10 tips for finding a great accountant

The Money Guy

Although an accountant might be capable of what they’re actually doing, they might not be the proper fit for your business. In this article, we have mentioned a comprehensive 10-step checklist for choosing an accountant.

Look for recommendations

It’ll be a sensible idea to ask your friends and other familiar persons for recommendations in case they have used the services of an accountant in the past. You can talk to the accountant in person after getting the referral.

Talk to more than one accountant

It is a fact that there are quite a few accountants in your area, you should make it a point to talk to several of them before appointing one for your business This will help you to compare amongst different accountants and choose the best one out there.

Make certain that they fit your business

Make it a point to select an accountant who is experienced regarding the business that you are operating. For example, if you happen to be an IT contractor, it will be of no use to select an accountant who is specialized in pubs.

Can they advise you about recent changes

The world of business and accounting is always changing. Is your accountant up to speed and can they advise you about the latest changes in tax rules for example. If you in the UK can they advise you about setting up companies in Ireland after Brexit ?

Make sure that he is qualified

Ensure that the accountant does have an accounting qualification and happens to be a member of an accounting body like the ICAEW.  In case he is a tax agent, he will be able to give you advice on tax only. He will also be able to offer financial planning advice in case he has got a Financial Services license .

What services are being offered by them?

Accountants are going to provide different services, and you will be able to select which services you require from them. For instance, although they might be offering a bookkeeping service, you will not require their assistance in case you want to make use of online accounting software. You need to understand what exactly you need from your accountant before appointing him.

Fees

In case you are running a small business, it is natural for you to try to save money. Therefore, it will be imperative for you to go to the correct accountant. There are many accountants on the market offering quality services at reasonable rates at present. Also, try to find out whether they have got any hidden charges.

Personality

It is natural for you to interact with the accountant whom you’re appointing from time to time. Therefore, it will be imperative that your personalities should not clash. Always go for an accountant who is friendly as well as amicable.

Obtain proof

While appointing the accountant, always ask for a copy of the Public Indemnity Insurance of that person along with his operating license. Any professional accountant will furnish you with all these documents, which will provide you with total peace of mind.

Will he be able to prosper your business?

The accountant is going to become involved with your company’s operation from the very beginning, and therefore you should not take this decision lightly. Try to find somebody whom you can trust and who has got the required experience behind him. Good accountants will help your company prosper by dealing with your complicated accountancy work and will also provide you with business advice.

Tips for choosing the right insurance company

A lot of people have invested in an insurance company, ensured that they always made the payments at the right time, only to later regret why they invested in the insurance company. Despite the high level of insurance company regulation in the United States of America and other countries in the world, people regularly have issues with insurance companies.

The issue ranges from an insurance company refusing to pay the claim and trying to defend that is not part of the insurance coverage even when it seems to be to instances where it takes weeks or months after you needed the claim before it is honored. This is why it is important to invest in the right insurance company. Here are some tips for choosing the right insurance company.

Type of insurance policies

The first thing you want to look out for is the type of insurance company that is provided by the organization. For example, you should not be looking for a house and go to an auto insurance company. Furthermore, even if you go to a house insurance company, they might not be offering a renters insurance policy. Even when offering a renter insurance policy, they might not be covering some of the items you want to cover.

In some cases, they do not make it clear that they are not covering certain things that could have been covered by the insurance policy you are opting for. This is why you must not assume but read insurance reviews and insurance policies to be sure about what the insurance policies from a particular company covers or not.

Read reviews

Reading reviews of the insurance company provides you with an opportunity to know the quality of protection you would get from an insurance policy. You will be able to find many people who have used a particular insurance company but had to back down because of issues with the insurance company.

They would be able to say their experience on the platform and when you see a lot of people having such experience, then it would become obvious that you should excuse yourself from such a company.

The reviews will help you know companies that will claim to cover for some items only to later deny it as well as those that would delay for as long as you can risking your life in the process. It would also help you know those that will stress you out before honoring a claim.

Get a professional to explain

If you are reading an insurance policy and you are confused about an area, you might want to ask a professional to help you with explaining the policy. It might be risky going for a professional within the organization as they would want to convince you to patronize their insurance company. It would be best to go to a neutral insurance consultancy or lawyer to help you with the explanation.

When the explanation contradicts what you are looking forward to, then you could continue searching for the insurance company that would meet all the conditions you want to be covered, especially when they are not unrealistic.

Finding business money transfers service

Your business is almost certainly part of a global economy.

 

You may be based in the UK and offer what seems to be a very local service, yet supply chains are still likely to stretch abroad – just think of some of the supplies and equipment you might want to buy in foreign markets.

 

In this increasingly interconnected world, your business relies on being able to import or export certain goods and services from overseas.

