If you are starting a business, growing your business or simply moving forward with your company, it is a good idea to hire an accountant. Working with an accountant brings many benefits including time-saving and money-saving advantages. Picking the right business accountant for your needs is essential. Here’s what you need to look for when making this vital business decision.
Step 1: Consider Your Business Needs
The first thing to do when choosing a business accountant is to write down your business needs. Remember that an effective accountant does more than balance the books. Consider how an accountant can help you progress your company and deliver on your aims and objectives. For example, accountants in central London help businesses with strategic growth and development, as well as paperwork and bookkeeping. Think about where you are going with your business and your greatest challenges in the future.
Step 2: Ask For Recommendations
Canvas your colleagues and network of contacts for any recommendations. You can also look at lists of approved accountants in your area through the relevant professional bodies. Draw up a shortlist of possible candidates that you want to investigate further.
Step 3: Prepare to Interview Accountants
It is important to meet accountants face to face so you can be sure the business relationship is a good fit. Before you meet, think of the questions you want to ask. For example, consider how you will work as a partnership, including how often you will meet, whether contact will be in person, online, or over the phone, and whether you will have a designated contact person. Ask about the accountant’s experience in your industry and what they consider to be the greatest business challenges in your field. Get clarification on fees and extras and ask the accountant to give their insight into how they think they can help your company.
Step 4: Think About Your Relationship
While it is vital for an accountant to be qualified, experienced and business-minded, it is also important that you can work well with them in a professional relationship. Is your potential accountant someone you can get along with? Are they personable and approachable? Choose someone you respect, who you can rely upon to give you sound advice. You need someone you are completely at ease with since they will be handling some of your most sensitive business matters.
Step 5: Check For Technical Proficiency
Make sure your chosen accountant uses software and other technological advances to the benefit of your business. They should be able to advise you on how to run a streamlined and efficient accounting process. Look for an accountancy firm able to offer advice on how technology helps the financial side of business growth.
Step 6: Negotiate and Firm-Up Fees
Ensure you know exactly what you are paying for, and when. Get any agreements in writing and understand if there will be any extras or additional fees to be paid.
Take the time to choose a trusted business adviser and your accountant will soon become a valuable member of your team.