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What Your Business Should Look For in an Accountant

With so many accountants out there, finding the perfect fit can feel overwhelming

Outsourcing your accountancy can be a game-changer for any UK business, freeing up valuable time and resources to focus on what you do best. But with so many accountants out there, finding the perfect fit can feel overwhelming. 

 

A good accountant is a necessity in the modern world of business, but what should you look for when searching for one? Here we go through some simple steps to help you on your way when choosing the right accountant for your business. 

How to Choose the Right Accountant for Your Business

Before searching for an accountant, you first need to work out your specific needs. Think about the size of your business, the industry you're in, and the specific services you require from an accountant (be it bookkeeping, payroll, or tax filing).

 

Remember to also bear in mind that the best accountancy firm for you might not be the best one for everyone else, so keeping your own business's needs at the forefront of your mind during your search is important. 

Experience

Your business needs to be able to trust the accountant it chooses to reliably navigate the complexities of your finances. This means they need to have an understanding of the regulations and tax obligations that apply to your business.  

 

An accountant will also need to understand your specific business and the industry in which it operates, a skill that only comes with experience. As well as this, an experienced accountant is more able to spot potential problems within your company's books, and they will know how to best deal with any problems that do arise. 

Expertise

Transparency is key when it comes to fees. Be upfront about your budget and inquire about different pricing structures (fixed fees, hourly rates, retainers) to find a solution that aligns with your financial expectations. Comparing different quotes from multiple accountants before making a decision is also advisable. 

Communication

A good accountant is more than just a number-cruncher; they're a trusted advisor. Choose a firm that communicates regularly, proactively offers insights, and responds swiftly to your inquiries. Building a strong relationship based on open communication is key to a successful partnership.

 

While physical proximity might be important for some, in today's digital world, virtual communication tools can bridge the gap. Consider whether regular face-to-face meetings are essential or if video conferencing and email suffice. 

Scalability

Your business is in constant motion, so your accountant should be too. Choose someone who can adapt and grow with you, catering to your evolving needs as you scale. Look for an accountant who invests in professional development and stays updated on the latest industry trends and regulations.

 

By following these tips and considering your unique needs, you can confidently navigate the world of accountancy and find the ideal fit for your business. Remember, a good accountant can often prove to be a valuable partner in your business's growth. 

Find Your Accountant Today

Outsourcing can save a lot of time and resources for your business and also offer an easy way of relieving the strain that bookkeeping can put on smaller businesses. As a result, many businesses opt for outsourcing. 

 

Picking the right accountant for you might seem difficult, but it doesn't have to be. Tap below, answer a few questions about your business, and you'll get a range of free quotes tailored to your specific business needs.

Compare The Best Accountancy Services Now

You could save yourself & your business £1000s

Which service are you most interested in?
 
Complete our short form. It only takes a minute
Our Partners
  • Brookson Group Ltd
  • Clever Accounts Limited
  • Contrast (Accrue) Accounting limited
  • SKS Business Services Limited
  • Unbiased Limited
Our Products
  • Business Accountancy
  • Business Epos Systems
  • Business Telephone Systems
  • Commercial Waste Collection
  • Digital Marketing
  • Fleet Tracking
  • Invoice Finance
  • Merchant Accounts
  • Website Design

FAQs

Your Questions Answered

Outsourcing your accounting can offer numerous benefits for businesses of all sizes. It involves paying an external accounting firm that specialises in doing the accounting on behalf of businesses like yours. 

 

Outsourcing accounting tasks also relieves your business of the burden of managing payroll, handling invoices, preparing financial statements, and staying up-to-date with tax regulations. 

Before searching for an accountant, you first need to work out your specific needs. Think about the size of your business, the industry you're in, and the specific services you require. Remember, the best accountancy firm for you might not be the best one for everyone else, so keep your own business's needs at the forefront of your mind. 

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Read more about how to save your business money
Benefits of Outsourcing Your Accountancy

Outsourcing your accounting can offer numerous benefits for businesses of all sizes. It involves paying an external accounting firm that specialises in doing the accounting on behalf of businesses like yours.  This means that you don't have to hire an internal accountant as a permanent staff member. Small businesses on a tighter budget often find that outsourcing their accounting services can prove particularly helpful, as it saves money in the long run. Benefits of Using Outsourced AccountantsWhen compared to the cost of maintaining an in-house accounting team, outsourcing your accountancy can significantly reduce expenses within your business. You'll avoid the costs associated with hiring and training a permanent member of staff, you'll also save on the costs of office space, equipment, and software. The expertise provided by accounting firms is often difficult or expensive to find in-house, especially for smaller businesses. Additionally, the firm you choose can scale its resources up or down based on your business's needs. This ensures your business has access to support as and when it needs it. Outsourcing accounting tasks also relieves your business of the burden of managing payroll, handling invoices, preparing financial statements, and staying up-to-date with tax regulations. All of this is handled by the accounting firm you choose, so time is freed up and you and your staff can focus on other things. How to Choose an Accounting Firm for Your BusinessIf you do want to outsource your business's accountancy, there are a few things you should consider when choosing a firm. The firm should be able to make informed decisions on your behalf and be comfortable with the complexities of your specific industry.  Chiefly, you should be looking for security. One of the things that puts people off using an outsourced accountant is the security risk posed by providing an accountant with sensitive financial data. These concerns are justified; you should take data protection seriously as you need to do so to avoid problems within your business. This is why using an accounting firm with a proven record of good security is important.  If you're looking for an external accountant to save money on hiring a full-time member of staff, then the cost of the accountant you use will be a factor in your decision-making. Take time to understand what your business needs and make your decision carefully. Outsource Your Accounts TodayOutsourcing can save a lot of time and resources for your business and also offer an easy way of relieving the strain that bookkeeping can put on smaller businesses. As a result, many businesses opt for outsourcing.  Picking the right accountant for you might seem difficult, but it doesn't have to be. Answer the question below, then a few more quick questions about your business, and you'll get a range of free quotes tailored to your specific business needs.

