10 tips for small businesses on selecting the right accountant

accountants

People who own small businesses usually rely heavily on their accountants for advice.

When you have a qualified accountant on your team, tasks, like maintaining your books, planning for taxes, and meeting important financial deadlines all, become much easier.

These tips, which are provided by the crew at ByteSmart, will help you find the right accountant for your business.

How To Select The Best Accountant

  1. Make finding an accountant one of the very first things that you do when starting your business. Working with an accountant during the startup phase is the best way to ensure that your company is in compliance in terms of taxes. Your accountant can also help you manage any expenses related to getting your company up and running.
  2. Choose someone who is qualified. These accounts in Hounslow recommend that you consider hiring an accountant who belongs to a group like ICAS, ICAEW, or ACCA. In order to become members of these organizations, accountants have to prove that they are qualified.
  3. Look for an accountant who is familiar with your industry. An accountant who has experience working with other small businesses in fields similar to your own can usually do a better job of providing you with knowledgeable advice. For instance, if you are a freelancer, you should avoid hiring a general accountant. Instead, look for someone who specializes in situations like yours.
  4. Evaluate the fees. When hiring an accountant, take a look at the specific fees that they charge and how those fees are calculated. Some companies charge a flat rate on a monthly or annual basis. Find out if there are any start-up fees or fees if you close your account. Discuss extra charges for services that aren’t included in the typical workload of the accountant.
  5. Consider the services that the company offers. All accountants offer standard services like managing payroll, handling annual accounts for limited companies, and managing HMRC. Look at some of the specialized services that they offer, as well. For instance, will they help you with your self-assessment returns or do they offer IFA services?
  6. Compare multiple accountants before deciding who to hire. Reaching out to more than one firm gives you a chance to get a sense of how each company treats its clients. When you first contact them, pay attention to how they treat you. These initial meetings, calls, or discussions will allow you to get a sense of which accounting firm is the best fit for your needs.
  7. Think about going with a small accounting firm. Often, small companies are better equipped to work with small businesses than larger accounting firms since they are more agile.
  8. Ask the accountant for references before agreeing to work with them.
  9. Based on our past experience, some of the most common issues that come up with accountants have to do with communication. Whether that means that the accountant and the client aren’t communicating effectively or the accountant isn’t communicating with HMRC, the results are less than desirable.

Going with a company that uses the latest technology is a good way to avoid communication problems. Companies that operate at least partially online usually are technologically aware enough to keep up with modern-day communication methods.

  1. Have a trusted accountant on hand if you decide to sell your company. Activities like selling a company or purchasing a new business always require the advice and input of a knowledgeable accountant.

Questions to Ask an Accountant

If you have a business in London, it’s crucial to ask the best accountants in London about relevant accounting experience, service questions, and how to best manage your business finances.

Here are some examples of questions to ask a prospective accountant for your business:

  • How long have you been providing accounting services? This question would help you gauge the expertise and work experience of a prospective accountant. You want someone who has handled similar business niche as yours as much as possible.
  • What accounting services do you excel at? You probably have some daunting accounting tasks that you really want to focus on, so you might want to consider hiring an accountant who has the experience and traininghandling specific accounting matters, such as tax planning or budget planning and analysis.
  • Can you work on a full-time basis? There are accountants who are freelancers or work as part-timers. If you want to hire a full-time accountant, you have to ask this important question, as well as follow-up on flexible salary payment options.

Qualities of a Good Accountant

A good accountant is someone who does not only demonstrate high technical expertise when it comes to accounting concepts and methodologies but also one with impressive soft skills.

Here are the good qualities you need to look for when hiring an accountant:

  • Good Communication Skills: A good accountant can freely express thoughts and accounting concepts and terms in a simple and clear way. You should feel comfortable speaking with your accountant for smoother relations.
  • Good Problem-solving Skills: This good trait cannot be overemphasized anymore. An accountant is expected to have good problem-solving skills, such as being able to plan how to create tax deductions that will be favorable for your business without attracting an IRS tax audit.

Conclusion

When hiring an accountant for your small business, there are many things you have to consider, such as the accountant’s experience, training, and reputation. If you want to find a really great accountant, try talking to other small business owners that you know. Personal recommendations from business owners that you trust are one of the best ways to find a good accounting firm.

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