Welcome back, here’s the final part of ‘Choosing the RIGHT Accountant for your own online internet marketing business’ and why it’s important. Consider this your aspirations to starting an Internet marketing business is about – yep, making money. That’s what every entrepreneur’s starting point is, but as the business grows, becomes bigger & more profitable there maybe a time when a sell out might be worth considering – I tell you know that’s when you’ll thank me for having suggested you get a good accountant.
Tip 7 – Do They Understand Your Business Aspirations And You?
Don’t forget you might be just starting out working from your back bedroom but when you’re turning over hundreds of thousands of pounds/dollars in time will that relationship be solid?
Because changing accountants is possible but can be painful mind-term. A good one is worth his/her weight in gold (literally when you’re turning over big amounts and want to be tax efficient) conversely a bad/average one can end up being a pain in the ****. So choose right first time.
Tip 8 – See Several Then Compare & Contrast Before Deciding.
Remember cheap is attractive when your starting out but is not always the best longer term.
Tip 9 – Ask Friends, Relatives And Business Acquaintances
– Word of mouth recommendation can be in valuable BUT even if you get a glowing report still see several and still go though the process I have outlined above with all prospects – just because your best mate Jimmy recommended him doesn’t mean he’s automatically right for you.
We know we met with two who’d been “recommended”, and we were just so glad we walked away from both, they were terrible, didn’t return calls, seemed really disinterested and most importantly didn’t listen so when they came back with ideas, well it was rubbish! So beware.
Tip 10 – Once You’ve Decided Agree Terms In Writing
It’s professional & shows you’re starting as you mean to go on. Probably their first task would be to set up your company structure, if it’s a Limited Company here in the UK just ask the question “are you buying it off the shelf?” because if he is-beware.
Its not hard to set up a LTD company but it needs to be done right especially if you want to come to sell it in the future so “companies bought off the shelf” can have history attached, sometimes aren’t clean – so my advice avoid those ads that say “Limited Companies for £19.99/$10 –it could be real false economy
Tip 11 – Your Accountant Should Be Your Closest Business Advisor
So trust is everything, get comfortable with whoever you choose, learn to accept their judgement (even when they tell you something you don’t really want to hear – paying more tax for example).
Your relationship should be just like that pair of gloves you wear every year – comfortable but protective but a great fit, weird analogy I know but you get my drift.
After all running a business is not straightforward these days, whether it’s a traditional one off-on-line or an on-line one makes no odds, rules, regulations etc.
Pay the RIGHT experts to do their elements whilst you concentrate on the marketing and sales. Especially with an internet business your marketing is vital, getting traffic, building your list etc – that’s what brings the customers and gets the sales – so makes sense that most of your efforts should be directed to that not filling out your tax returns.
Until the next time …….
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Tony
