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Finding the right accountant for your new business

Your new business needs nurturing. And getting the right accountant for your business start-up is a key part of its development.

Given the fact the largest single bill your business is likely to face is the taxman's the right accountant could save you a fortune. After all it is not about what you earn. It's what you keep.

And the right new business accountant will save you time money and emotional effort.

On our site after placing an ad we provide 4 quotes usually within 12 hours — and its free to use. Each accounting quote comes with ebay style feedback scores so you can see how previous clients rated each firm. This way you can find the best accountant for your new business.

While the ebay style rating we provide are a good first step you should also make a shortlist of your questions and issues and ask your bidding accountants their views. Most will offer a first consultation free so don't worry.

As a starter some points you might wish to raise with your small business accountant are:

  1. Partnership versus limited company versus sole trader. Things change all the time on this. Tax on dividends, national issurance, personal allowances change every year. So what is best for you will change accordingly. Talk to your new business accountant about this
  2. When to have your year end. Typically early in the tax year is a good idea so you have time to finalise your records and to take to key tax related decisions before the dreaded tax return is due. So you'll have time to talk to your new business accountant.
  3. What to do about start up losses. A good idea is to do as much of your new business set up costs in the same tax year as when you have other earnings (if you have any), while not going down the limited company route. This means any losses from the set up of your business can be set against the other earnings in that year — which will negate you tax bill. So the tax man pays something towards the new business costs. Every little helps!
  4. What systems should you use. You might not think it, but you need to have a good book keeping system to track costs and revenues as your business grows. Not only is this vital for doing your books, but you'll need this information to help your new business accountant give you advice on what parts of your startup are performing and what is not. Knowing for instance which are the higher margin products you offer is great to have at your finger tips, so getting the right booking keeping package really will help you thrive.

We have lots of other articles about picking the right accountant. In a nutshell the best thing is to to speak to three or more new business accountants and get their views on the above sorts of issues. Ask for further references etc.

Our site helps automate all of this. Place an ad and we'll provide 4 quotes each with comments and feedback from previous clients. Its all free to use.

This is the simplest system out there for choosing the right accountant for your new business. We wish you the very best of luck with your start-up.