Tips to help you choose the best contractor accountant
- Look for a Specialist
Accountancy firms that are part of the contracting and freelance industry tend to have a better understanding of the tax rules for self-employed individuals. They are more likely to help you reduce your tax burden and can often do this better for you than a high street accountant or an accounting software package. A specialist contractor will also better understand and work with your needs in order to figure out the best way for you to pay yourself.
- Gain a general understanding of the technology they use
A good accountant will refine their whole process with the use of technology. You should always look for a contractor accountant who can provide you with access to your finances in real time. The technology that your accountant uses should make any tasks you need to undertake yourself simple, easy and relatively quick.
- Find out what level of support they offer
Will the contractor accountant offer you one dedicated contact or a team of individuals to work with? Both situations here could have their benefits. On the one hand, one dedicated contact will have the knowledge of your situation very well. Whereas on the other hand, having a team is useful if a member is ill and you need help and support quickly. Things to also look for is ‘unlimited support’ and ‘unlimited tax advice’ as this is a key indicator that they have the ability to completely minimise your tax burden.
- Find out what other value added services they offer
Does your chosen accountant offer free set up as well as help with your business bank account? These are known as value added services and are not always offered with every accountant. If these services are provided, it could be hugely beneficial to you.
- Look closely at the services you are getting for the fee
The price of the service you choose is important, but not as important as the value of the service you are receiving. Some of the lower price services offered are only software based, which leaves you to do all of your own bookkeeping and invoicing. Ideally you are aiming for a firm that is well established, compliant and a specialist in contracting. One of the most important features of your decision is that you are comfortable and confident with the contractor accountant you have chosen.
At KPP, we’ve implemented cloud technology so that our clients can access their financial information anywhere. Our fixed-fee service for contractors, freelancers & small businesses is only £82.50 per month and can save you time, improve your tax efficiency and maximize you earnings. For more information call us today on 0141 345 2335.