If you’ve decided to appoint an accountant to get your accounting and bookkeeping affairs into order, along with keeping on top of your reporting and filing requirements – it’s time to kickstart your search. When looking for an accountant to manage your financial affairs and whittling down your list of potential providers, don’t skip the essential stage of due diligence.
Karl Hodson of UK Business Finance explains how to filter accountancy providers, services that are a must-have and red flags to steer clear of. A thorough search for an accountant can give your business the best chances of survival and maximise growth potential – both key to a thriving business.
Choosing the right accountant
When searching for an accountant, start the search armed with a checklist of essential requirements that you can match accountants against. List non-essential services that could also be beneficial and save you money in the long run.
Here’s a checklist for choosing the right accountant:
Reputation – Use reputation as the primary point of comparison as this will instantly cut away the bad apples. Check that the accountancy provider is qualified, experienced and reputable by scoping out customer reviews, client testimonials, social media chatter, forum mentions and PR coverage.
Services – You’ll interact with several business development and client onboarding teams that will market their services and the different packages available. Start with enquiring about the package that best meets your essential needs and then consider helpful add-ons that could elevate the performance of your business.
Additional services – A well-connected accountant with a network of professional partners can offer clients a wide range of essential services, such as a business bank account, cloud accounting software subscription, time tracking, and expense management apps.
Additional add-on services may include business insurance, IR35 reviews, property management, landlord support and access to business rescue experts and licensed insolvency practitioners.
Customer service – When is support available? What’s the turnaround time for enquiries? Can I reach out to my personal accountant over the phone, in-person and/or virtually?
Price – Is the service charged at a fixed fee? Do you charge monthly or annually? What’s the tie-in period? Most accountants are competitively priced, however, if they charge under or over the average, check what services are excluded and what additional services are provided. If the price is too good to be true, trust your instincts, read reviews and connect with businesses that have tried and tested the service.
Sector specialisms – If you require a specialist accountant that understand the intricacies of your trade and the associated tax treatment, do your research and ask if they have other clients in your field.
Your needs will differ to other businesses and your impression of a good accountant may vary to others, so stay grounded, informed and take the time to research before choosing an accountant.
Appointing an accountant is a milestone worth celebrating as it marks a new chapter for your business. Investing in an accountant shows that your business is serious about achieving financial stability and reaching the next level.