When you’re a small business owner, startup founder, or entrepreneur, your accountant can be one of your most important allies. Not all accountants are created equal, and finding the right accountant or tax adviser who understands your personal circumstances is key to taking your financial management, and your business, to the next level.
This article will explain what to look for when choosing an accountant, so you can make an informed decision, get the tax advice you need, and set your business up for success.
Professional Qualifications and Certifications
The first and most essential factor to consider when finding an accountant is qualifications and memberships with professional bodies. A competent accountant should hold recognised professional certifications that demonstrate their expertise and adherence to ethical standards. Look for certifications like:
- CPA (Certified Public Accountant)
- ACCA (Association of Chartered Certified Accountants)
- CIMA (Chartered Institute of Management Accountants)
- ICAEW (Institute of Chartered Accountants)
These qualifications ensure the accountant is well-trained to handle complex financial matters. It is worth noting that a chartered accountant is more qualified than a certified accountant. A good accountant adapts to changing financial landscapes, and pursues continuous professional development. Chartered accountants should also hold professional indemnity insurance, Always verify prospective accountants’ credentials and memberships with governing bodies so you can rest assured that they meet industry standards.
Industry Experience
Every business sector comes with unique challenges and regulations. Choosing the right accountant with experience in your industry or trade sector means they’ll already be familiar with the financial intricacies you’re likely to face as your business develops.
For example, if you’re running a tech startup, you should find a good accountant who understands R&D tax credits and investment compliance. Do you have a construction business? They’ll need knowledge about VAT registration and CIS (Construction Industry Scheme).
Industry-savvy, professionally-qualified advisers aren’t just number crunchers; they’re strategic financial and tax advisers who can provide all the services your business needs and who can foresee challenges and help you plan accordingly. As your business grows, your accountant should be prepared to adapt their approach to your company’s finances and needs.
Service Range
What does your business need from an accountant? This varies depending on your growth stage. Make sure to find an accountant whose services align with your current needs, but can also scale as your business evolves.
Key services to look out for include:
- Bookkeeping
- Tax preparation, tax returns, and compliance
- Tax planning
- Management accounting
- Financial forecasting and budgeting
- Business advisory services
- Payroll management
A good accountant who can handle these and other services saves you the hassle of hiring multiple specialists.
Fees and Pricing Structure
Accounting services come at a cost, but they must fit neatly into your budget. Be upfront about the accountancy fees and pricing structures that you can afford to avoid surprises later.
- Hourly vs Fixed Fees: Does the accountant charge an hourly rate, or a flat fee for specific services?
- Add-on Costs: Will you pay extra for phone consultations or administrative tasks?
- Scalability: Can their pricing structure grow alongside your business?
While cost-effectiveness is crucial, don’t make price the determining factor; what you’re really after is value for money. Many accountants offer packages on their most common services offered to minimise charges.
Technology Proficiency
The best accountants in today’s world don’t just understand numbers; they also understand technology and become proficient in new software as part of their continuing professional development. A tech-savvy accountant can keep your company running efficiently by leveraging modern accounting software.
Look for professionals familiar with tools like QuickBooks, Xero, or Sage, as well as cloud-based platforms for secure and collaborative financial management. Accountants who can integrate technology into financial records and reporting processes save time and reduce human error on a day-to-day basis.
Reputation and References
What do existing clients say about their work? When choosing an accountant, it’s essential to do your own research and check their reputation. Reading client references on Google or LinkedIn can provide valuable insights into their reliability and expertise. Pay attention to what both satisfied clients and unsatisfied ones have to say, especially if their experiences pertain to your financial planning needs.
You can also ask to speak directly with other clients and ask them to provide references. Questions to ask include:
- How responsive is the accountant to your queries?
- Have they added value to your business?
- Were there any issues or delays?
An accountant with glowing recommendations and a good reputation will give you peace of mind.
Availability and Responsiveness
You’ll want an accountant who’s not just skilled, but also accessible when you need them most. Financial concerns often arise without warning, so having an accountant who can answer your questions quickly is vital. Discuss availability in your initial meeting to gauge their responsiveness and ensure your expectations are met.
Whether it’s a last-minute tax query or a monthly update, ensure the accountant is reachable via email, phone, or face-to-face meetings. Clear communication is the foundation of a good working relationship.
Why Choose Accounted For?
If you’re looking for an accountant who ticks every box, Accounted For Ltd stands out as the ideal partner for supporting your business plan and keeping your finances on track. Here’s what makes us different:
- Award-Winning Expertise: Our team of qualified accountants and business advisers has been recognised with awards such as “Best Business Accountancy Firm (South Wales) 2020.”
- Tailored Services for Every Stage: Whether you’re a startup, sole trader, or hitting the million-pound mark, we provide bespoke accounting solutions that scale with your business.
- Pioneers in Cloud Accounting: We were the first and largest accountancy firm to move all clients to the cloud, ensuring we stay tech-forward and efficient.
- Comprehensive Services: From bookkeeping and handling tax bills to business recovery plans and insolvency advice, our end-to-end services cover every aspect of your financial health.
- Deep Industry Understanding: With experience across a wide range of sectors, we know the specific challenges businesses like yours face.
- Commitment to Client Success: Our Investors in People status reflects our dedication to building meaningful client relationships and driving positive results.
With Accounted For, you’re not just hiring an accountant, you’re gaining a partner who will help you grow, scale, and achieve your business goals.
Set Your Business Up for Success
Choosing the right adviser for your business is one of the most important decisions you’ll make. By prioritising qualifications, industry experience, service range, pricing, technology skills, and reputation, you can find the right fit for your unique needs.
If you’re looking for a partner who will take the time to understand your goals and provide tailored financial advice, consider Accounted For. Contact us today to discuss how we can help take your business to the next level.
