Accountancy Services - How to find a good accountant

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Finding the right accountancy service for your business

If your hobby is doing tax and accounting or if you are a qualified accountant then you may not need to read on, however some of us find it a daunting task and outsource this part of the business to ensure the accounts are kept up to date. 

When it comes to engaging an accountant how do you know how good they are? You want the best for your company so you want an accounting company that provides professional help and expertise that also has the right mix of culture and ethos to suit your company.

Choosing the wrong accountant can be a costly mistake!

Whatever type of accountant is required, (chartered, tax, etc.); people are unsure on what they ought be looking out for in their search. Generally decisions are based on the locality, an advertisement found in the telephone directory or testimonials from friends and co-workers. Taking the time to find out something about the company you select will make all the difference between an accountant who is just doing their job and one who will be loyal and enterprising.

If you're running your own company or if you're self-employed, hiring an accountant can be invaluable. A few of the services they offer normally include completing tax returns, keeping company accounts, financial planning, auditing and book-keeping. Most of the professionals also advice on anything from buying new company cars to selling shares. Time is money to micro businesses and the self employed; it's always a good idea to surround your self with professionals that can add value to your service.

But if you already have your own business or are in the process of setting one up then you may already know how important hiring a good accountant can be. They will know the rules and regulations concerning financial activities or different trading bodies such as limited / partnership / sole trader and will be aware of changes in the law that might affect your business. With the right accountant at your side you can be sure that your business is in capable hands.

Accountants can save your valuable time by maintaining essential paperwork for you and will even be able to offer advice to you on ways to cut costs. It's crucial to select an accountant fitted to your company as they will not only keep the records and finances updated and in order but can also smooth the progress of expansion.

To find the right accountant can be  the difficult part.

It's also highly recommended that you ask around colleagues / business owners in similar industries for their recommendations and opinion. You could even ask your financial planner, bank manager or insurance agent for their advice. 

Key questions to ask a potential accountant / bookkeeper are likely to be: 

• The hours they are available for your business
• Whether you would be required to visit them or if they would visit your business
• What format they would require your data to be provided to them, i.e. "as is" or already on spreadsheet
• Whether they charge for any questions via telephone that relate to your accounts
• If they will work on a fixed cost basis
• Who else they work for that is similar ( or direct competitor)
• What services they normally provide for their clients
• What minimum term they need if any
• Why you should choose them

 
If you worry about the costs of an accountant then keep the following in mind. The larger accountancy firms might have the advantage of offering their services at more competitive rates, whereas a smaller company could provide a more personable service and commit more time to your account. Thus the question is; do you want quality or quantity? Don't hold back on contacting a firm to ask questions and advice before making that decision. Chew over the area you need advice or help in as companies often specialize in particular fields, for example if you are setting up a small clothing company, the accountancy firm you select should be knowledageble in that sector. Would you choose a partner that you had little in common with?

Always check for accreditation from an officially recognized body, especially if you are thinking of selecting an individual accountant. Only registered agents are allowed to charge for preparing or lodging a tax return.

Handing your financial records over to someone you don't know involves a great amount of trust and co-operation.  We recommend choosing an accountant firm that responds quickly to your questions and has an understanding of your business. Also ask for their pricing policies and see if it is within your budget. An accountant is not only there to complete your tax returns but to offer advice and guidance that can lead your business in the right direction and into the future.

View the Finance Directory to find an accountant or for other financial services.