Association of Certified Public Accountants
The Institute of Chartered Accountants has separate branches in England and Wales, Ireland, and Scotland.
Choosing an accountant who is a member of one of these professional organisations is important because they usually carry professional indemnity insurance. If an accountant gives you bad advice and you suffer losses because of his or her advice, you can file a claim with his or her insurance company and those losses will be covered.
If you’ve never owned a business before, there is a steep learning curve but an accountant who has experience working with small businesses can help guide you. He or she can provide invaluable advice and be more of a partner than someone you’ve hired for his or her services. You should also consider compatibility because you will be working closely with accountants in Romford.
Before getting too deep into planning your business, you should consult with an accountant about financing, operating expenses, and other monetary concerns about starting and keep a business afloat.