The right accountant or accountancy firm is out there, and if you have determined that you need one for your business, it’s not a complicated matter to choose the proper one for your exact requirements. But it’s an endeavour that has to be done with care, and there are more than a few aspects you may want to think about first. You should, for instance, consider their location, but also their workload and their rates. It’s definitely in your best interest to work alongside someone with experience, especially in your industry, and it goes without saying that you need someone you can trust. So how can you select the best accountancy firm or accountant for your business? Here’s how.
Does location make a difference?
The answer to this is entirely up to you. Nowadays, you can benefit from remote work, which means your accountancy firm or accountant can be on the other side of the world and still give you the service you need. Of course, you have to be sure to set the proper communication channels from the beginning, such as video conference calls, emails, and the like. The good thing is that you can also benefit from cloud-based software platforms that let you (and your accountant) see data in real-time, regardless of where you are located.
But if you want someone who can also represent you in face-to-face meetings or if you are more comfortable conferring with someone personally rather than via digital means, you are better off choosing someone within your location or area. If you live and work in London, for example, it makes the most sense to look for central London accountants; this way, you can visit them or have them visit your office or premises or attend meetings or conferences with you if need be.
Think about certifications and qualifications
If you want peace of mind, it would be better to look carefully at your accountant’s or firm’s certifications and qualifications. An accounting firm or accountant regulated or recognised by an authority would always be better than one that doesn’t fall under any regulation or certification. A chartered accountancy firm or accountant will be thoroughly knowledgeable about the ins and outs of the sector, and the accountant will have gone through extensive study and will have more experience. They will also have the advantage of going through a programme to enrich their competency in the field.
Whilst it’s not a problem to go for an unchartered accountant or firm of accountants, particularly for tasks such as bookkeeping, the basic management of your finances, and the preparation of your taxes, you would need someone with more qualifications if you apply for a loan or go through an audit.
Consider their expertise in your sector
As mentioned, it’s better to have an accountant or firm that has experience – more so if they have experience with other businesses in the same sector or similar-sized businesses with almost the same revenue. Someone who has worked with other companies in your sector will already have a unique understanding of your business requirements. If they have large businesses as clients, this is a good thing because you can be more confident that they will be able to deal with your needs as your business grows.