Looking for some advice, a client of mine is taking over control of the family business due to TC issues, he has asked for some help in bringing on a new accountant to work with him. His current accountant has been working with his family for many years but is doing the bare minimum in just receipts and not helping in bringing the business forward and helping to grow the business. Its only a small firm running 5 vehicles.
Does anybody have anyone they have worked with or heard good things about based in the West Midlands they could suggest to me?
I would hardly call it the accountant’s job to bring the business forward and help it grow. That is the job of the managers or the partners within the business. He can offer advice and maybe instruction on book-keeping, purchase and sales ledgers, cash flow and finance, and the various ratios which judge the health of the business, but not on expansion plans other than whether the business has sufficient capital and cash flow to support those plans.
cav551:
I would hardly call it the accountant’s job to bring the business forward and help it grow. That is the job of the managers or the partners within the business. He can offer advice and maybe instruction on book-keeping, purchase and sales ledgers, cash flow and finance, and the various ratios which judge the health of the business, but not on expansion plans other than whether the business has sufficient capital and cash flow to support those plans.
Agree, I was going to post something very similar when this post appeared, but got sidetracked.
cav551:
I would hardly call it the accountant’s job to bring the business forward and help it grow. That is the job of the managers or the partners within the business. He can offer advice and maybe instruction on book-keeping, purchase and sales ledgers, cash flow and finance, and the various ratios which judge the health of the business, but not on expansion plans other than whether the business has sufficient capital and cash flow to support those plans.
Agree, I was going to post something very similar when this post appeared, but got sidetracked.
I think maybe I haven’t explained properly, what I mean to say is show where the business could make savings, help and advice with tax. He just feels like he is getting bare minimum, currently paying him £350 p/m so my assumption is getting what he is paying for but I might be wrong.
cav551:
I would hardly call it the accountant’s job to bring the business forward and help it grow. That is the job of the managers or the partners within the business. He can offer advice and maybe instruction on book-keeping, purchase and sales ledgers, cash flow and finance, and the various ratios which judge the health of the business, but not on expansion plans other than whether the business has sufficient capital and cash flow to support those plans.
Agree, I was going to post something very similar when this post appeared, but got sidetracked.
I think maybe I haven’t explained properly, what I mean to say is show where the business could make savings, help and advice with tax. He just feels like he is getting bare minimum, currently paying him £350 p/m so my assumption is getting what he is paying for but I might be wrong.
I think more info is needed for this to be answered correctly. Maybe any answer that is given won’t be understood by your friend? Has this family member got zero experience of transport?
£350 a month for an accountant? That would be my first saving right there. Doing nothing other than filing profit and loss sheets and maybe wage packets? I doubt I’d pay more than £150 a month. Accountants no zip of transport and any operator wouldn’t want them too.
Problem with most accountants is they dont work for you proactively, YOU have to learn of these loopholes and tax gifts, and credits from your mates and then you ask accountant about it and they say- ‘oh yes, you’ll save a bundle’ and you say cheers.
Just as a guide line, our accountant costs us £3100.00 for last years accounts and we have 23 employees. That’s just for the end of year accounts, the rest of it we do ourselves, which is pretty easy really.
He does give advice from time to time regarding tax, but most of that type of thing is covered in discussions at the end of the financial year.