Monday, September 9, 2013

What you Should Consider Before Hiring an Accountant

A large organisation might hire several accountants whereas a smaller business could employ just one individual. Before starting the application process, here are a couple of things to think about before doing so:

Fees


How much accountants charge does vary from one person to another. For example, a newly qualified individual could charge less than accountants that have decades of experience. Either way, an organisation should find out what their fees are.

Qualifications


An accountant’s qualifications and employment history should be checked to make sure that they aren’t lying. Newly qualified accountant’s might lie on their CV and also those that have years of experience. Nevertheless, their details should be looked at in greater detail before making a final decision about who to hire.

Specialities


Accountants don’t specialise in all areas of finance. By asking what their area of expertise is, the right person can be found which has undergone the relevant training or has provided the same services for other organisations before. If accountants don’t have the relevant level of training, someone else should be hired.

How often they will be needed


Accountants aren’t always required throughout the year. In fact, they might only be needed to submit a tax return to Her Majesty’s Revenue and Customs (HMRC) at the end of a tax year. On the other hand, a team of accountants might be required to constantly update corporate accounts. By knowing how often they are needed for, an organisation can budget accordingly. It also means that accountants won’t be hired for longer than expected. 


When budgeting effectively, an organisation won’t waste money at all. Consequently, the right amount of capital will be spent on their wages and not what an organisation can’t afford. To calculate how long this particular employee will be hired for every week or month, a work rota can be created. By referring to it, how many hours they are needed for can be determined immediately.

Provide assistance when an audit takes place


HMRC can audit any company in the UK. Either way, an organisation should know if accountants can assist them during an audit. As it can be stressful for a company to be audited, the support which is provided by accountants will be invaluable, especially as they can answer any questions which HMRC has about the information that was submitted to them.

When they are available


An accountant should be asked about their availability. When they cannot be called upon at the last minute, another individual should be hired who can give advice immediately. If an organisation has a question regarding their accounts, any uncertainty can be overcome by asking this person directly. Although they might not be able to answer queries straight away, an organisation should find out if an appointment can be arranged within twenty four hours or a couple of days. Consequently, by hiring an accountant that has a flexible schedule, peace of mind is guaranteed because any questions can be answered as soon as possible.

This advice was provided by rawlenceandbrowne.co.uk. As professional Accountants in Salisbury, they offer a wide range of accountancy and tax services for small businesses and company formations.

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