Going Freelance? Then Be Sure to Find a Freelancer Accountant

Becoming a freelancer can be a very rewarding way of earning a living, however, you also have much more responsibility with the running of your business and finances. This can be quite overwhelming, which is why it can be incredibly handy taking on a freelancer accountant.

Why have a freelancer accountant?

Many people believe that an accountant is just there to fill out forms and keep the tax man happy. However, they can do much more than this and can even save you money with their in-depth knowledge.

A good freelancer accountant will be able to:

• Make sure you run your business as tax efficient as possible
• See that you don’t miss a tax deadline and that your submissions are accurate
• Ensure you understand what taxes you will need to pay
• Advise you on how to manage your business
• Help you maximise your tax allowances
• Provide proactive tax advice throughout the year.

Once you have an accountant, they will firstly set up accounting procedures and controls to ensure your finances are kept up to date.

Your accountant will be able to complete your payroll administration, VAT returns, bank reconciliations and annual accounts. They will also be able to keep you informed on areas such as:

• Cashflow
• Profitability
• Performance ratios
• Customer activity
• Credit control
• Budget comparisons

How to choose an accountant

If you decide to take on a freelancer accountant there are a few key points to take into consideration:

• Do they specialise in working with contractors? – It is very important that your accountant understands the ins and outs of how contractor tax works and knows how to advise you properly.
• What credentials do they have? – To find a good and trustworthy accountant you should see if they have any awards to back up their claims, such as great customer service or accountancy excellence.
• Are there any additional costs? – You should make sure that you’re aware of any additional costs, such as if you are to be charged every time you call or email your accountant.

Where are they located and can you meet you accountant? – Try to ensure that you are allocated one point of contact for all subjects – the same person for tax, bookkeeping, expenses etc. so that you are not constantly being passed around.

As long as your limited company accountancy firm meets all of these requirements, you can rest assure that your finances are being taken care of properly.