Changing your current accountant or accounting company is not like changing your mobile or Internet provider. If you are happy with your current accounting services in Sofia, and you work with them few years already, our advice is to stick with them and continue your work in the future – even if it costs you a bit more money.
If you are looking for a cheaper price – think about it twice. You could get much worse quality, which could lead to extra administrative fines and direct financial losses. Is this worth the risk? You will decide as the choice is yours.
Just as no two business owners or entrepreneurs are the same, accountants are not either.
A quality accountant can provide significant cost savings for your company as well as identify areas of opportunity.
Some of the most common reasons for business failure include lack of strategic planning, poor cashflow, and mismanagement. These are problems effective accounting can help solve and even prevent.
Whatever your problem, an accountant has already heard it and should know how to address it.
This article discusses specific items that you may be experiencing issues with your accountant in Sofia.
As a financial advisor, your accountant should have a clear understanding of your business and industry – particularly from the perspective of financing, taxes, or possible business opportunities.
If you are not handling your taxes correctly, especially for international e-commerce businesses, you risk a whole host of violations in multiple countries, depending on how you’re set up.
You do not have business accounts separate from all your personal finances to eliminate mistakes and reduce the possibility of potential fraud.
If your accountant is using a software that does not have the right feature set for your needs, you might be forced to create workarounds and put yourself at risk.
You have a right to ask your financial professionals to explain things to you without the use of jargon, or to explain what a certain phrase or word means in the context of your business. Asking them to keep explanations specific to your situation can help you absorb the lesson more quickly and ask better follow-up questions.
Your accountant must respond promptly to your phone calls, emails, or text messages at most within a couple of days. Although they might be busy, they should prioritize your needs and questions enough to make time to address them or, at the very least, acknowledge them.
Although it is acceptable for accountants to use client stories to demonstrate their experience, mentioning the names or financial details of their other clients indicates your financial matters won’t remain secret as well.
A good accountant will understand how to maximize tax deductions and tax credits without submitting misleading tax returns or falsifying loan applications.
At a minimum, your accountant should be looking at cashflow reports, accounts receivable and payable, your balance sheet, and income statement to help you run your business.
If your accountant is waiting until a hard deadline like tax day to go through and reconcile your receivables, they are wasting a lot of time and potentially risking costly mistakes due to inaccurate ledgers.
If you are relying on your credit card or automatic billing to prompt your accounting software to record an expense for you then you will not have an accurate picture of your business expenses.
With a fresh business plan, you can work to build a better business. The planning process should include the following:
Why you should change your current Bulgarian Accountant to ViaActive:
1. They are not keeping up to date with the latest technology as having up to date financial information enables you to make quick, but informed decisions about your business.
2. They do not keep up to date with your expenses and bank accounts so that you are aware of your cashflow and how much money you need to set aside for tax purposes and other business expenses.
Your accountant should provide you with regular updates beyond the quarterly and annual overviews. If they are not doing this, then the chances are you do not have a full picture of what is happening with your business financials at any given time.
3. They are unapproachable, and you should expect more from your accountant than just a yearly, or even quarterly update. They should be aware of, and involved in, your business finances so that they can offer useful and timely advice.
4. They do not understand your business, or what you do. They do not need to know every aspect of your day-to-day job, but they should understand how your industry works and what your pressure points, busy periods and challenges are likely to be.
5. When they do contact you, they do not broach difficult topics. Building a business involves making tough decisions, and your accountant is there to facilitate that.
6. You missed out on a financial benefit because your accountant was unaware of a rule or an allowance either due to bad communication, or your accountant is unaware of the changes.
7. You are never sure what additional charges they may add on. Your accountant should clearly spell out – in writing, at the beginning – exactly what is included within the amount that you pay. You should also have a menu of charges, so you know what would be charged as added extras if you need them.
8. They are not saving you money, identifying business cost savings or making you aware of profitable opportunities for your business.
If you are experiencing some of the problems listed above, then it is probably time to start searching for a new accountant. Some tips are:
Hiring an accountant is an investment into your business. Basic services provide basic results. Premium services provide premium results.
Hiring a strategic partner, such as ViaActive, can put tools in place to capture and present data so you can make better decisions.
The experienced accountants at ViaActive can assist you with accounting services in Sofia, tax advice and assistance to obtain tax residence of Bulgaria.
Our aim is to make your accounting services in Bulgaria as simple and hassle-free as possible. We use the latest technology for our accounting and payroll services, and you will have instant access to all your accounting and payroll documentation accessible from anywhere and on any device.
If you would like to get in touch with us to see how we could help, we’re happy to sit down with you and go through how we’d work with you, supporting you and your business.