Best Accountants for Management Consultants
So, what are the best accountants for Management Consultants? Answer – the ones that suits them best.
Every freelancer has different requirements from an accountant.
For some, cost is a major factor. Some Management Consultants want to be able to do a lot of their own book keeping to cut their costs.
They are happy to do their own VAT returns.
Really all they require from an Accountant is that they submit their end of year returns.
Prefer to Concentrate on Management Consulting
Other Management Consultants decide that, as Accountancy is not their core competency, they would rather leave that to someone who has Accountancy as his, or her, main competency.
They may also have a dislike of admin. They may simply want to leave the admin to someone else to concentrate on what they do best.
Whichever type of Management Consultant that they are it is always best to have an unbundled Accountancy package.
That way they can pick and choose which parts are done by the Accountant and which parts are done by themselves.
There are online Accountancy packages now that can make the process very easy. They can also provide Management Consultants with summarised and management information on their financial affairs.
Accountants Experienced in Your Field
However, the first question you should ask an Accountant is whether they have other freelancers or contractors on their books.
If they don’t, they may not be up to date with tax legislation affecting contractors such as IR35.
If they do have other contractors on their books ask them if they have other Management Consultants on their books.
Basically you want an Accountant who knows the tax laws and regulations for the job you do inside out.
You don’t want them learning on the job.
They’ll never tell you that they don’t know much about your area of expertise and that you would be better trying another Accountant.
They’ll always take the work.
You have to find this out by asking them the above questions.
Big or Small Accountancy Firm
You should then ask yourself if you want a big Accountancy firm looking after your tax affairs or a small firm.
There are advantages in both.
If it is a small firm you will normally be dealing with an experienced Accountant but you run the risk o0f him, or her, being off work when you need them.
This is not a problem with a big Accountancy firm. However, you could find that most of your work is being done by an office junior rather than the senior Accountants.
It’s your choice.
Your Accountant Can Be Your Best Friend
Most of all choose an Accountant you can get on with. Your Accountant can be your best friend both when you have opportunities or if you get into tax trouble.
So, it is better in those circumstances to deal with someone whom you enjoy talking to rather than with someone with whom you don’t really get on.
By the way, if you do get into tax trouble, don’t hide away from your Accountant.
You will not be the first person he, or she, has dealt with who has got into tax trouble.
Your accountant will know the best way forward for you.
Indeed, they can be very reassuring when you are in times of despair.
The best accountants for management consultants, or any freelancer, are the ones that suit them best.
See How Much are Accountants Fees?
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