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Running your own business is challenging and there are a lot of considerations for contractors and the self-employed. Key amongst those is whether to work with a contractor accountant. The benefits of doing so are undeniable but some contractors will have the required knowledge, skill and time to manage their own accounting and tax obligations.
The majority don’t, however, and appointing an accountant can be a gamechanger in terms of meeting your accounting and tax obligations and also freeing up a significant amount of time to focus on your business instead of accounting admin.
There are many accountants out there and in this post we’ll explore some of the main things to look out for when researching to find a contractor accountant that’s right for you.
Do They Have Good Reviews?
Appointing an accountant is a big commitment so it’s important to do due diligence before you sign up. For any major purchase, whether it’s a car, a holiday or a new TV, it’s always a good idea to read reviews to get insight into what you’re investing your hard earned money in, and the same applies when looking for a contractor accountant.
There are various online review platforms including Trustpilot, Feefo and Google that are invaluable when doing your research. Reviews of accountants from their current and ex-clients gives valuable insight so you can learn more about the service you can expect and narrow down your choice to find the right one for you.
As well as the overall review score, look for trends in the reviews as this can be a good indicator of the service level you’ll receive. A number of reviews highlighting issues such as slow response times or filing errors should serve as a warning, but conversely if the reviews are overwhelmingly positive then you might have found your accountant.
We work tirelessly to provide the highest level of service to our clients to ensure that our reviews on Trustpilot and Feefo are exemplary.
Do You get Your Own Dedicated Contractor Accountant?
Some accountants don’t provide you with your own dedicated accountant which can have a detrimental effect on the quality of service you receive. Consistency and continuity is important as well as having a top-to-bottom understanding of your business. If different people are managing different facets of your accounting and tax obligations, efficiency and accuracy can suffer and the chances of mistakes increases and you might not have a single point of contact for your queries.
With us, you always work with your own dedicated accountant who will expertly handle all your business and personal accounting needs.
Do They Specialise in Your Sector?
Contractors can work across a wide spectrum of industries and sectors from offshore to IT to project management. It’s important to appoint an accountant that is both experienced at working with contractors and also has industry-specific knowledge of the sector you operate in.
This specialist knowledge means that your accountant will understand the challenges unique to the area you operate in as well as the regulations you face. This all helps you to ensure compliance, better mitigate threats and means you receive tailored advice, guidance and insight that’s relevant to you to help your businesses flourish.
We work with clients across a wide range of sectors so you can rest assured that your dedicated accountant will be an expert in your industry.
What’s Included In The Monthly Fee?
You’ll pay a monthly fee for an accountant but this should always be viewed as an investment in the success of your business as well as to bring you peace of mind that your affairs are in order. But of course you still want value for money so it’s important to understand exactly what’s included in the service you’ll receive.
Some contractor accountants will quote a low initial price but then add additional or hidden fees for basic services that are inclusive with other accountants which means the cost can soon ramp up. It’s therefore important to look for an all-inclusive service so you know exactly where you stand every month.
At Gorilla our fees are transparent, fixed and all-inclusive for all our accountancy packages so all your accounting needs are covered for a set monthly fee.
Are They Tech-Focused?
Contractor accounting has changed significantly over the last decade, especially so for those of us old enough to remember the pre-internet era. Digitisation has proliferated the industry with accounting software now pivotal for a new generation of online accountants such as ourselves and our clients that benefit from it.
Accounting software is a gamechanger for contractors with powerful automation eradicating the need to spend time on many laborious tasks. Tax returns, invoicing, bank reconciliation, financial reporting and more can now be performed by the software which improves accuracy and saves a significant amount of time as well as ensuring compliance with Making Tax Digital.
It’s important to ensure that you receive the best accounting software inclusive in your contractor accounting package to stay a step ahead of your competition and maximise the benefit without incurring an extra cost.
This is why we have been partnered with FreeAgent since 2015. As FreeAgent Platinum Partners, we are proud to provide industry-standard FreeAgent cloud accounting software to all our clients inclusive in all our accountancy packages at no extra cost saving you up to £330 each year.
Do They Respond Quickly?
Contracting can be very dynamic and contractors, much like all self-employed people, can have a lot of questions for their accountant, especially when they’re just starting out. The need for a response can often be time-critical so it is important to find an accountant that will respond quickly. The last thing you need is a slow turnaround time to your queries or having to schedule face-to-face meetings.
Flexibility is also important. You should have a direct dial and email for your accountant and also have an option to video call or meet in person so you are able to reach out by your chosen communication method at your convenience every time.
At Gorilla, you have a direct line of contact to your dedicated accountant through email and direct dial and video calls and in person meetings can of course be arranged. In addition, you’ll always get a fast response to your queries. Thanks to our Client Service Guarantee, if you contact us before 3pm on any working day, if we don’t respond the same day we’ll issue you with a £50 payment.
We Are Expert Contractor Accountants
From our inception in 2015, our accounting service was created for and tailored to the needs of contractors, the self-employed and small businesses. Contractor accounting is our bread & butter.
Whether your contract through a limited company or as a sole trader, our accounting packages ensure all your needs are covered. Our great value fees are all-inclusive so for one fixed monthly fee all your business and personal accounting needs will be expertly managed by your own dedicated accountant.
FreeAgent accounting software is included and you’ll receive unlimited support, advice and guidance with a same day response guaranteed no matter how many times you contact us. We’ll handle all your tax obligations ensuring that you’re compliant and operating as tax-efficiently as possible.
If you’re unhappy with the service from your current accountant, our streamlined switching and onboarding service makes things easy. We can even contact your previous accountant on your behalf to obtain all the information we need.
If you’d like to learn more, please request a callback to speak to a member of our team or get an instant online quote here.
