How to Choose a Reliable Accountant for Your Business? – 6 Tips
There comes a stage in your business where trying to manage its finances yourself becomes too complicated or time-consuming. Whether is it filing taxes, compiling financial statements, or just looking for expert advice on the matter, hiring a reliable accountant can offer a huge advantage.
However, because every accountant will come with their own specialties, interest, and qualifications, identifying the one that is just the right one for your business can be a bit tricky. Follow these tips and hire yourself an accountant that is competent enough to take care of your company’s best interest.
Tip 1. Always Go for a Chartered Certified Accountant
You wouldn’t opt for a doctor without a license for your own health so why do so with a professional for your company’s health? A Chartered Certified Accountant (ACCA) or Chartered Accountant (ICAEW), for those based in the UK is someone who has the credentials to prove that they passed the necessary qualifications to work in their trade. Not only will a Chartered Certified Accountant (ACCA) provide value right from the very start but they may well be very necessary for scenarios where your company requires a loan or is being audited.
Tip 2. Put a Focus on Relevance
Let’s just say your firm operates its finances through a cloud-based system. In this regard, an accountant with 3 years of experience but hands-on experience working with cloud-based solutions may be potentially better than one offering 5 years of experience but no knowledge of such software.
Ideally, the accountant you choose should also have worked with companies from similar sectors and of similar size as to yours as they will be far better aware of the unique needs of your organization. If the accountant can also boast of a few larger clients, that even better as the experience means they can stay valuable as your business continues to grow in size.
When it comes to accountancy, the risk of an error can be extremely costly to your business. Therefore, it is highly essential to choose an accountant that possesses the relevant skills and experience to handle the financial needs.
Tip 3. Leverage the Power of Social Networks
With social sites like LinkedIn, it is can be very easy to find and connect with an accountant that best matches your preferences. Not only that, but you can also further gain insights on the individual’s competence by discovering others in their network who can provide a fair assessment of their ability. This can include former or current bosses, past clients, or even their former accountancy instructor.
Tip 4. Look for One That Wants to Save You Money
A normal accountant would just dispassionately go through with the needed tasks, doing the absolute minimum to ensure the work gets done. A great and reliable accountant, however, would be far more proactive, continuously on the lookout for ways that can help your business legally save money.
When interviewing an accountant for hire, always consider asking the question of what suggestions they make that can help reduce costs. For instance, regarding corporation tax, they could advise you to cut the amount by making sure to claim all expenses wherever allowed.
Tip 5. Opt for a Fixed-Fee Accountancy Service
A fixed-fee accountancy service is can oftentimes better than one where the charges may vary. It can allow you to better streamline your cash-blow and not have to worry about any hidden costs. Furthermore, pound for pound, you get far higher value for what you pay – unlimited advice and assistance the whole year without worries for any extra charges.
A fixed-fee accountancy service is especially recommended for small to medium businesses where a greater certainty in their finances is essential for their yearly operations. Many fixed-fee accountancy services offer a number of different service packages to suit the unique needs and budgets of different business types.
Tip 6. Trust Your Intuitions
Ultimately, it is you that knows your business best and thus, you know best what type of accountant will most likely be the best one for the job. Your intuition is a powerful tool in the decision process and seldom if used the right way does it lead to a wrong outcome. Learn to trust it when hiring your accountant.
Above meeting the person, ask yourself what your guts are saying about them. Can you easily trust them with the intimate details of your business? Do you see yourself being able to get along and work with them over the long haul?
Choose Accountants That Care About Your Success
1to1 Accountants is a UK-based agency geared towards solving the finance needs of small to medium-sized businesses. Our team of experienced and certified accountants has been serving hundreds of clients within the country for more than 6 years. 1to1 Accountants takes pride in itself as a professional, modern, and reliable accountancy service. We offer complete accountancy packages including but not limited to PAYE, VAT, Corporation Tax, Annual Tax Returns.