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Top Mistakes Made By Accountants

Whether you are a small or start up business, the right accountant can make all the difference to your success. From bookkeeping and VAT returns to all tax related issues; in the hands of the right accounting company your business finances can remain in the best shape possible. Despite the onset of good, quality and value for money accounting offered by many firms there are still some that prove mistakes are possible.

Whether looking to switch from your current accountant or hunting for the right company as you start your first business venture; there are a few things to look out for that can help you ensure your business finances remain in the best hands.

Below are the most common mistakes made by accountancy firms of all sizes, keep an eye out for these to give your business the best possible chance for success...

  • Time Wasting- Tracking expenses can take a long time, from a single receipt to incoming payments for a certain period; you could quite easily waste hours trying to track something. The right accountant will use a strict system and online software to record all your expenses and ensure an accurate, up to date record is maintained so should you need to refer to something it will take only a matter of minutes. There are however many accountants that can keep you waiting up to several days for the right answer; this kind of time wasting is not good for any business.
  • Jargon- The purpose of an accountant is to make your life easier, which is why the right accountant will speak your language and communicate only in a way that makes you comfortable. The accountants that are not on your wavelength and thrust jargon after jargon right at you without so much as an explanation are best avoided.
  • Attention- The right accountant is aware that business finance requires daily attention, records must constantly be updated and the state of finances are regularly monitored. There should be a seamless flow between you and your chosen accountant, if however you find yourself having to do a lot of chasing then it may be time to reconsider your choice.
  • Discrepancy- Costs, charges and incoming and outgoing expenses should be strictly recorded; failing to do this can make life very difficult but the right accountant would never allow this.
  • Fees- There are many accountants who believe that large fees are a way for them to prove their worth but value should always remain at the forefront of charges. There is no such thing as a standard accountancy charge, each firm differs which is why the right accountant won’t be afraid to work with you for a comfortable fixed fee.

The right accountants do exist and believe it or not the stuffy, unhelpful and overly expensive firms are now few and far between. In order to protect your business, take time when searching for a company and be sure to educate yourself on potential mistakes so you can stay one step ahead of the game. 

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