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Protecting Your Business: Ensuring You Have The Right Accountant

In today’s increasingly competitive market, finding the right accountant is no easy task. There are numerous firms across the country that are all eager to help your business successfully deal with its finances but just how can you be sure you source the right accountant?

Just as with all areas of business, it is important to ensure that you remain aware that not every accountant will be the perfect fit. The needs and requirements of your business, right down to the way you work will all affect the type of accountant that you will fit well with. It may seem like a mundane task and you will no doubt find yourself asking “why can’t I just work with the first one I see?” but when a solid financial record can affect the longevity of your business, it is important to ensure that you do not put your business at risk with the wrong company.

From bookkeeping, to VAT and Tax returns; ensuring your finances are legally complaint and you adhere to the requirements put forward by HMRC is of utmost importance which is why it is always crucial to ensure your accountant is the right one. There are numerous firms out there all ranging in size; from sole traders to large corporations, all with different fees, costs, services and attitudes in the way they work so take the time to carefully research your options.

Here at Calculated Accountants we know how important it is for small businesses and start ups to get off to the right start which is why we have put together our top points that are sure to help you in your search for the perfect accountant...

  • Ask Around- Word of mouth is a great way to meet a trusted accountant so why not speak to business contacts or attend events? If you are weary about going with a company you have not heard of then this can be a great help.
  • Interview- When searching for an accountant keep in mind that you are effectively looking for someone to work with you so get your interview hat on and don’t be afraid to question the potential businesses. How much does the accountant know about your industry? Will they keep you regularly updated? Does your accountant claim to be able to help you pay lower taxes? If so, how will they achieve this? You would never hire someone to work with you without intensively questioning them so don’t do the same with your accountant.
  • Break the Mould- Don’t sit back quietly and think of your accountant as the “tax guy” as that will never help you in your decision. Your accountant can become a trusted advisor helping with growth, protecting you from risks and strategically managing your cash flow. The right accountant can become a great asset for your business so keep this in mind when searching or you will risk stumbling across one that won’t achieve the desired results.
  • Experience- Whether it is via the interview style questions discussed in point two or by speaking to previous clients and reading testimonials, educating yourself on the experience of the accountant will be a great way to protect your business from the wrong choice. For small businesses this is even more important as small business finance can be quite complex so the more experienced your accountant, the better it will be for you in the long run. 
  • Industry Knowledge- Financial requirements, expectations and situations can all vary depending on your specific industry and only an accountant who has the knowledge to keep you updated on any changes can protect your business.

The above are a few of the points our team here would consider crucial when searching for the right accountant. Whatever you do, do not take the decision lightly as the lasting success of your business may depend upon it.

Want to know more? Then speak to one of our team members today

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