As a busy Limited Company contractor, you want your appointed accountant to be on the ball, ensuring your money is working as hard as possible for you.
Yet many contractors find themselves unhappy with their current accountant. So how can you ensure you choose the right accountant from the start?
We share our top tips for ensuring you find the right accountant for you.
You get what you pay for!
It’s a saying we’re all familiar with, but when it comes to accountants it couldn’t be truer! Whilst some accountants promise a service that includes everything you need for the lowest price on the market - beware! Look at the small print to see if they include the basic services you need, and if you’re unsure, speak to them about your requirements.
Remember, what you consider to be essential services could be different to what they consider essential. Talk to them about the level of support and guidance you may need and what you expect from them, then shop around for the service that’s right for you.
Does your Accountant understand IR35 and Contracting?
Most high street accountants will have a basic understanding of the needs of a Limited Company contractor, but not all will understand complex topics such as IR35 and the effects getting it wrong can have on your overall take home pay. After all, you’ve hired them to manage these areas of your accounts for you, so you’ll want to rest easy knowing your accountant is aware of how you’re affected, what’s changing, and what they need to do to ensure you’re in the best possible position.
Ensure your accountant is an expert when it comes to the needs of Limited Company contractors. Ask them how many Limited Company contractors they currently look after, and what they do to support them.
Will you get a dedicated accountant?
With legislation and tax regulations constantly changing, you’ll want to know that you can speak to your Personal Accountant whenever you wish. Many accountants will claim you have a dedicated team, when in reality you are passed from pillar to post and very rarely get to speak to your own accountant.
Always ensure you have unlimited advice and support from your own qualified Personal Accountant. After all, you’ll want a specialist who understands how recent changes could affect you and your overall take home pay.
Do they have a 24/7 online accounting system or portal?
Your accountant’s job is to make the accounting part of your contracting life as easy as possible, and the same can be said for the technology they can offer you. Always ask what online accounting system or cloud-based portal they use, and if they can provide you with a demo. That way you can familiarise yourself with it before deciding if it’s the solution for you.
Some accountancy practices now also let you use third party software options such as FreeAgent, so make sure you ask about this if that’s what you’re used to.
Do your research (Online Reviews/Forums/Google etc.)
There’s nothing more powerful than word of mouth reviews, so take a look at some forums and speak to other contractors to see what they have to say about the accountant you’re considering.
Also, don’t be pushed into using a certain accountant because your agency has told you to do so. More often than not agency referrals are commission based, so whilst your best intentions may appear at heart, there are other financial factors at play.
Look out for industry awards
Certain awards are voted for purely by the contracting community by individuals like yourself, so if your shortlisted accountant has any to their name, it’s worth knowing that their client base clearly values the service they provide.
Make the right choice for you!
At the end of the day it’s a personal choice which accountant you decide to use, so don’t let special offers or gimmicks sway you. Understand what you’re looking for ensure your accountant can support you throughout your contracting career.
If you’d like to find out more about Contractor Accountants and the services we offer, please feel free to drop us a line on [email protected] with your requirements and we’ll get in touch with you as soon as we can. Alternatively, you can use our request a call back form below, and we will get in touch with you.