If you think you need an accountant, choose wisely. Take your time and do proper research and consider a few things while hiring them. You need to think about the location, type of accounting software, the division of workload, how much they charge, and how they can reduce your business tax. Choosing the right accountant is like choosing a new partner.
It is best to hire an experienced and certified accountant in South East London who can handle important areas like the finances of your company. Here are a few things you need to consider while choosing an accountant.
1. Location matters
It is important to have an accountant for a company that is located near you. Many companies collaborate online by using cloud-based technology to manage the business. It means location should not be an issue. With the help of cloud accounting, you and the accountant can see the same real-time data at the same time. The decision of where to find an accountant depends on what suits you the best. The accountant can be anywhere; it depends on how you want to handle the finances. If you prefer face-to-face, then you need to limit your search and get someone who works nearby. Whatever the case, just make sure they are experts in tax laws.
2. Relevant expertise
You need an accountant with experience in financial documents and preparing tax returns. If you use cloud-based software, then you will probably need someone who is an expert in cloud computing. It is better if they have worked with similar companies and sectors. It will help them to understand your needs, and you can also check their work. You will be assured that they can handle any issues and growing needs of your business.
You can check their client list, which has all the details like the number of employees and gross revenue of the company. Find out how they have grown to know whether they can fulfill your company's needs.
3. Certified accountant
Depending on your country, many accountants may be called Chartered or Certified Public Accountants. They are highly qualified, have completed a degree level study, and have work experience and a professional competence program.
With their knowledge and experience, they can add value to your company; if you want to grow, it is better to hire certified accountants. Many choose not charted, registered, or certified accountants, but it is not a wise decision for your business. Some tasks such as tax preparation, general financial management, and bookkeeping might not need a chartered or certified accountant, but you need one when your company grows.
4. Use the online connections
Facebook might not be the best place to post that you need an accountant, but many business-oriented networks can benefit from it. Right now, LinkedIn is one of the largest platforms. If you have a profile, you can search for accountants there and get recommendations as well.
5. Consult with government and business associations
Governments encourage the growth of small businesses as they are the lifeblood of many countries' economies. Take advantage of your network to make the right decision in choosing an accountant. Some local chambers and voluntary organizations are often willing to advise you. Their advice is free so take help from them. You can also take suggestions from other business owners. By searching this way, you will find an accountant for your business. It could at least cut down the list of people you have to interview. Make sure to get written quotations from the accountants and then compare them.
6. Ways to use social network
You can use LinkedIn or other networks to know each of the candidates better and find things like:
Do they have a strong professional network?
How do they behave when talking about the services?
Whether they have got recommendations from their clients?
What experience do they have?
Are they certified or chartered accountants, tax advisors, or a bookkeeper?
Remember, choosing an accountant is completely a personal choice so what is right for others might not suit your business. Consider the differences between the business structure.
7. How the work will be divided
Certified accountants can handle any small business and bookkeeping work. You just need to hand over all the invoices and bills so they will handle everything for you.
Often the accountants charge by an hour, so using them just to do simple data entry work is not the best way to use them or their time. So make them involve more in the accountancy & tax process. It will help you to get a good grasp of the revenues and expenses in real-time and also on the potential issues.
You can also enter the basic accounts data in-house and hand them over to the accountant. They can handle other tasks such as filing tax return forms, bank account reconciliation, payroll, and capital depreciation calculation.
The online accounting software will make it easier to take part in the accounting process. It will simplify the tasks like automatically sending invoices, recording the content, and invoicing at the same time. If you use cloud-based software, give the accountant secure access to your accounts with just a click of a button.
8. Interview many candidates
Do not choose the first one you see. Compare many accountants to determine which is best for your business. Interview them to see how you will be able to work with them. It will not only help you to define what type of accountant you need but also give you valuable free advice. It will also help you to determine your business needs.
9. Background check
Before you sign the contract, talk with the prospective clients of the accountant. If the accountant is honest, they will give you a list of contacts for reference, or there are other ways as well. It will help you to know their experience and relationship with the accountant. Be sensible when you contact them. Do not give a list of questions to answer. Just a 10-minute call can give you enough information about the accountant.
10. Trust your intuition
Intuition is one of the powerful tools to run a business successfully. When you meet an accountant for the first time, trust your intuition. The logical evaluation includes the experience, location, reference, and price. Ask yourself whether you can trust them with all your business details. If you feel that they are not the right person, walk away. Intuition is not always right, but when it comes to choosing someone important, like an accountant, do not ignore it.
A good certified accountant will help you grow
The accountant you are hiring will be involved intimately with your company, so it is a big decision. Do not take it lightly. Choose one whom you can trust, have years of experience, and will help you when you need it. A good certified accountant helps your business to grow by offering advice on business issues and managing all the complex financial work. It will be beneficial for you as you can save money in the long term.
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