Do you have the right type of Accountant? Are they qualified? Do they have “Chartered” status? Do they really know their numbers and yours?

Its all in the name or is it?

Do you have an accountant? But are they the right type of accountant?  Are you happy with the service they provide or have you never stopped and given too much thought to it?  Are they qualified?  Have you asked what their qualification is?  You would be amazed how many “Accountants” are not qualified.  Do you know that anyone can call themselves an “Accountant” it’s not a protected title, so even a bookkeeper qualified or otherwise could call themselves an “Accountant”.  It’s a bit like the title waste disposal expert or Bin man which title would you rather have, both could essentially be doing the same job, it’s just all in the name.

It is important to make sure you find a qualified adviser

We would recommend that you really ought to make sure the accountant you choose is qualified and a member of one of these bodies

  • Institute of Chartered Management Accountant (CIMA)
  • Institute of Chartered Accountants in England and Wales (ICAEW)
  • Institute of Chartered Certified Accountants (ACCA)

Accountants with these qualifications are regulated to ensure they meet very high standards and continually update their professional development, so you get the very best and up to date advice to keep you on the right side of the law!

What type of Accountant should you go for?

You didn’t start your business thinking you had to be your own accountant, an expert in numbers, or Tax or VAT or wishing to deal with (HMRC) Her Majesty’s Revenue and Customs (Inland Revenue as we used to call them) . In fact most business owners can’t think of anything worse, but the hard facts are YOU NEED TO KNOW YOUR NUMBERS or you will not survive in business.

  • It is a fact that as a business owner you are an unpaid tax collector – be it VAT or PAYE or both, most businesses sooner or later have to deal with this on a weekly or monthly basis.
  • At the year end you will need to pay either Income Tax or Corporation tax on profits so you need to accurately know what these are and legally how to minimise them!
  • You will also need to understand the implication of National Insurance contributions on benefits, expenses and future welfare payments like a state pension.

It can all be a bit too much to the new business owner, when all you want to do is do what your good at and deliver your product or service, make the income you need to provide the life style that you and your family deserve.

We would recommend you go for a Chartered Management Accountant as they have a specific qualification and training that is based in business, supporting and helping business owners just like you to understand the numbers! But whoever you choose, make sure you trust and like them so you have a great working business relationship.

What’s the benefit to you the business owner?

The accountant you choose should be qualified and able to help you grow your business, you need to like and trust them and connect. You also need to know that they are commercial and can really help you to make the most of your business so you can have the type of business that you desire.

  • A successful and fruitful union can mean you feel like a big weight of burden has been lifted, you can sleep easier at night safe in the knowledge you are not breaking any laws in conjunction to tax and HMRC.
  • Not needlessly paying fines to Companies House and HMRC when you don’t need to.
  • You will have a much more successful business making larger profits in a shorter timeframe
  • Can help you really understand your business and work less hours for more money so working smarter.
  • Understand the profitability of how each hour you work effects the time you spend with the family and what you can afford to do.
  • As your business grows and becomes more profitable you will need to recruit more staff and and retain the right type of person for you and your business.
  • Help you embrace technology to make your life easier and your product or service more efficient to deliver.
  • Understand how your goals translate into action and how to achieve them.
  • Understanding the 80/20 rule and what customers are more profitable than others and by how much. This will enable you to make decisions based on facts and give you the ability to work with people that you like and want to work with rather than having too!

 

To understand more on how a Qualified Accountant could really excel your profits and why you should choose a Chartered Management Accountant email me Kim@kmaaccountancy.co.uk and I will send you our KMA Guide on this subject.  If you would like our help with your business call us on 0845 3370 572

Get in touch

0161 410 0020
info@kmaaccountancy.co.uk

KMA Accountancy
Progress House
17 Cecil Road
Hale
Altrincham
Cheshire WA15 9NZ

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