7 Effective Tips to Choose the Right Accountant for Your Business

Choosing an accountant for your business can be challenging. After all, you need someone whom you can trust your finances with, who provides the right advice and guides you as your business grows.

What are the top things that you should consider in choosing an accountant for your business? Let’s have a look.

Factors to Consider When Hiring an Accountant for Your Business

 As your business grows, the benefits of having a highly competent accountant cannot be overlooked. He holds an intrinsic position in the company, managing your finances as well as offering expert advice and support to help you make informed business decisions. When an accountant is so crucial for an organisation, it goes without saying that a lot of research and time should go in hiring the right talent.

Discussed here are seven valuable tips that you should consider when choosing the best accountant for your business.

1). Assess How Experienced and Certified They Are

 While any qualified accountant can provide you with desired services, the greater knowledge and experience of a certified or chartered accountant can add value to your business from the beginning.

Chartered Accountants or Certified Public Accountants are the ones who have completed their degree-level study in addition to a competence programme and workplace experience. Their accounting qualifications are regulated by professional bodies to ensure the highest standards of quality, skill, and professionalism.

Of course, you can hire accountants who are not certified or experienced, but it might be an imprudent decision. This is because the role of an accountant is more than just financial management, bookkeeping or tax preparation. Experience and competence will definitely matter as your business grows and so does the scope of accounting.

2). Do They Have Relevant Accounting Expertise?

Before you hire, it is crucial to evaluate whether or not the accountant has expertise relevant to your business size, needs, and objectives.

Do you need a professional to assist you with your daily accounting chores? Or you need help with your taxes? Want someone to guide you through audits or who can help you build strong financial credibility to get a business loan approved?

Determine precisely what you need from an accountant and then pick someone who has the relevant set of skills and knowledge to meet your requirements.

3). What are the Services Offered?

 This is also one of the important factors to consider when you plan to hire an accountant for your business.

A highly qualified and experienced accountant should provide a wide range of services to ensure effective financial management. You may not need them all right away, but can be useful in catering to your growing business needs in the long run.

The fundamental services that a professional should provide are accounting, tax returns, bookkeeping, payroll, business advisory, and audits.

“An accountant can find out exactly what you’re entitled to that you may not know about, and ensure your money is working as hard as it possibly can.”

However, a proficient accountant delivers more than just financial statements, compliance and reports. Having served hundreds of businesses with diverse needs, they have the experience and expertise to offer valuable insights and advice on:

• Staffing
• Marketing plans
• Capital gains through government funding or grants
• Accountability and budget
• Prices and profit margins
• Networking
• Ensuring your business and personal goals are compatible

 4). Consider the Reputation and Credibility of the Accountant

Whether you hire an accountant or a specialist firm of professionals, it is vital to evaluate their trustworthiness and reputation in the market. Check online reviews and customer testimonials to know what others are talking about them. Ask for their portfolio or the number of clients they have handled. Going through their portfolio will also help you understand their style of service, proficiency, and accountability.

5). Seek Recommendations

 Choosing an accountant for your company is like having a business partner. Considering their crucial role in a business, it is important to get recommendations from industry experts, contractors or just a friend who have experience hiring a professional. Ask any family or friend if they would recommend an accountant? If so, why?

You can also search the internet to get advice from genuine clients. Social networking platforms are also a good source of advice from someone useful. Recommendations can help you identify the ones to consider and the ones to avoid.

6). Can He Adapt to Latest Technology?

 Owing to rapid technology advancements, more and more businesses are adopting accounting software that helps automate processes and save time. Accounting software such as QuickBooks, Xero, and Zoho are fast gaining popularity as these modern technology solutions help boost productivity while minimising the margin of error. Additionally, you can have real-time information about your finances wherever you are and without compromising the security of your business.

As you embrace technology, it is imperative that you choose an expert who has knowledge and experience with cloud-based accounting tools. A technologically updated accountant can help automate your business processes while providing real-time financial visibility, anytime and anywhere.

Technology in accounting helps eliminate mundane tasks and complex paperwork while ensuring quick and efficient document management and tax filings. Therefore, it is crucial that you choose an accountant who is tech-savvy and remains well updated with the advancements in the field.

7). Cost of the Service

 Before finalising the accountant of your choice, it is important to understand the cost of service and how you will be billed. You can expect to pay a fee of £60-£120 per month, depending on the scope of service provided. Make sure you compare costs from different accounting firms and choose one that fits your needs and budget.

It is also vital to know how they will bill you. Do they have a flat rate system or charge hourly? Whatever it may, the billing system should be clear and transparent. Remember, a good accountant can help you save a lot of money but make sure your company can afford them.

Conclusion

Good accountants can help your business grow. They are responsible for handling your finances while providing valuable insights and advice. You would need one who is experienced, credible and trustworthy. Considering the above factors will help you choose the right accountant that your business needs.