If you employ the services of an accountant, have you considered whether you are getting the best value for money? Not every accountant offers the same quality of service, for every type of business. Here we explore how you know you are getting the best services from your accountant, plus when and how to change accountants.
What does your Accountant do?
Every business needs accounting services to a greater or lesser degree. The right person for the job should be providing valuable insight into the health of your business and help you make informed business decisions. This should be the case whether you want them to take on the entirety of your accounting: including your bookkeeping, staff payroll, filing your tax return, cash flow and tax planning. Or instead simply sign off your annual accounts for you. You want your accountant to confidently know their way around your business and understand your needs and wishes. We have had clients arrive at our door with nearly two years of incorrectly calculated VAT returns. We will always listen to your concerns and complete a health check on your business to determine exactly what you need. If you do not currently use an accountant, find out here how to hire an accountant for the first time.
Specialist Knowledge
Not all businesses are the same and likewise not all accountants are the same. Some financial services are common between industries. Yet some industries have peculiarities that your accountant needs to be aware of. Ideally you want your accountant to have expertise in accounting for your professional field, whatever industry that might be. It’s likely that your business falls within a niche of some kind. Ask your accountant if they specialise in services for your industry or whether they have other similar clients to you. Your accountant needs to be familiar with the scale and scope of your business and where you fit within your industry. An expert accountant will develop detailed knowledge of accounting for the types of clients they attract. The requirement for pharmacies to submit monthly VAT returns is just one specialist example. The needs of your business are unique to you. So if you find yourself feeling mystified by your accounts, it may be time to change accountants.
Why Change Accountants
At Prestige Business Management, we put our clients first. We keep great communication front and centre and we provide real and tangible value and benefits. We have helped our clients solve major compliance headaches. A common issue is continuity. This is common to all accounts, but especially for limited company clients, the last set of accounts should match the starting balance of the new financial year.This is a common one for us to solve. Whatever anomalies are affecting you, we forensically analyse your figures, explain exactly what we have found, how we will fix it and then deliver on our promises. Because there is no greater value than peace of mind.
How to Change Accountants
If you want to change accountants, moving over to Prestige Business Management could not be easier or less daunting. Here we will walk you through how to change accountants. Firstly tell us about your business and your concerns. You can contact us via our website, send us an email or call the office any time and if you like what you hear we have a very simple process to sign you up.
Self-Employed
Joining Prestige Business Management as a self-employed client is really easy, you don’t even need to speak to your old accountant if you don’t want to, we can collect everything we need from them on your behalf. We only need some very basic information from you. If you are happy to do so, you can fill out our online client form which we will send to you. You will need to have ready:
Your name
The business address
Along with your date of birth
And your National Insurance and Unique Tax Reference (UTR) Numbers
With this information we can then begin the process. We contact your old accountant and we will ask for a copy of your previous self-assessment. This will be done whilst informing them that we will be taking over responsibility for your accounts going forward. Next Prestige Business Management electronically requests from HMRC to become your legal agent. HMRC will send you a code, via Royal Mail in order for you to officially approve this request. When you have it relay this code to Prestige Business Management. This will give us access to your HMRC data. Then we will ask for all your records , we don’t care if it’s an old shoe box full of receipts or a Microsoft Excel spreadsheet with disparate entries. We can help make sense of your financial situation, helping you to understand with clarity how your self-employed business is succeeding.
Limited Company
We have a similar process for a limited company, which is also very simple and easy. We will contact your old accountant to transfer all the data we need. So all you have to do is provide us with your basic information and we will submit an authorisation request with HMRC, in the same way we have outlined for self employed clients. This means that we can register you for a range of HMRC services on your behalf. We can help you fill out your Limited Company registration form with us and keep the whole process streamlined and simple. We can manage a range of limited company tax affairs from Corporation Tax, collective investment scheme (CIS), value added tax (VAT), pay as you earn (PAYE) and more, if applicable. Each registration will generate a singular code from HMRC for you to forward to Prestige Business Management. Then we will ask for your records, again be it a shoe box or digital accounts, we can help start making sense of your business’s finances. Find out more about the differences between self employed versus limited company with our useful guide.
Making Tax Digital
Prestige Business Management is ahead of the curve when it comes to Making Tax Digital. This is something valuable to consider if you want to change accountants. The purpose of Making Tax Digital is to simplify tax reporting to HMRC and to filter out tax fraud. All VAT-registered businesses are required to follow the rules for Making Tax Digital (MTD) by keeping digital records and using software to submit their VAT returns. Self-employed businesses and landlords with annual business or property income above £10,000 will be required to follow the rules for Making Tax Digital for Income Tax from 6 April 2024. Most businesses and agents are already keeping digital records. MTD for corporation tax will come into practice in 2024 and will be enforceable from 2026. Prestige Business Management is partnered with online accounting platform QuickBooks. If you or your business have yet to implement an accountancy program to help streamline your finances, we can help. Our QuickBooks partnership can provide you with an intuitive platform, that is Making Tax Digital ready, it can also help you understand more about how your business is operating – from cash on hand to reporting on a wide range of key issues from debtors and beyond. We can help set up QuickBooks, provide full support and be on hand 24/7 allowing you to grow.
What Our Clients Say
We can help you change accountants quickly and easily. But no need to take our word for it. Here are just some of our testimonials:
KRISTEL KLEIN – “Sam has looked after my small business for years. He makes tax return so easy and smooth that I almost look forward to this time of the year. Very knowledgeable and professional! I Highly recommend Prestige Business Management!”
RIC NORELL – “I have worked with Prestige Business Management for several years and I have always found Sam to be a very diligent and dedicated person. I have worked with Sam through a few different businesses and he has also started looking after my personal tax returns. I would highly recommend Prestige Business Management to anyone looking for a commercial accountant to look after their affairs.”
MARTYN DREW – “I love PBM, they helped me out when I was moving from previous accountancy firm, they just jumped in and took control of the accounts, VAT, payroll and corporate tax. They know what they’re doing, and they provide a friendly and professional service. They 100% care about the businesses they manage, and they care about their customers. I had a very good experience working with Sam and PBM and I highly recommend Sam.”
As these testimonials highlight, we put you first. So, if you are having difficulties with your current accountant, want a more personal touch with better communications, access to better technology and on-demand assistance, Prestige Business Management can help!
Prestige Business Management Works for You
At Prestige Business Management we pride ourselves in our communication and our client orientated focus. Find out what we can do for you. Call us today on 0203 773 2927.