At some point in your small business start up phase, you’re going to need the expert advice and services of a registered and experienced accountant. Of course, you’re likely to go with the familiar, and if any of your family members have an accountant already, you’re probably going to them.
It’s likely that the family account probably already knows about the taxes and financial affairs of your family in general, and that is the main reason why your family member advises you to simply ask them to help you out. It makes sense.
Despite the fact this is the easier option, or appears that way, there are a few issues which can arise quite commonly.
Less Quality, Because They’re Not Actually YOUR Accountant
The fact you went to your family accountant to talk about your new business accounts means they’re not actually your sole acting accountant, they’ve basically done you a favour. Perhaps they said they will look over your book and sort your taxes out, but if you have an issue you need advice on, you might not really want to ask them.
It’s no good asking for favours when it comes to your accounts, you need your own accountant, who knows your business inside out and can therefore give you the best advice according to your needs, not those of your family business - that’s not your business!
How Can You Tell if They’re Actually Any Good?
Your family accountant might have been working with your father, mother or other family member for many years, but does that mean they’re the best in their field? You have no idea! This is another reason why you need your own accountant, someone who speaks the same financial language as you, and someone you can tell has actually moved with the times.
A family accountant might have one eye on the family business and yours as a side project. That isn’t what you need, you need total focus and a clear mind.
Can They Use The Modern Tech?
We’re not in any way suggesting that your family accountant doesn’t know how to use a computer, of course not - your family accountant is a very experienced professional who knows taxes better than his or her hand, but can they use the up to date technology requires in this day and age, and especially when it comes to a new start up business? This is something you need to be careful of, as you won’t be able to use certain apps or packages, such as cloud accounting.
Accounting technology has moved on in leaps and bounds even over the last few years, let alone the last few decades. You need an accountant who knows how to use all of these packages seamlessly.
Personalized is Always Best
At the end of it all, having an accountant who is completely focused on your business is best. You do not want your start up to be tied to the family business, you want to be out there on your own succeeding. For that reason, personalized options are always the best avenue.
Click on the link below to book a meeting.
- Written by: Jag Bath