In life and business, you can’t afford to lose track of your money, pay more in taxes than you have to, or miss out on possible tax credits and incentives. This is why it is essential to find a qualified accountant. The question is, how can you find the right business accountant? It is a mistake to choose someone based simply on the price. It can also be a difficult decision if you don’t really have expertise in the domain. Let’s take a look at what you should be looking for in a business accountant.
Reputation
The first thing you should do is perform research regarding any potential accountant. Reject any firm that has been the subject of many online complaints. On the other hand, you can also consider using smaller firms if your budget is limited.
Accountability
There are many different accountancy qualifications. You need to ask if the accountant is registered with a professional accountancy body. However, you probably don’t need a chartered accountant with an audit licence unless you have several million pounds in sales or actually need an audit.
Accountability matters, because they can lose their accreditation if they don’t meet certain standards. As a customer, the accountancy body gives you somewhere to go if they haven’t done a good job.
Expertise
Anyone with an accounting degree can become an accountant; it’s enough to create financial reports and keep an eye on your figures. However, they need to have broader business knowledge if they’re going to provide value.
Have they worked in a small business or currently operate their own? Have they worked outside of business? More importantly, do they have experience with your industry? While this may not be essential, it can be beneficial to find a qualified accountant who understands the quirks of your industry.
You also have to make certain the accountant has up to date knowledge. Tax laws and business laws change almost daily. While accountants may not understand the implications of what happened yesterday, they shouldn’t be giving clients outdated advice.
Services Offered
You want to understand what you’re getting for your money. Ask whether they’re actually reconciling your accounts or simply listing your income and outgoings. If you are asking them to do your taxes, learn whether or not their fees will cover your defence in an investigation. Then determine what a fair price would be for the services for everything they do.
However, that’s not all you should be looking at. Look for both services you need today and those you may need in the future. For example, you may be searching for someone to help complete your tax return right now, but what other accounting services might you benefit from?
It may be worthwhile to let them take over payroll, for instance, especially as your business grows. You might want to let them take over finance administration services like invoicing your clients or managing your budget. While you can change accountancies, it is time-consuming and risky, so find a good accountant who can support your business as it grows.
If you’re looking for a well-rounded team you can find accounting services from Azets , who do almost anything you need an accounting firm to do. They can cover all the basics from annual statutory reports to managing the payroll. They also have expertise in everything from corporate finance to cyber security. This makes them more than just accountants, but true partners in your success.
Communication
Another thing you have to check for is how communication will work. How often will you hear from the accountant? How often will they update you? If you need weekly data to manage your business, will they be able to give it to you? If you have issues, how will you be able to get hold of them? If they don’t know the answer, how quickly can they refer you to someone who does? These are all questions that will need to be answered before you hire anybody.
Finding the right accountant requires you to do your research and ask several questions. However, it is worth it to find a financial expert who can help you get the most for your money and save you time.
