If you are starting a new business or are a business struggling with the financial side of things you might want to consider who can help you.
There are a multitude of people out there offering their services to you as an accountant. Not all are what they seem.
Do accountants need to be qualified?
No they do not. Anyone can call themselves an accountant, even if they have no qualifications. The onus is on you the owner or director of the company to employ suitably qualified personnel for every role in their organisation. The same applies to your accountant.
Questions to ask during your initial meeting with an accountant:
1. ask to see their relevant qualifications
2. ask them where they trained
3. ask them if they have any clients similar to you
4. ask what services they can offer to you
The above questions will be readily answered by a qualified accountant. In our opinion it is important that you always protect your business and yourself personally by choosing a qualified accountant. Your options are chartered accountants (ACA/FCA) or chartered certified accountants (ACCA/FCCA).
By choosing a qualified accountant you are selecting an accountant who has completed demanding studies and multiple exams while undertaking a number of years relevant work experience before qualifying.
Chartered accountants are committed to undertaking continuous professional development to keep their knowledge, technical understanding and skills up to date. There are clear and enforceable rules which ensure qualified accountants conduct themselves in an ethical and professional manner at all times. Their relevant professional body conducts regular checks on them and their business to ensure compliance.
What can a Qualified Accountant do for your business?
Provide pre-start-up business advice
This is particularly important before you start your business because an accountant can help you decide on the legal structure of your business ie. (sole trader, partnership, limited liability partnership, limited company).
Give advice on raising finance
Every company faces the question, how do I get more money to grow my business? Methods of raising extra finance through share capital, loans, government grants or increasing your overdraft need to be discussed with a professional. A qualified accountant can draw on their experience in other organisations to give you the most relevant advice for your particular needs.
Look after the finances and tax
An accountant can find a practical way that suits you to keep your financial records in order. They can also help with the accounts function of your business and they can assist with the various tax issues (VAT, PAYE, PRSI, CT & CGT) that may arise.
Planning and managing growth
Increased growth can leave you with questions regarding adequate stock levels, or working capital or how to reinvest the profits. You may also need advice on outsourcing services such as IT, finance, HR, Sales & Marketing. Your accountant can offer independent impartial advice on such issues.
Give advice on running and managing a business
An impartial view of your business can be very important to its success. A qualified accountant can turn your plans into viable profit forecasts, break even analysis and cash flow forecasting.
Undertake annual audits
A number of small and medium enterprises may qualify for audit exemption. However it can be extremely beneficial to have a formal independent review of your business. This can highlight areas of concern, fraud, accounting error or other issue which your internal accounting function was unwilling or unable to uncover. Giving you peace of mind that your business is operating as affectively as you envisaged.
if you are an entrepreneur starting a business or an established business unhappy with the level of service being offered by your “accountant”, why not see what a qualified accountant can do for you.
John Wilson ACCA,
Patrick Lane & Co.
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