The Different Types of Accounting

What is Financial Accounting?The purpose of financial accounting, also known as bookkeeping, is to track, record, and report on financial transactions by generating financial statements. These statements are then used to determine several things, like how your business is doing, how it's likely to do in the future, and how much tax it should be paying.  Financial accounting provides an accurate look at business performance over a specified period and is often provided to outside stakeholders such as investors and financial institutions.The Importance of Good BookkeepingGood bookkeeping isn't just about numbers and taxes; it's the bedrock of a healthy financial life. Imagine your finances as a house - strong, organised bookkeeping lays the foundation, ensuring everything runs smoothly. Bad bookkeeping means your business could stumble upon unexpected tax bills, struggle to make crucial decisions, or lose financial certainty.  Good bookkeeping equips you with the power to make informed choices, plan for the future, and weather any financial storm your business may be forced to encounter. Remember to consider the importance of good bookkeeping; it's the key to building a solid financial future.What Are the Different Types of Accounting?There are several types of financial accounting, each with a different purpose. Business valuation accounting, for example, aims to gain an understanding of how much a business is worth, while tax accounting helps businesses determine how much tax they owe.  Financial accounting ensures transparency and accuracy in reporting your company's financial health. A financial report should paint a clear picture of your business's financial performance from the balance sheet to the income statement. Though most types of financial accounting concern the past performance of your business, it can sometimes be used to make predictions. Management accounting revolves around using financial data to inform strategic decisions within a company; analysing costs, performance, and budgets to help your organisation use its resources most effectively. Similarly, cost accounting delves into the granular details of expenses, analysing the costs associated with the products and services you provide.  

March Newsletter

Bank of England Holds Interest Rate...But Says a Drop Could be ComingMarch saw the base level of interest held at 5.25% - their highest level for 16 years - but the Bank's governor Andrew Bailey told the press that the recent drop in inflation was "very encouraging and good news." Inflation (the rate at which prices rise) has been at record levels over the last few months but dropped to 3.4% in the year leading to March. The drop brought the rate of inflation closer to the Bank's target of 2%.  While there's still a way to go, Mr Bailey told the press that cuts to the base interest rate could come before inflation hits 2%, as long as the Bank is confident inflation is sure to get there. This doesn't mean a drop in interest rates is sure to happen soon, but the Bank is more confident that a drop is possible given the way things are heading. If a drop is coming, it could be as early as May this year, which is the next time the Bank of England meets to discuss a possible drop.HMRC Commits to Keeping its Self-Assessment Helpline OpenHM Revenue and Customs (HMRC) has reversed its decision to close its self-assessment helpline for half of the year. The tax authority recently announced that the phone line, which offers business owners guidance with their taxes, would be closed between April and September every year, with taxpayers directed to alternative online services instead.  But it later went back on the decision and said the phone line would stay open throughout this summer. The reversal of the decision happened quickly; responding to a significant number of taxpayers that were opposed to the change.  As it stands, the phone line remains open for all your tax queries. Red Sea Attacks Continue to Push Costs UpBusinesses across the UK have expressed concerns about facing higher shipping costs and delays due to Houthi attacks in the Red Sea. The delays, which have lasted up to four weeks, were revealed by the business group, British Chambers of Commerce (BCC). The BCC has said that more than a third of the companies it surveyed said they had been affected by delays and the figure rose to more than half among exporters.  Exporters, retailers, wholesalers and manufacturers were more likely than other companies to be affected, leaving these types of customers short of goods to sell and components for production lines.  In a blow to those hoping the economy is bouncing back, the BCC also warned that the delays could contribute to higher prices in the UK economy generally.Recovery Loan Scheme ExtendedAs part of the spring budget, the chancellor announced that the Government's Recovery Loan Scheme will be extended.  The Recovery Loan Scheme supports access to finance for small and medium-sized UK businesses, so they can grow and invest. The loan, which offers up to £2 million per business group, can be used for any business purpose, including working capital or investment. The government guarantees 70% of the finance to the lender but, as the borrower, you are 100% liable for the debt.  You may be eligible for a loan through the Recovery Loan Scheme if your business is trading in the UK, has a turnover of £45 million or less and isn't in difficulty. Find out more about the scheme on the UK Government website.