HOW TO FIND AN ACCOUNTING SERVICE: A Guide to Hiring a Professional for your Business

Unless you own a very small business or you are an expert in financial matters, it is always advisable for you as a business to seek the services of an experienced accounting firm which will provide you with myriad services such as Book-keeping, VAT, Tax, Payroll and Accounts.

What To Do Before You Start Looking For An Accounting Firm

Initially it may appear daunting to you when you start searching for an accounting firm. However, this can be tackled by asking the following questions –

1. What kind of financial services you are looking for?

2. What is the level of expertise and quantum of experience you need?

3. What is the budget earmarked for these financial services?

Important Things To Consider Before Choosing The Right Accountant

Qualifications - Once you have done the groundwork and start looking for the candidates, then the first thing to look for is the qualifications/certifications your prospective accountant has. A non-qualified/certified accountant may not be able to take care of all your financial needs. Especially when it comes to services such as tax advice and return preparation, financial statements etc., business owners usually look forward to certified accountants. You should ensure that they have either of the qualifications such as ACCA, CIMA, ICAS or ICAEW recognised by one of the UK bodies. Also find out if they are Chartered Accountant, as chartered status is an internationally recognised level of professional standing. An important thing to keep in mind is that the qualifications you seek in your accountants should be in sync with the type of services you require from them.

Experience – Apart from the qualifications and certifications, accountants you plan to hire must have the relevant expertise and experience to cater to all your financial needs and most importantly also help your business grow. Ensure that the accountancy firm has the experience of dealing with different business sizes and the industry sector in which you operate. An experienced accountant not only manages your money but also helps you to save it.

Location – In today’s digital world, it doesn’t matter where your accountant is based. Nowadays, most of the work gets done remotely. However, it always augurs well for your business if you have face-to-face meetings with your accountants initially to discuss your business needs in broader terms and get their expert advice.

Size – It is natural to get attracted to a large firm having a brand name, but your focus should be a firm irrespective of the size having relevant experience. If you are a sole trader or a small proprietor then a small accounting firm would fit your bill, however if you are a fast growing mid-sized firm with a big vision then it’s best to employ a mid to large size accounting firm.

Fees – One of the most imperative points to consider while hiring accountants is the fees they charge. Some firms charge by the hour whereas others work on retainer basis. Get estimates from various accountants and compare them. However, don’t base your decision solely on the basis of cost. Your decision to hire the accounting firm should be a holistic one based on all the points discussed above.

What Can An Accountant Do For You

Some of the business accounting services that your accounting firm can provide is –

1. Book-keeping

2. Payroll services

3. VAT related services

4. Preparing financial statements such as Balance sheet, Profit & Loss A/c, Trial Balance etc.

5. Tax return preparation/Tax Advice – Tax Compliance and Tax Planning (Planning refers to reducing your overall tax burden, whereas compliance refers to being up-to date and obeying the tax laws of that country)

6. Creating/developing business plan for you.

7. Exit planning

A Few Points Before We Conclude

1. To maintain goodwill, some accountants may provide you with a couple of additional services (although this could be a one-off instance). Don’t hesitate to ask for these.

2. Ask your accounting firm how they keep in touch with their clients. It can be via emails, phone calls, video conferencing or face to face meetings. Frequent communication minimises the risk of errors creeping into your business.

3. A good accounting firm should assign a dedicated contact person for you. This builds a personal rapport and also reduces the risk of missed deadlines by sending you regular reminders and thus keeping you stay on the right side of the HMRC and Companies House.

(Looking for an accountancy service? Want to save time?  Want to save tax legally? To get answers to such queries and to know more about the range of services we provide, kindly visit our website www.doshiaccountants.co.uk or call us at (020-8239-4999)

Ensuring You Choose Right Accountant For Your Business

An Accountant plays a very important role in your Business and offers Business Accounting services that includes Accounts, Payroll, VAT, Bookkeeping, and Tax and business advice. You should always hire a qualified and experienced Accountant.

 

Steps to choose a Good Accountant:

Know what you need

You should know the requirement of an Accountant in your business. If you need only for bookkeeping or maintaining financial records then it can be done by a bookkeeper. If you want to get other services like business advice, Tax planning then you should always choose a certified Accountant.

Whether you need a certified Accountant or Accountancy Practising firm

Initially you may think that you can deal with the certified Accountant but as your business grows you may feel the need of an Accountancy firm. Again it is up to you to make a decision on what you require for your business.

Choose through Recommendation

You should always choose an Accountant through the recommendation of other business owners or friends. This helps you find more reliable Accountant for your business. You get an idea of the working standard and the fee structure.

Profile on social media

The Accountant or the Accountancy firm should have an authorized website, where detailed information is provided. The online reviews of the firm or the Accountant by its previous customers should be provided which can be used as a guidance in the process of choosing. 

Look for experienced Accountant

Your Accountant should be experienced and certified to understand your business and to prepare proper Accounts that helps you to save on Corporation Tax. 

Reasonable Fees

Small businesses should compare the fees while hiring an Accountant. Look for the extra free services provided by the Accountant other than the Accounting Services. We are in a competitive world and need someone who can be in pace with the competition. Fees should be reasonable with the quantum of work involved.

Knowledge of different Software

It is one of the biggest challenges to find a good Accountant who is up to date with the latest accounting software. A good Accountant can work on all kinds of software used for Accounting Services and should be able to facilitate their clients with the same.

Can work on Cloud Technology

Cloud Technology is a must for Business Accounting services. An Accountant should be well versed with it. It helps to make work easy and safe to access. It takes care of data Security too. An Accountant should be expert in it.

Should know the best way of reporting

Accounting services work well when an Accountant is frequent with its reporting. Keep the business informed of its whereabouts. How will they communicate? Regular and frequent communication between you and your Accountant is very important. The Accountant should present the correct picture of your business and should also be able to advise you time and when needed. The Accountant you choose should be able to inform things in advance for smooth working. This will help you to grow your business.

To be Selective

You should be selective in choosing your Accountant. Your Accountant should have all the good qualities to match up with the present competitive world. They should work with you like they are on your team, helping you to be updated with your accounting records like tax return, keeping track records of the financial information, so that you’re able to make the best decisions for your business.

Choosing or appointing an Accountant or an Accountancy firm for all types of business, small or big, should take the above mentioned criteria into consideration.