If you are still determining whether you need the services of an accountant for your business, one key question you can ask yourself is whether or not your accounting tasks take up too much of your time. If you find yourself scrambling to accomplish other tasks just because you have to finish keeping track of your finances, then it’s worth considering the skill of an accountant. As your business grows, your requirements when it comes to your finances will grow, too, so you would want to save yourself time and effort by hiring an accountant or accountancy firm. But what else should you think about when choosing an accountant? Here are your top considerations when selecting the ideal accountant: what you should remember.
Know what your accountant can do
Aside from freeing up your time, your accountant allows you to focus on the things that matter for your business. With an accountant, you can also eliminate risk by decreasing the likelihood of tax errors, compliance errors, and errors in financial reporting. You can even save more money because they can help you with tax efficiency and improving your cash flow. Additionally, your accountant can provide you with general advice and give you recommendations on how you can move your business forward.
But an accountant can offer some key basic services as well, such as bookkeeping, filing your tax returns, helping you with financial compliance, and helping develop your business plan. They can also source funding for your business and help you manage your growth.
Know if they are right for you
Before you engage someone’s services, it would be wise to meet them face to face or at least speak to them via a video conference. A personal relationship is important, as the esteemed central London accountants from such firms as https://www.gsmaccountants.co.uk will attest. You should also ask them regarding their services so you can be sure they meet your requirements. Their experience and qualifications matter as well, and if you want one who is qualified, ask them if they are a member of any recognised body such as ICAEW, ACCA, CIMA, or ICAS. A chartered accountant will also be better than one who is not chartered because this means that they will be recognised internationally.
Discuss their fees
The fees of your selected accountant or accountancy firm will matter, of course. Remember that their overall job is to help you save money whilst protecting your business from various risks. It would be good, therefore, to ask them how their services can deliver and provide value to your business. The amount you pay will be based on the level of service they provide, and payment methods can also vary. Services like bookkeeping and annual accounts can come with a regular fee per month, whilst other services such as advice on tax planning can come with an hourly fee.
Consider their size
You can always go for a sole accountant, but there are also accountancy firms available who may be a better fit for your needs. But the accounting firm’s size can make
a difference, and it would be best to match the size of the firm with your business’ size. If you are a sole trader or contractor, a smaller firm may be a good choice, but if you are a growing startup, a medium-sized accountancy firm may be a good match.