Lash-Ed Issue 3 October 2018 - Page 60

Do you really need an Accountant?

By Ria-Jaine Lincoln

What an amazing few weeks!

I met with some inspiring beauty businesses, influencers and role models at the Olympia Beauty show. During this time, the topic of many conversations focused on why businesses need an accountant and how to go about selecting and engaging the best accountant for you and your business. I touched on this on stage at Olympia and wanted to share further with our readers.

After a decade in accounting and a few years working in my own sole-trade beauty business, I often find myself asking ‘why wouldn’t you want an accountant?’.

In a world where entrepreneurship, Mumteprenuers, freelance businesses, independent beauty academies or trainers, workshops, super salons and various other types of businesses are becoming all the more popular within the ever-growing beauty industry, the benefits of having an accountant as well as the importance in choosing the right accountant are becoming more evident.

How to choose

When it comes to choosing an accountant, word of mouth is great, a flashy website can be a winner but qualifications, licences, insurance, chosen niche market and specialist areas of accounting are all important factors. When you choose your accountant you need to choose the best fit for your business and for you, just as you would when seeking a member of staff or business partner.

How to hire

The process to hiring an accountant really isn’t as daunting as some people believe. Accountants have all the processes in place to ensure that they can engage you as a client as quickly as possible with minimal disruption to your business. I usually have an initial call and/or meeting with my client, then I submit a fee quote based on what services we have discussed.

Accountants have .. processes in place to.. engage you as a client as quickly as possible with minimal disruption

Once agreed, I send out a letter of engagement and HMRC agent form for signing, which can be sent online via docusign software.

Once these have been signed and returned to me, I am ready to work on your books!

The introduction of cloud accounting makes the process a whole lot easier too which is why I partnered with Quickbooks accounting. This makes collaboration easy either online or via the App and gives you instant access to your accounts and accountant.

Here are my top reasons to seek out the services of an accountant:

1. Accountants are bound by legislation and monitored by other agencies and awarding bodies. This means accountants have a legal and professional duty to clients.

In addition to this there are rigorous checks to ensure that accountants are fit to advise and provide services to the public.