There may be different reasons why you might be looking to work with an accountant – perhaps you’re just starting out on your Network Marketing journey and want to focus on growing your business (rather than crunching the numbers), or you feel that your current accountant doesn’t quite ‘get’ the industry. Whether you have or haven’t worked with an accountant before, it can be difficult to know what exactly to look for when there are so many accountants offering a seemingly similar service.
Here, we have listed what we believe are the key 4 things that you should expect from your accountant and how we feel PRB can deliver on those.
Understanding the business
It’s vital that your accountant understands the way in which a Network Marketing business works. Whilst the same tax and bookkeeping principles apply to businesses across industries, the devil is in the detail – and there are certainly intricacies and special considerations to be aware of in the Network Marketing sector.
At PRB, we have been involved in the industry for around 35 years. During that period, we have attended many functions and advised many business owners on their journeys to grow, so we really understand how the business works. We are members of the Direct Selling Association which keeps us up to date with developments in the Network Marketing Sector.
Optimising your tax position
Your accountant should be ensuring that you are claiming every type of business expense which you can to ensure that you pay as little tax as possible. At PRB, we don’t just crunch the numbers, we look at your tax position as a whole to ensure that you either pay as little tax as possible or obtain as big a tax refund as possible.
Communication
At the very least, you should be able to talk to your accountant on a regular basis and be kept up to date with any changes in tax and accounting regulations. At PRB we try very hard to communicate well with our clients by responding to e-mails promptly and checking in with them via phone. We also publish helpful content via regular blogs, guides and videos to keep our Network Marketing clients up to date and try to make their tax obligations less daunting.
Dealing with HMRC
If you are unlucky enough to be investigated by HMRC, then having an accountant that understands the Network Marketing sector is very important. At PRB, our experience in the industry enables us to explain clearly to HMRC how everything works, and why certain types of expenditure are tax deductible when compared to a traditional type of business. It’s likely that the person leading the investigation does not have a clear idea of how Network Marketing businesses operate.
Do take a look at our testimonials page to see what clients of ours have to say about our service. And remember: Chris offers a free initial 30-minute consultation and is happy to share his knowledge and advice. Please do just get in touch on network-marketing@prbmp.com or 01444 458252.