When you’ve decided that it’s time to hire an accountant, the next step is to determine which accountant to hire.
It’s critical to take your time with this, and there are several things you should think about first. You’ll need to consider things like the accountant’s location, industry specialism, workload distribution, and the type of accounting software you’ll use.
Take into account how much you’ll have to pay the accountant and whether they’ll be able to help you save money on your business taxes.
A good accountant can be highly beneficial at all stages of a company’s development.
When it comes to starting a business, a good accountant can help you develop a business plan, set up bookkeeping systems, and handle taxes efficiently by submitting annual tax returns and corporate accounts. All of this frees you up to focus on the critical task of running your small business.
It is in your company’s best interests to have a qualified, capable person managing one of the essential aspects of your business – your finances. Year after year, the right person will save you time and money. So, here are some things to think about when selecting an accountant.
- Consider whether location is important
It used to be critical to have your company’s accountant nearby. However, more businesses are collaborating online and using cloud-based technology to manage their operations. As a result, location is less of an issue. With cloud accounting, you and your accountant can both see the same real-time data – no matter where you are.
The decision about where to consider your accountant comes down to what is best for your business. Your accountant can be located anywhere in the world, depends entirely on how you want to handle your finances.
- Select a Chartered or Certified or Independent Accountant
Choose an accountant who is monitored by a professional body or supported by the government. Based on where you are in the world, that could be a:
- CPA, member of the Association of International Accountants, and member of the Institute of Financial Accountants
- Chartered Accountants (CAs) of Independent Financial accountants (IFAs) are qualified and experienced professionals who have completed post-secondary education, work experience, and a professional competence programme.
- A skilled and competent accountant can add value to your company from the beginning.
If you anticipate that your company will expand, it is best to hire professional accountants in London early rather than later.
- Consult with government and business organisations
Small businesses are vital to the economies of many countries. As a result, governments prefer to foster their expansion.
As a small business owner, take advantage of the networks of business advisors available to assist you in making decisions such as selecting the right accountant. There are frequently volunteer organisations and regional chambers of commerce willing to help you as well. Use them because they are there to assist you and their advice is generally accessible.
- Make use of your online connections
Even though Facebook may not be the most proper place to post a request for accountant recommendations (though it isn’t the worst), more business-oriented networks may be.
LinkedIn is one of the most popular social media platforms, and if you already have a profile there, you can use it to look for accountants who many others have recommended.
- Meet with the prospective accountant you’ve chosen and ask any questions you have
Nothing beats a face-to-face meeting for determining how well you might work with another person. In addition to evaluating the accountant’s knowledge, consider how comfortable you are and how well the two of you communicate. When you hire an accountant for your company, you’re maintaining a long-term relationship, so you should feel at ease with them.
Good accountants help businesses grow by managing complicated financial tasks and providing practical business advice. It will save you money in the short and long run.
The best ones will be your partner in all but name – and you can’t go wrong when you choose wisely. Maintain a good working relationship with your accountant once you’ve been hired.