This post was originally published on this site.
The latest exclusive article for SMEWeb from Small Business Commissioner Emma Jones CBE. Emma runs the independent public body that tackles late payments and unfair payment practices.
Small business surveys and reports regularly point to the fact that businesses who seek out support in the form of mentorship, trusted advice, or peer recommendations, grow better and faster than those that don’t. The same rule applies when it comes to getting paid. As per this research, you are more likely to speed up money flows with help from a qualified bookkeeper or accountant. Here is where to find them.
Professional bodies
Finance professionals are members of professional bodies with whom they initially qualify and continue with professional development. Most of the major ones have directories on their website to locate and connect with their members. Find them here:
Accounting platforms
Of the thousands of small businesses I’ve met over the years, virtually all of them are using one of the major accounting software providers (Intuit, Sage. Xero) and this is another source to find accountants or bookkeepers. If you want to go ‘product first – practice next’, visit their sites to identify accounting practices that use your preferred software:
Word of mouth
In an age of technology, this route still accounts for something. Ask around your peer group for any recommendations they can make to a good accountant. It could even be that you start with a bookkeeper and they have a preferred accounting practice so comes into role with recommendations.
Accountants and bookkeepers can play a vital role in:
- Helping you understand your rights when it comes to payment terms and times. This is especially relevant with hopeful legislation on the horizon.
- Reviewing payment terms and conditions in contracts.
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Acting as credit controller in the form of keeping track of late invoices, informing you of what’s owing, and contacting clients for whom it’s time to pay.
- Cashflow forecasting based on average payment terms.
I hope you find an accountant or bookkeeper who works for you and your business.
