If you have decided to conduct business through a limited company, then you should hire an accountant. Although there are rare contractors who are jack-of-all-trades, doing their accounting is not the best way. Most contractors hire a specialist accounting firm.
The moment you do a contract, you can pay a small monthly fee and hire a qualified accounting specialist.
Canvass several accounting firms
The market has a wide selection of qualified accountants that can offer you accounting services. However, there is now the existence of specialist firms of accountants. These specialist firms of accountants provide a specific kind of service that is more specialized than a generalist accountant.
These firms offer a service package with a fixed monthly fee. These include account preparation, corporation tax return, payroll matters, telephone support, statutory affairs.
Check for qualified firms
Most specialist firms that provide services to consultants are managed by chartered accountants who have a specialization. They also have a code of ethics and professional qualification. It is wise to hire a qualified accounting firm.
Small or large sized firm
Specialist accountant firms handle many clients. There are different kinds of service offered by these firms. If you want a more personalized kind of service, you can opt for a smaller firm. If you desire a standard kind of service, you should hire a large firm.
Check for referrals
The best way to find the best accounting firm is to hire a firm that has obtained a nod from your colleagues. You can do this by chatting with other contractors. You will find it easier to filter through hundreds of firms.
Affordable service, not cheap
Many try to some savings by hiring cheap accounting firms. However, it is crucial to scrutinize these packages. There might be some packages that seem to be cheap yet will have hidden charges. It is important to note that you will obtain the service that you pay for.
Hire the right one
There is always a chance that you might hire the wrong accountant. If ever this happens, you can always change one. Although the transition might be long, everything will soon settle down.
Running a limited company certainly has its perks. It might be costly to hire an accountant and you might find yourself on deciding to do the accounting yourself. However, it is best that you hire an accounting firm. Make sure that you choose the right one by following the steps provided.