We are now going to talk about selecting the best accounting firm in the Algarve. In Portugal, accounting firms are typically referred to as "Contabilistas", although many local accounting firms in the Algarve, are in fact just traditional bookkeeping services and nothing more. So you need to assess the type of services that they do indeed provide.
If you have just started a business, it can be a very stressful, and a really heady period of your life. You’re wrapped up in the excitement of getting your own thing off the ground, freeing yourself from a life of working for someone else. At the same time, however, you know that you must sink or swim. To ensure that you do indeed swim, you will need all the help you can get.
That’s where knowing how to choose the correct accounting or bookkeeping services will be of great assistance to you.
You may be able to operate without their services for a while, but eventually you will do a lot better with someone who understands the financial needs of your business, standing by you on a month-to-month basis.
There are a number of reasons accounting firms are popular with small businesses. They can help a great deal when it comes to getting off the ground and making sure you are on solid financial standing. Of course, few business make much profit in the first fledgling years, but a good number cruncher can tell you exactly where you are, where you need to be, and what you need to do to get there. But they can’t run your business for you and you probably wouldn’t want them to if they could, but they can give you the kind of backup you need to be successful.
The list is nearly limitless, but here is an overview of some of the major benefits. For one, they can help you with your taxes. Doing taxes as a business is a lot different then doing them as an individual. It goes without saying that when choosing between accounting firms, you should definitely be looking for a firm that has a lot of experience with the "Finance / Fiscus".
In addition they can assist you in managing the business cashflow. Of course, it is just pure and plain money management, something many dreamers, idealists, and “idea people” aren’t necessarily great at. If you have outstanding loans (or even if you don’t), you need an accountant that can help you reach your financial goals.
Accounting firms can help your business in other, more complex ways as well. For instance, an accountant with a great deal of experience with small business owners may be able to help you navigate employment law and payroll practices. When you interview potential accounting firms, make sure you ask them basic questions about their experience with small businesses, their experience in dealing with business taxes, and, finally ask them about their rates. Many accounting practices, will start you on a low rate, and increase it as your business grows.
Look for an accountant that is prepared to negotiate their rates with you. Do not be scared to ask and negotiate the best rate, especially during your start-up phase.
We trust, that this article will assist you in finding the best firm for the job.
Note: This article was first published in I Support Lagos in February 2011, updated August 2017. Author: Laurinda Seabra