Michael Day ACMA, the founder of FinServ Ltd, is licensed by The Chartered Institute of Management Accountants (CIMA) to work as a member in practice.
A highly experienced Finance Manger in the supply chain industry, he has been trusted to monitor the financial performance of business units with multi-million-pound turnovers. He is passionate and skilled in utilising the latest technology to develop the efficiency with which businesses manage their finances.
Before appointing an accountant it’s worth taking the time to check which professional body issued their license. The UK’s chartered accountancy bodies are;
BUSINESS BANK ACCOUNT
Having a separate business bank account is essential, as this enables an accountant to easily differentiate between tax deductible and personal transactions. Which bank you hold the account with is not important, as long as it can be accessed online. However, if you need to open a business bank account, we recommend either Tide or Starling as you can quickly open one online using your mobile phone.
For most businesses, cloud-based accounting software has become essential. In addition to enabling electronic submissions to HMRC, which is a compulsory requirement of the government’s Making Tax Digital (MTD) plans, cloud-based accounting software is the most efficient way to fulfill bookkeeping requirements and securely store the data.
We will require our clients to sign into their online banking through accounting software to enable the bank feed functionality so bookkeeping can be completed. Due to open banking reforms this process now has to be repeated every 90 days.
CONTRACT OF ENGAGEMENT
All licensed accountants are required to obtain a signed contract of engagement along with proof of ID and address from their clients before commencing work. However, we don’t use contracts to tie our clients into using our services for a fixed period. We aim to develop long term relationships with all our clients but want them to work with us because they feel we add value, rather than being contractually obligated to.