Your Guide to Finding the Best Limited Company Accountant
If you are a sole trader or partnership, you are already familiar with a limited company. Limited companies have additional protection in the form of limited liability. Whether a limited company is incorporated through the Companies House or set up as a limited liability partnership (LLP) through the Institute of Chartered Accountants in England and Wales (ICAEW), a limited company will provide you with added security in the event of any legal claims against you or your company.
Even if you have a limited company, you can opt not to appoint an accountant. However, having a chartered accountant on your side will mean that you are less likely to be hit with any unexpected tax bills following self-assessment. You can take advantage of the accountant’s knowledge regarding VAT and Corporation Tax matters.
Not only will an accountant provide you with guidance on tax/accounting matters, but they will also be able to advise you on legal matters. Accountants have specialised knowledge in many different areas and can be invaluable in helping you to spot potential problems or avoid costly mistakes.
Let's explore how you can find the best accountant for your company. Here's what you need to know:
Do Your Research
Start by examining the market and narrow your options down to the best potential candidates. Do you need an accountant who specialises in SMEs? How about a chartered accountant or someone who is a member of the ICAEW or Chartered Management Institute?
Once you’ve decided on your criteria, it’s time to do your research. A quick Google search will help you to find relevant information about local, regional and national accountancy firms. You can also ask colleagues, friends and family for their recommendations.
Once you have a shortlist, the next step is to arrange meetings with each of the accountants you’re considering. This is an excellent opportunity to gauge their experience, skills and knowledge and decide if they are right for you.
Check Their Credentials
This is important as you will only want to choose an accountant who is qualified and registered with the relevant body. You are also likely to be asked to sign a contract with the person you choose, so choosing someone with a good reputation will be essential.
It’s also a good idea to check the accountant’s insurance policy. This will be required to carry out their work, and you’ll need to ensure they have a sufficient amount. This will ensure that you and the company are protected in unforeseen circumstances.
Think about Value for Money
This is where it can be challenging to get the best accountant for your company. It’s important to ensure that you are getting value for money, but that doesn’t mean you need to spend thousands of pounds.
As with anything, you will get what you pay for. If an accountant charges a lower fee than you’re expecting, then it’s likely that the person will not have the knowledge and experience to provide you with all the services you need.
The Bottom Line
You must choose the right person for the job as you want to be working with someone with excellent knowledge and experience. You will also want someone easy to get in touch with and always on hand to offer you advice and guidance.
Don’t choose an accountant just because they are the cheapest; this may not be the best decision in the long run. Instead, choose someone who fits your business needs, and you should be able to build a good relationship with them over the years.
If you are looking for accountancy services for your business, we can help you! 1 to 1 Accountants is an accountancy firm based in the UK. Today, we primarily serve small businesses and freelancers. We know that reliable and efficient accounting is essential to your business, which is why we work hard to provide the best services for you. Contact us today to learn more and get started!