Choosing an accountant is crucial because it is like choosing a new partner for your business. He or she will offer advice that will help your business grow. Take time to do this carefully for not all accountants are qualified. Aside from making sure that your accountant has passed through one of the major accountancy bodies, it is important to consider a few other things.
Choose one before starting your business
Your accountant can help you with your business plan, tax planning and getting your business structure right. Avoid looking for an accountant just before the tax return deadline. Some of your colleagues or close friends might recommend key candidates. Just because their accountant is good does not mean they are good for you as well. You might have different needs and what suits them might not suit you.
Determine what your business needs
Accountants differ in qualifications and experience. When you choose an accountant, you’ll want a successful relationship with him or her. You might not need one who specialises in multinational companies when your business is small and requires more attention. Make a list of must-haves and check if your accountant meets most of your considerations.
Look at the accountant’s rates
Ask how much the accountant charges, whether they want a fixed fee or hourly rates. Fixed fees are better for you to know how much you are going to pay and not be surprised when the bill comes. You can plan better when you go for fixed rates. It’s a good idea to estimate your budget by checking how much accountants or CPAs can typically earn.
Hire someone you’ll be comfortable working with
Your accountancy team should be people you can trust because they will be giving you advice on major issues. You should be able to talk to them candidly about your business finances. They should be easy to work talk to about anything concerning your business finances.
Check how responsive they are
Ask how responsive they are or try to discover this from their past or current clients. This way, you can remove them from your list if you don’t want them to deal with you only once a year to sort your annual accounts. A good candidate should be able to speak with you regularly or work around your schedule, even if that means seeing you at midnight.
Ask what happens during time off
Some firms are part of a large network that helps them fill missing knowledge or ensure they have good cover when they are away for holidays, or fall ill. Do they have a strong back up when something challenging happens such as a tricky tax issue.
Finding an accountant does not have to depend on luck. You must have a strategy because not all of them are created equal. To sum up, they should be qualified to handle your business affairs. The accountants in Central London have sufficient cover when the need for specialist skills arises. Read more about the services they offer for small businesses.