An accounting software case study

If you are considering buying or upgrading your accounting software, you might find this case study interesting. It describes how the owner of a business started out using manual accounting while her business was very small, and then moved into the field of accounting software as her business grew. She also gives her views on what she would have done differently with the benefit of hindsight.
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Engaging an accountant
The services of an accountant will become necessary pretty rapidly in any business start-up. A well-qualified, professional chartered accountant can save you more than just time and headaches. This needn't be expensive - a few hours a year may be all it takes until your needs become more complex.

Take this advice before you engage an accountant for the first time.

Check and verify their qualifications. They should be a member of the Institute of Chartered Accountants of England and Wales, or Scotland. If you think it's necessary, you can contact the Institute in England and Wales (http://www.icaew.co.uk/) or Scotland (http://www.icas.org.uk/) and check membership. The Institutes may also be able to help you find a qualified chartered accountant in your area.

Is the accountant a sole practitioner? If not, find out who will be dealing with your business and ask to meet them. Make sure you trust and approve of them.

Check that the accountant has had experience of advising businesses of a similar size, stage of development and nature to your own.

Do they appear to understand you and your objectives and the business sector in which you are operating?

Agree on whether your accountant will be responsible for reminding you of accounting deadlines and so on, or whether you will initiate necessary action. Will the accountant update you when there are relevant changes in tax law?

Get specific information about fees and charges. Some accountants will work for a fixed fee for a period of time, to help you budget your start-up.

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