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How do I find the right accountant for my business?
Choosing the right accountant for your business is one of the most important decisions you will make as a business owner.
By Dan MartinWhether you are starting your business or have been running it for years, the right accountant can greatly affect your finances and success. In this article, we explain how choosing an accountant can be a game-changer for your business.
Finding the right accountant for your business is an investment that can pay off significantly in the long run. Accountants can ensure your business is running in the most tax efficient way and provide you with advice and guidance to improve your business.
Using an accountant that provides comprehensive accounting services can enhance your business's financial health and growth. Working with an accountant from the start means that as your business evolves, so does your professional relationship.
Understanding your accounting needs
To find the best accountant for your business, first think about why you need one. Consider what services you are looking for.
An accountant does much more than just crunch numbers. They are essential for managing your financial records, ensuring tax compliance, and providing strategic financial advice. You may be considering an accountant who can handle your bookkeeping, tax return and provide comprehensive business accounting services.
For start up businesses, the temptation to manage finances independently is understandable. However, as your business grows, the financial complexities increase, making the need for an accountant vital. Using an accountant allows you to focus on growth and operations.
When should you use an accountant?
The question of when to use an accountant varies depending on the nature and size of your business. For a start-up business, engaging an accountant from the outset can be beneficial. They can assist with the formation of a company and provide advice on the most tax-efficient business structure. Accountants can also offer you advice and guidance on decisions from the start of your business journey.
For established businesses, using an accountant is crucial when dealing with growth, compliance issues, or planning for expansion. When you are spending too much time on your accounts and tax, it can take away from your business. This could indicate it's time to speak to a local accountant.
Finding an accountant
When searching for an accountant, consider the following factors:
Experience
Ensure the accountant has experience dealing with businesses of your size and industry so they understand any unique challenges. They'll also be able to offer tailored advice that meets your needs.
Local knowledge
Using a local accountant means they know your area well. This helps them give better advice for your business' location. Finding an accountant based near you is beneficial because it is easier to meet in person and stay in contact. It also means they can make useful introductions to other local businesses who might be useful to your company.
Accessibility
A good accountant should be easily accessible and responsive. Having an accountant nearby allows you to meet in person. This helps to build a strong professional relationship and receive helpful advice.
Comprehensive services
From bookkeeping and tax returns to payroll and VAT, finding an accountant who provides a full range of services means your business needs are covered in one place.
Reviews
Reading reviews on Google and TrustPilot can give you a glimpse into the real experiences of other business owners. Speaking to friends, family and other business owners for recommendations is also important in helping your decision.
Approach
Your accountant should be able to explain complex topics in an easy-to-understand way. If things aren’t clear to you, they should always be willing to clarify and make sure you do understand.
What do I do next?
Ready to meet with or change your accountant? Consider contacting TaxAssist Accountants for a free initial consultation. With their diverse experience and commitment to client satisfaction, they are well-equipped to help you. Call today on 020 3972 2800 or use our online contact form.
Frequently Asked Questions
Accounting for your business starts with the bookkeeping and record keeping. Make sure you are recording and keeping all business documentation in a cloud accounting package. When it comes to the end of the year, you need to start thinking about accounts and tax returns and instructing a good accountant to do these can be beneficial as they have all the knowledge and skills.
Self-employed individuals, partners in business partnerships, landlords and individuals earnings over £150,000 may be required to file a tax return. Those in receipt of child benefit and earning over £60,000, or higher rate taxpayers earning interest income over £500 may need to complete a tax return too. For a comprehensive list check HMRC’s content on who must send a tax return.
Date published 9 Mar 2023 | Last updated 24 Oct 2024
This article is intended to inform rather than advise and is based on legislation and practice at the time. Taxpayer’s circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this article, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.
Dan Martin
Dan is a freelance journalist and event host who writes content for TaxAssist Accountants. With 20 years of experience, he has interviewed hundreds of entrepreneurs from famous names like Sir Richard Branson and Deborah Meaden to the founders behind the newest start-ups. Dan was previously Head of Content at small business membership organisation Enterprise Nation.
Choose the right accounting firm for you
Running your own business can be challenging so why not let TaxAssist Accountants manage your tax, accounting, bookkeeping and payroll needs? If you are not receiving the service you deserve from your accountant, then perhaps it’s time to make the switch?
Local business focus
We specialise in supporting independent businesses and work with 100,000 clients. Each TaxAssist Accountant runs their own business, and are passionate about supporting you.
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Switching is simple
Changing accountants is easier than you might think. There are no tax implications and you can switch at any time in the year and our team will guide you through the process for a smooth transition.