Whether you have an accountant or a specific accounting consultant managing your accounts, there are seven requirements you should set for the person handling your company's accounts.
1.Accounting should be proactive
You are fully responsible for managing your company and keeping the day-to-day business running smoothly. Keeping track of your accounts is essential to stay on top of your commitments. It's about having routines on a daily basis that will make things easier for yourself in the long run. It's important that your accountant keeps you updated and gives you feedback and tips on how to improve it to achieve better accounting.
2.They should know new rules and be experts
It's a good idea to choose a slightly larger accounting firm that has all the expertise in-house, i.e. they have direct access to, for example, lawyers, connections in banks, etc. This way you can avoid unforeseen costs in case, for example, you need the assistance of a lawyer. In addition to the person(s) responsible for your accounting, they should also be experts in tax, company structure, KPIs (key performance indicators), intelligent finance functions, VAT and auditing.
There are agencies that are great at bookkeeping and keeping the day-to-day operations running, but if you want to find a company that can navigate a rapidly evolving business and/or give you a better and bigger picture of your company's current and future situation, you'll need to do a little more research to find the right accountant. Ask for a proposal for an analysis of your financial situation for a better insight into the accountant's skills and what they will be able to offer you.
3. they should have a transparent price
Many companies are invoiced a few hundred kroner in most months, while in other months there may be an invoice for several thousand kroner due to annual accounts or similar. It might be best to agree on a fixed price or a ceiling on the amount. That way you avoid unpleasant surprises.
Feel free to make your own suggestions on how you can facilitate communication and work to keep costs down. Also provide clear deadlines and routines as an argument for asking for a lower fixed price - provided you keep your end of the bargain!
4.They should be able to invoice you on time!
Ironically, it's not uncommon for an accounting company to be bad at sending out their own invoices on time. Also, demand monthly invoices and get them in good time. Stay away from being invoiced annually - especially if you don't have a fixed price for the services; that way you have a better overview of your costs.
5.They should be able to create professional reports, tables and graphs
In some cases, you and your business may be required to provide professional and thorough reports, tables, graphs and business plans. For example, this is often the case if you're applying for a business loan from a traditional bank or looking for new investors.
6.They should get a handle on your personal finances
If they haven't already offered to take care of your personal finances, it's something you can negotiate for. You'll thank yourself when you're very busy at work, but also trying to keep on top of your own loans, tax returns and invoices. Then you can also get more tips on how to manage your personal finances compared to the company's, simply because they have a better insight. In addition, your personal finances will often be intertwined with your company's. This is the case, for example, if you own one, especially if you have a sole proprietorship.
Tips! Read the article "5 tips to prevent your business from going bankrupt"
7.They must notify you when you need funding
The person or people managing the company's finances should reasonably, especially after some time, know the company's income, expenses and cash flow and thus have a good idea of what the future looks like. Was the peak season not as good as you predicted? Was the low season a record low this year? Have you invested in anything recently that could affect your business's cash flow in the future?
In such cases, the accounting firm should tell you that you should find a financing option.
About Qred Business Loans
Therefore, if you need temporary liquidity, Qred Business Loans may be the solution for you. The majority of our customers use our business loans for intermediate financing and working capital. Often, we find that they need a business loan because they have delivered a service or goods that they will not be paid for until later, and in the period leading up to payment, liquidity is under pressure. And with Qred Business Loans, you only pay for the loan during the months you actually have the loan. We have no interest, but what we call a monthly fee. This is a fixed price you pay per month you have the loan.
Taking a business loan from us is fast, secure and easy. Here's how it works:
- The application takes 1 minute
- You will be contacted by your personal case manager within an hour
- The money is paid out the same day
- No set-up fee
- No binding
- No hidden costs
Business loans made easy for entrepreneurs!
Good luck with your business and the audit
/ Qred Business Loans