Are BKC Accountants right for you as your acting agent?

Below are a number of things to consider before appointing BKC Accountants as your acting agent.

Types of Accountants:

Management Accountant

In general management accountants can deal with the day-to-day financial needs of a business or individual, as they are trained in a wide range of disciplines, from bookkeeping to tax returns.

Whether you’re self-employed or have a lot of outgoings and investment then you will probably need a management accountant to deal with your individual financial affairs. In this case a specialist personal accountant should be able to help you as they can advise and take care of bookkeeping, quarterly forecasts, investments or savings, and tax returns.

If you have a small or medium-sized business then you will need a management accountant to help you look after your finances. Even if you decide to do the book-keeping yourself, although it may be easier to let a professional do it, you will need a trained expert to deal with monthly and quarterly forecasts, VAT returns, budgeting, credit control, sales invoicing, and ledger management. Luckily a business accountant will be able to take care of all these things for you, so you have peace of mind that your business is financially sound.


BKC offer a full range of management accounting services

Taxation Accountant

Whether you’re an individual needing to complete your tax returns or a large company with VAT, payroll and corporate tax to deal with, you’ll need a specialist taxation accountant.

Although a personal or business accountant would be able to offer general advice in these disciplines, it is much more effective to use a tax accountant for all your tax needs as they know the tax codes and laws better than general accountants.

You will find that most UK tax accountants will offer a full range of tax preparation and consulting services through their detailed understanding of the intricacies of tax laws. Among the services offered by tax accountants are, monthly financial reports, sales and excise tax returns, corporate, partnership and individual tax returns, income and estate planning, and payroll taxes.


BKC offer taxation advise under Self-Assessment rules.

Forensic Accountant

The work of a forensic accountant involves an amalgamation of accounting, auditing and investigation of financial and business related issues. This type of accountant is trained to look beyond numbers to business matters as a whole, which allows forensic accountants to assist solicitors, government agencies and business owners.

In general these specialist accountants investigate your own and other businesses on your behalf to provide an accounting analysis that is suitable to be heard in court. This analysis will probably form the basis for a dispute case.

Forensic accounting brings together two forms of investigation and analysis, the first being litigation support, which offers assistance of an accounting nature in a litigation and deals mainly with issues related to financial damages, such as calculating the financial loss resulting from a breach of contract.

The other type of forensic accountancy is investigative accounting, which is associated with investigations of criminal matters, such as an investigation of employee theft, securities fraud, insurance fraud, kickbacks or proceeds from crime investigations.


BKC Accountants do not offer this service

Corporate Recovery Accountant

Generally, corporate recovery accountants offer services that help to guide a business towards financial safety through a number of methods, such as analysing operating reports, identifying trouble spots, forecasting profitability, investigating cash flow problems, creating recovery strategies, monitoring performance and evaluating assets.

Corporate recovery accountants can also advise on purchasing assets and businesses from insolvent companies, as well as offering help to owners winding up their business or acting as liquidators in solvent liquidations. However, it is worth remembering that if you seek the advice of a corporate recovery accountant early enough, you may be able to steer your business out of trouble before it falls into liquidation.

BKC Accountants do not offer this service

Corporate Finance Accountant

A corporate finance accountant advises very large businesses and organisations to develop and pursue strategic and transactional objectives in a bid to maximise profit or encourage business growth.

Most corporate finance accountants focus on four key areas – mergers and acquisitions, structuring and raising debt, corporate restructuring, and advising private equity. However, they will also be able to offer guidance in areas such as capital allocation, external financing, capital structure, and financial risk.

So whether you are involved in management buy outs/buy-ins, selling a company, securing finance, or your organisation wants to buy a failing company, a corporate finance accountant can offer you the expert advice to make your large business a success.

BKC Accountants do not offer this service

Risk Advisory Accountant

Having a risk management strategy in place is important for any business, large or small, and although many firms have the outline of such a process already in place, it is worth seeking the help of a risk advisory accountant to get complete coverage.

Every business faces a number of risks, one of which is financial risk, where a firm can lose financial resources or incur unacceptable losses due to certain local, national or world events that affect an organisation’s ability to meet its objectives.

Risk advisory accountants are specially trained to identify factors that could affect an organisation’s ability to meet its key objectives, and develop a risk management strategy that focuses on these problems so that your business will be financially covered for every eventuality. Among the many key areas a risk advisory accountant will look at are insurance, market conditions and forward planning.

It is worth bearing in mind that one risk management process does not suit all businesses and that is why it is vital to seek professional advice so your risk strategy is tailored to meet the needs of your firm, and, with their specialist training, a risk advisory accountant can do just that.

BKC Accountants do not offer this service


Now more than ever, an accountant is indispensable to the success of every business. But there's a daunting array of accountancy firms -- from sole practitioners to huge national accountancy firms, from general financial, certified or chartered accountants to highly specialised Certified Public Accountants (CPA).

And today, new and different entities are clamouring for your business -- companies such as American Express, who have recently added accounting and tax services to their list of business interests, areas that were once the exclusive provinces of the CPA.

You might think that a start up or small business isn't big enough to need an accountant, but unless you're an expert in tax and finance - in short an accountant yourself - this simply isn't the case, an accountant will provide your business with a great deal of essential support.

Probably the most important consideration in choosing an accountant is whether you choose a specialist chartered accountant or general accountant. If you need an accountant for a specific purpose, such as taxation or corporate recovery, it may be worth seeking the help of an expert chartered accountant in that field. Although general UK accountants may have some knowledge of these specific areas of accountancy, they are unlikely to have enough knowledge to deal with the finer details. However if you need an accountant to take care of all aspects of your business accounts or personal finances then a specialist chartered accountant probably won’t have enough general knowledge to help you.

Secondly you need to consider the size of the accountancy firm, and ask yourself whether you want the one-to-one contact of a smaller accountancy firm or the would you prefer to have a team of UK chartered accountants dedicated to your finances, as is the case at medium to large-sized accountancy firms.

If you need a variety of accountancy jobs doing by your accountant then it is worth knowing exactly which services you need, such as tax returns, end of year statements, financial planning advice, or help with your business plan. Then you must ask each prospective accountant, chartered or not, whether they can offer all the services you need and which areas, if any, they are specially trained in.

It is also worth taking recommendations from your friends and business associates, and asking them important questions about their accountants, such as does their accountant contact them throughout the year, not just at tax time? And does their accountant offer them proactive advice? Reputation wins accountancy firms a lot of business so they will not mind if you talk to present customers before agreeing terms with them.

Finally, you must get along with your accountant, share a similar philosophy about business, and be sure that they understand your wants and needs clearly before you join forces. However, once you’ve asked all the important questions, taken advice from others and checked the accountant’s qualifications, you should feel secure in the knowledge that they will look after your finances as if they were their own.