 

The cost of business money transfers

 

So that such necessary international trading is cost-effective, you need to consider how much you are paying on each international money transfer – and find the most effective and cost-saving business money transfers service.

 

When you compare the market, you will find that those costs may vary widely.

 

The Money Saving Expert (MSE) explains that the cost of international money transfers comprises two fundamental elements:

 

Fees

 

  • banks charge a host of fees and commissions for sending or receiving money to and from abroad;

 

  • although most high street banks give you the option of paying those fees in sterling or the foreign currency, they mount up very quickly – and MSE warns that they may be made up of several seemingly small amounts, which disguise the actual total cost;

 

  • you may need to pay a higher fee, for example, if the money transfer needs to be made more quickly;

 

Exchange rates

 

  • in addition to the fees charged by your bank, your transactions are also subject to fluctuating exchange rates;

 

  • those rates can be difficult to establish since banks do not necessarily inform you of the rate they are using when the transfer is made – and rates can vary widely during the course of a single day’s trading.

 

Saving money on your business money transfers

 

In the first place, remember that business money transfers through your high street bank are going to cost more – often significantly more – than those made through dedicated money transfer companies.

 

The fees charged by money transfer companies are likely to be lower and you may achieve a more favourable rate of exchange, too.

 

The newer “fintech” companies specialising in business money transfers are also likely to make those transfers more speedily than your high street bank. Many can make the transfer the same day, whereas your high street bank may need several days to complete the transfer – unless you pay a premium for a faster transfer.

 

In addition to the cost and speed of any transfer, you must also ensure that the bank or money transfer company deals in the currency relevant to your transaction – not all currencies are likely to be supported and those available differ from one company to another.

 

If you are trading abroad regularly, you may find that you are making repeated payments in different currencies – so, once again, you must ensure that your chosen money transfer service provider also deals in all those currencies.

 

Receiving money or making payments in foreign currencies adds a further level of sophistication to your business activities. You do not want it to be a complication, of course, so find a business money transfer service provider that integrates with the accounting and management systems you are using to simplify the reconciliation of transactions.

Amaiz Offers The Most Cost Efficient Banking Services

Amaiz is a Fintech company based in the UK that launched its first banking service for entrepreneurs in the UK. While individual traders use a personal account for their business activities, it can cost more money to combine personal and trading activity, which is why it is much more practical to keep them separate, as it makes it easier to manage money flow.

Amaiz offers to maintain a business account, loaded with distinctive features and serves as a one-stop shop for business banking. It is a brand new app that was released in 2019, and it has all-in-one banking, invoicing, and accounting features.

Pricing of Amaiz

The pricing of Amaiz is really simple and low. The app starts you off a free trial in the advanced program they have developed by listening to several entrepreneurs. As their goal is to improve the daily banking for sole traders. As the situation change, the sole trader can choose the PAYG or monthly package that suits their needs best.

  • The free trial allows you to keep a business MasterCard, get instant notification, PIN reminders, and display the money flow on the app. Along with that, it also allows you to keep a separate jar sub account, freeze the account if the card gets stolen, the transition from web to the phone app without any hassle, send unlimited invoices, and 24/7 customer service.
  • Once you are satisfied with the services of Amaiz, you can set up your monthly up your account on the fee of £9.99. It provides the advanced services, along with self-assessment of tax payment if the trader has overspent.

Banking Service Features of Amaiz

Some of the banking service features provided by Amaiz are:

  • Payments and Account: It offers fast integrated banking solutions, such as a current account which is quick to set up, receiving a MasterCard, which makes managing and transferring the flow of money easier.
  • Managing Card: The Amaiz app not only gives instant notifications but also allows you to see instant PIN reminders. If your card goes missing, the app allows you to freeze your card, so it is not misused.
  • Controlling Money Flow: The app allows you to view your expenses and categorizes transactions where the sole trader may be spending a lot of money, in order to prepare him for the self-assessment of tax beforehand.
  • Direct Debit Management: The app allows you directly manage your debits or cancel any transactions if needed.
  • Invoicing Made Easier: The app offers customizable templates, sending numerous invoices, and also tracking them.
  • Second Separate Account: A second Jar sub account where the sole trader can retain funds for certain reasons, such as paying any taxes.
  • Accountancy Team: Availability of the accountancy team, which is always available for the sole traders if they have any questions regarding basic bookkeeping.

Final Word

Amaiz offers a free trial for solo entrepreneurs to test out if the app matches their needs. With a low monthly fee of £9.99, Amaiz offers all-in-one banking, invoicing, and accounting features.

5 Easy and Sustainable Strategies for Small Business Success

Smart businesses can find a profitable niche, discover their core differentiator or excel through a combination of smart business decisions, enthusiasm, and productive work.

