Whether you're a start-up business or a company that has been trading for over 20 years, choosing the right accountant is a vital business decision and one that needs a good assessment to ensure you get it right.
The right accountant can save you time, help you make important business decisions, and work with you to help your business thrive.
Getting it wrong can not only cause a headache but it can cost you in many ways. But with so many accountants to choose from, it really can be a daunting task. So, we've put together some helpful tips and things to consider when you are looking for the right accountant.
What are your expectations of an accountant?
Having an idea of how you want your accountant to support you with will assist you in identifying which one is right for your business. Do you need them to do your books every month and your returns at the end of the year or do you require more financial insight such as regular management accounts? You might be unsure of exactly what you need at this stage, but being armed with some detailed requirements will help you identify who is and who isn’t right for you.
How will they add financial value to your business?
One of the most important things to ask when looking for an accountant is how they will support your business - finding a firm that can demonstrate the knowledge and skill of supporting and growing your business, whatever the size, is vital.
How can my money work harder?
An accountant shouldn’t just be handling your annual accounts and tax compliance – they should be working with you throughout the year and not just at year end. From helping to raise capital to exploring tax relief schemes, think about the requirements for your business and make sure you ask the accountant about the value they could add.
Reputation is key
When looking for any kind of business support in any function, such as HR or IT, getting a recommendation or a second opinion will help you to make an informed decision. Speak to businesses that are clients of the accountants you are looking at and find out first-hand how they have found their service.
Location, location, location
It's quite an old-fashioned notion to have an accountant located nearby, but with the rise in cloud-based technology this has made location less of an issue. This means that you can cast your net much wider and find an accountant that suits both your needs and your budget - for example, if your business is based in a city then it may be worth considering looking for an accountant that doesn't have the same rates as a city centre based firm but can provide the same level of services. But it’s important to remember that face-to-face meetings are vital to get the most out of your accountant so ensure that the accountant your speaking with is happy to come out and see you.
What software do they use?
Accountants can use a variety of different accounting solutions so it is important to find out what software they are familiar with. Your accountant should help you identify the most suitable software for your needs and, even better, they should encourage you to move to a cloud-based solution that provides up-to-date information on your business and will comply with HMRC's upcoming Making Tax Digital (MTD) initiative.
Training and insight
In addition to offering you training on your chosen accounting solution, find out what additional training, events and insight your accountant offers. This could be anything from industry updates, so that you understand any changes in legislation that may impact your business, to business support events that help you drive your business forward.
Ultimately, having a good accountant will save you both money and time both of which are precious to businesses.
To discuss your accountancy needs, simply contact us to arrange a no obligation meeting.