A business relationship is something that should service both parties equally for years to come. Few business relationships are more valuable than that of the IT contractor accountant. Not only will the person in question be responsible for saving you a great deal of time and money, but they will also help advise you on factors like income shifting an any upcoming legislation that has the potential to affect the way your company operates. Finding a contractor accountant that will make the operating side of the business as easy as possible is a relationship that you need to put a great deal of value in from the start.
The Needs of Your Business
Before you actually begin interviewing potential IT contractor accountants, you need to take a step back and look at what your business really needs. Your business may not necessarily need to hire an IT contractor accountant at all. However, if upcoming legislation regarding income and business taxes has you worried or you need assistance with the day to day operations of your business as you’re just starting out, you’ll quickly find out just how valuable a good IT contractor accountant can be.
When choosing a contractor accountant, one of the first factors that you need to consider are the services built into the agreement by way of the fees. In most situations, contractor accountant fees will be a fixed amount that you will pay on a monthly basis. Look into the service agreement that you are being asked to sign and make sure that you’re comfortable with the services that you’re paying for. Contractor accountant fees should cover a large number of services including managing end of year accounts and PAYE, the registration and returns dealing with VAT taxes, the managing of the tax returns for your business and all dealings with the HMRC that will happen for your business. You’ll also want to make sure you’re comfortable with what services those fees do not cover, which will vary depending on the contractor you speak with. Find out if there are any extra services that you can pay for that will ultimately end up costing you increased monthly fees. You’ll also want to discuss exactly how and when you’re supposed to pay those fees each month.
Other Things to Consider
There are a number of other factors that you can consider to help make choosing a contractor accountant as easy as possible. Always check to see which professional bodies in the industry an accountant is regulated by. Also do research to find out where they are accredited and what qualifications they hold. Always make sure that any potential candidates are specialists in the contracting market and allow them to demonstrate that experience in whatever ways they feel comfortable with. Find out how often a contractor accountant will keep in touch with you and what they will be looking after on a day to day basis with regards to your business. Finally, you’ll want to find out what you are responsible for in the business relationship.
Amanda Nieves is a veteran entrepreneur. She enjoys sharing her experiences and insights with other small businesses through blogging.