In this article, you will find five success strategies for your small business that are not only easy to implement but also sustainable.

 

1. Internal Analysis

If a small business has a pool of unproductive workers, it will lose valuable revenue and growth and success potential. Many small businesses tend to be so impressed by their products that they often fail to examine themselves internally, which ultimately leads to failure.

An effective internal evaluation will reveal what you are not doing well so that you can make a course correction before it becomes an emergency. For this reason, it is important to check your bias when performing an internal analysis so you can be impartial and address any issues.

2. Effective Planning

Creating a good business plan will help you, as a small business owner, to rethink important issues and understand potential problems and how to deal with them.

Without a good business plan, you will not be able to plan for the future. Make sure your business plan is coherent and realistic, based on credible information and accurate forecasts for the future to avoid your small business failing due to poor planning.

3. Good Financial Management

Financial management is most effective when used to improve your business. Based on their many years of experience, they confirm that good financial management is the core of a successful company.

Financial management affects all aspects of the business, from management of cash flow to tracking business performance to managing important financia purchases such as new premises or comprehensive business insurance to protect your business.

4. Strategic Delegation

Many business owners burn themselves out easily from trying to shoulder all their company’s responsibilities. The first years of founding a company can put a heavy strain on personal life.

Financial difficulties may also occur until the company is profitable, which may take several months and even years. There is no management competence that is more decisive for your personal and professional success as an entrepreneur than learning to delegate.

5. Leverage Your Unique Selling Point (USP)

You need to know what your Unique Selling Point (USP) is and how to use this to your advantage to gain the consumers interest over your competitors. Your USP could be the thing that sways a consumer to spend their hard-earned cash with your company rather than your biggest competitor, so it is important that you know what your USP is and how to market it.

Your business’ USP should be the driving force behind all of the marketing or branding that you do for your business. Whether it is in your logo, or a new advertising campaign or a social media strategy you should be making rue that all you do communicates that USP to any consumers.

It is also not recommended that you change your USP too much, or at all, as this is likely to have an impact on your brand and your image in the consumers’ eyes.

How Small Businesses Can Save Money on Healthcare

The biggest challenge for small businesses that want to offer health insurance to their employees is the cost. It becomes even more difficult if the business has a higher fluctuation rate. Small businesses have to balance profits with business costs. Of course, the health of any organisation’s staff is very important. However, small businesses do not have to go bankrupt as a result of healthcare costs. Below are ways small businesses can save money on healthcare.

 

If You Have A Company Healthcare Plan:

Review Contracts with Providers

Investing in a company health insurance plan is usually a very wise ideas for any business for a variety of reasons. For example, on average business lose 6.3 working days per employee each year which can, of course, result in huge costs to the business. When you add the costs of all for these absences up, it is likely to amount to around the same, perhaps even more, than a company-wide health insurance policy would.

If you already have a contract with a provider, consider carefully reviewing the full terms and conditions as well as the coverage you get. This may show many ways businesses can save on various contract terms. Comparing the value of the existing plans with the other options available can reveal the company’s need to change its plans.

Employers can also save money through the use of one consistent contractor rather than many, and they can conclude contracts that are focused on performance goals to keep suppliers on track.

Negotiate Better

Most small businesses believe that their new annual premium is set in stone. The fact, however, is that smaller firms of larger size often have more leverage than they would expect. In a 50-to-100 personnel range firm, for instance, many employees fail to realize they can negotiate their health insurance premiums.

Insurance companies will usually give reasons for raising small business payments such as the personnel is ageing. However, a good broker can also indicate reasons that the insurer will consider reducing the rate. Asking questions such as “Have any claimants left the company? Is the company’s health improving?” usually gives some leverage.

 

If You Don’t Have A Company Healthcare Plan:

 

Consider Wellness Strategies

If you don’t have the funds to implement a company health insurance policy, then consider other methods of ensuring your employees are fit, healthy and feel cared for. One such method is the introduction of company-based wellness programmes.

By offering wellness strategies for your employees you are giving them the helping hand that they might need to take better care of themselves. Not only does this help their health and wellbeing in the long run, but it will also help the reputation of your business as you will be seen as an employer who cares about their staff’s wellbeing.

 

Provide Health Education and Support

You can also implement classes or educational resources on the various ways that your employees can look after themselves.

For example, it would be wise to educate employees about the various types of private health insurance they can invest in for themselves and their families, such as standard health insurance, family health insurance or even dental insurance. This way employees and their employees will be covered in the event that they get sick or need specialist care.

You can also help to educate your employees on physical and mental wellness, as stated above, and on their general health. For example, you may consider implementing healthy eating alternatives in canteens, ensuring you educate them on hot to maintain a healthy work life balance, promoting walking to cycling to work or offering discounted gym memberships as an employment perk.