Whether you are setting up a new business, facing the struggles of insolvency, dealing with financial affairs after the loss of a loved one, or simply looking for a new accountant for your small business, you’ll want to find experienced and reliable specialist accountants who will be on your side, committed to your needs.
Here are a few points to look out for when choosing an accountant
Small business growth specialists
Many accountancy firms deal with big businesses, and it might be tempting to think they can help your business grow. However, if they are spending all their time on high-profile clients, that means less time for you. They might also have trouble understanding your entrepreneurial outlook. If you have taken the step to starting your own business, make sure you choose an accountant that is in tune with your needs. It’s a good idea to work with business growth specialists who aren’t only tied up dealing with large corporations.
It’s a misconception that small companies are not required to have an audit. A company is legally required to have an audit if they meet two or more of these criteria:
- Turnover greater than £10.2 million
- Assets greater than £5.1 million
- A company of more than 50 employees
However, there are many exceptions to this, and it is important to have your situation confirmed by an independent accountant who will guide you through the process. An audit expert can also help you find areas of weakness, gain better control, and identify new opportunities for business growth.
If you are facing insolvency, you are not alone. Last year 17,243 companies in the UK entered insolvency, the highest number since 2013. When you are facing signs that your business is in a position of insolvency, it can be tempting to ignore the problem and hope that it will resolve itself. However, it is important to act in the best interests of yourself, your staff, and your creditors and find a licensed insolvency practitioner as soon as possible. A good insolvency practitioner will assist you without judgement or placing blame, and in some cases, might even be able to help you avoid insolvency by a restructure of your business.
Since August 2014, accountants have the right to offer probate services, something previously done only by solicitors. As a lawyer would still have to contact an accountant at some point for financial information on the deceased, you can save time by cutting out the middleman and appointing an accountant to deal with probate. While lawyers charge a percentage of the assets, accountants will usually charge on a time basis. By choosing an accountant who offers a clear fee structure in advance, you can potentially save a lot of money.
Running a small business can be hard work, and you don’t want to spend your valuable time travelling long-distance for meetings. By choosing accountants conveniently located to you, you will not only save time but also be assured that important matters are not reduced to impersonal online communications. At the same time, if you have international operations, you want to find someone who will go the distance, and who has connections with accountancy firms around the world.
Why choose Berley Chartered Accountants?
For over 30 years, Berley has been offering individuals, small businesses and startups audit and accountancy, tax, probate, insolvency services. We know that your time and money are valuable to you, so our focus is on solving your problems efficiently.
As a reliable London accountancy firm, we’ve worked with a variety of businesses in all shapes and sizes, and we can tailor our services to meet your specific needs. It doesn’t matter if you are an individual, just starting out, or a mature business, Berley will be with you all the way.
Why not call us on 020 7788 8261 to arrange a no-obligation meeting, and find out how we can help you.