5 Steps to Choosing a Great Accountant A good accountant is an asset to any business. As well as making sure your tax returns are in order, they can save you time, money and countless sleepless nights: starting up a business is stressful enough without the added burden of bookkeeping at the end of a hard day’s work! It is worth taking the time to find the right accountant for you, to ensure a profitable and productive business relationship. Step 1: Understand Your Needs As with any business decision, it is crucial to assess exactly what it is that you need, what you are willing to compromise on, and what you can afford to pay. Have a look at the kind of services offered by accountants near you and decide what your business needs. For example, do you just need help with the most complex aspects of accounting such as payroll and tax services, or do you require a comprehensive package that encompasses everything from basic bookkeeping to end-of-year returns? It is also important to consider how your needs may change in the future. If you’re just starting out, you may be able to take care of the bookkeeping yourself, but when your business grows you’ll probably need help. Step 2: Personality is Important – and Size Matters Next you should consider your personal preferences; how do you like to work, and what sort of working relationship do you want? Your accountant is going to have access to a lot of confidential information about your business, so you need to make sure that you feel comfortable with them on a personal level. The size of the accountancy firm plays a part in this too, so you need to think about whether you want to go with a smaller or larger firm. You need to decide which, for you, is the most practical and offers the most peace of mind: do you want frequent, one to one contact with an individual? Or is it reassuring to know that there’s a large team looking after your account? The answers to these questions will depend entirely on the nature of your business and the way you like to work. Decide on these and you’ll be able to ask for exactly what you want. Step 3: Cover the Basics Once you’ve decided what you want, you can start looking around at different accountants. It is important to make sure that any accountant you consider has a few basics in place. Firstly, you must make sure that they have a professional accounting qualification. If your business breaks the law because of poor practice, you are responsible, not the accountant. Secondly, check if they have personal indemnity insurance; if things go wrong for your business because of poor advice then you may be able to make a claim. Hopefully you’ll get a great accountant who will help your business to grow, but it’s important to be covered just in case. Step 4: Ask Straightforward Questions When you’re talking to potential accountants, be upfront and get all the information you need at the start. How much will the service cost? On what basis will you make payments? What counts as ‘extra’ and what will they charge you for? For example, is occasional advice included, or will you be charged an hourly rate for every question you have? Getting these details settled straight away helps you to compare different accountants, and means that when you choose one, you know exactly what you’re getting into. No one likes unexpected bills and charges. If you like the accountant but think you may struggle to pay what they are asking, be upfront about it and you may be able to work out a cheaper deal; the accountant wants you as a customer and they are often adaptable. Step 5: Consider the Whole Package Hiring an accountant is an investment; you should consider the value that your accountant can add to your business, outside of bookkeeping and tax returns. A good accountant can offer valuable business advice and resources, drawing on the wealth of their experience. Check if they have knowledge and experience of your business sector, as this will enable them to give you advice that is tailored to your needs. You should also find out what networks they have; could they put you in touch with potential customers? These may seem like ‘bonus features’, but when times are tough for small businesses, they can make all the difference.Take your time, shop around and remember to ask questions. If you follow these tips you should end up with a great accountant who can help your business go from strength to strength. Good luck!
Posted on: Fri, 26 Jul 2013 10:27:48 +0000
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