Whether you are a contractor or a small business, understanding your tax affairs should be the first thing that buys your attention. However, if you decide to keep track of every penny yourself, it will soon become overwhelming and you will quickly find yourself out of your depth. Modern Accountancy firms offer so much more than just your ordinary number crunching and that’s why we think you should seriously consider the benefits of using a local Accounting Practice.
Hiring a local accountant could save you plenty of trouble. It might seem unnecessary to spend that little extra for accounting services; it will reward you big time in the long-run and you will have much more time on your hands to be able to build your business whilst your accountant looks after the financial responsibilities.
Why is it important to hire a local accountant?
Small businesses, contractors, and freelancers can benefit from hiring a local accountant as opposed to working with someone located in another state or country. You will be able to develop a long-term relationship and will allow your accountant to get to know you and your business. Relationships are of course where everything is built upon.
Here are some of the reasons why you’d want to hire a local accountant.
Know your accountant
It’s important to know your accountant. When you have a local accountant, you will have a far greater chance of knowing him or her compared to someone who works online as your accountant. When your accountant knows your business goals, he/she will be able to provide solid advice when it comes to making critical financial decisions. Your business will grow in the direction you always desired.
Easy to find the right fit
With a local accountant, you can easily monitor progress and change the accountant when you feel the need. If your accountant is located somewhere else, you may not be able to know whether he/she is the right fit and you will not know if that individual or accountancy practice understands your business and your business goals.
If your accountant’s preferences don’t match your own, it might be time to change the person. You don’t want to pay someone who doesn’t see the financial matters the way you do. Your accountant will help you make important financial decisions for your business. It’s important that he/she understands your business philosophy.
Your accountant knows transitional times in your business
Your local accountant knows your business. It also means he/she will know the transitional times in your business. The more your accountant understands what is happening with your business, the more value you will get from him/her. An experienced accountant will make it easy to control costs while chasing your business goals.
Change your business practices according to the changing regulations
When you work with a local accountant, you are able to change your business practices according to the changing regulations and laws. With a non-local accountant, it will be difficult to keep track of local laws and regulations. An experienced accountant will always stay up-to-date with the latest regulations. These laws are often complicated and difficult for you to interpret. However, your accountant will tell you exactly how these changes in regulations could affect your business.
It’s important to work with an accountant who is more than just your taxpayer. Ideally, you need a trusted advisor who can help you make important financial decisions throughout the year. It’s important to stay in touch with your accountant, checking in at least once every month. Being proactive with your accountant can help you take your business forward.