Before you even start a business in Milton Keynes, it is important to find a Chartered Accountant
The main reason why you should always use a chartered accountant is because it is perfectly legal for anyone with no training or accounting experience or expertise to call themselves an accountant and begin trading as one. But any accountant who uses the letters 'ACA' or 'FCA' to distinguish themselves as a chartered accountant must have completed a period of at least three years of accountancy training with a organisation that is recognised by the Institute of Chartered acountants.
Also, a Chartered Accountant (ACA or FCA) must have thorough exams which test financial management, business strategy, taxation, IT and auditing knowledge and expertise.
You can easily check to see if an accountancy company who calls itself Chartered Accountants by checking the ICAEW online directory here: http://www.icaewfirms.co.uk
When selecting an accountant for you, it is a good idea to consider wether they have experience in your industry sector. Accountants can specialise in certain areas and so obviously it would be beneficial if they have experience with your type of business. It is also a good idea to choose an Accountancy business that is similar in size to your own business, as they would be more likely to understand the scale and importance of your issues if they experience similar things as a business themselves.
Take the process of finding the right accountant for your business seriously and give it some good time and thought, it is really quite important to find a good accountant that works well with you and your company. There is a good range of Chartered Accountants in Milton Keynes, so you have no excuses. We suggest shortlisting around three Chartered Accountants, visiting each one and deciding on which one seems the best for the job. Be careful though and check that any meetings are free of charge before you go, as accountants can charge you for any advice given and time spent. Find out how much they charge, tell them of your current accountancy records and your business plan and see how helpful they are. Can they offer any improvements? Also find out how much time they are likely to give you, it is common for large corporate Accountancy firms to take on lots of clients and spend the minimum time possible with each one. So if you are a small business in Milton Keynes, then find a smaller chartered accountant who is willing to work fairly closely with you. On the other hand, large, corporate type businesses would be better off with large, corporate accountants as they know how to handle bigger clients and bigger issues.
Your accountant should be in fairly regular contact, the best accountants will contact you several times a year not just once at the end of each business year. And when you are in contact with your accountant, don't be afraid to ask advice on running your business, anything that you think might be close to their jurisdiction.
08/01/2008
