If you are a small business owner then you must know that your accountant is a valuable advisor. Accounts come in handy by helping you keep your books in order, assist in tax planning and ensuring that you meet all the tax deadlines.
Even then, do you know what to look for in an accountant? Here are some factors to take into consideration when choosing an accountant for your small business:
- Qualification – You must ensure that the accountant you have chosen is fully qualified. If possible, hire an accountant that is recognized by professional bodies like ACCA (Certified Accountants) among others.
- Experience – Be sure to settle for an accountant that is experienced in dealing with small businesses and if possible within your industry. If you are a freelancer or contractor, consider going for a specialist accountant as opposed to a general accountant.
- Fees – As a small business, it is likely that your business is yet to pick up. Thus, you definitely don’t want an accountant that will charge you so much. Therefore, you need to consider going for an accountant that will charge you monthly or annually depending on whether the rate is sensible.
- Services – You will do well to find out the services that the accountant will provide besides standard tasks like setting up a payroll and completing annual accounts. For instance, find out if they will complete self-assessment returns or even provide references for letting/mortgage purposes.
Before choosing an accountant for your small business, you need to contact several London accountants to get a feel of their dealings with their clients. By doing this, you can be able to establish whether you will build a good relationship with them and if they are a good match for your needs.
You will also do well to consider talking to some of the accountant’s existing clients before signing up. To do this, you can ask the accountant to give you contacts of his clients so that you can talk to them and get an opinion as well as reviews of his service.
If possible, pay attention to small details like communication between the account and the client. You also need to find out if the accountant is up to date with the latest technology in accounting. This way, he can be able to keep up with the latest trends while keeping your books updated. Lastly, a good accountant should also have a good understanding of your specific needs and can easily adjust to your growing needs.
Ultimately, always ensure that you choose an accountant for your small business before you start your business. This will ensure you get advice on your finances from the beginning. This will save you from potential penalties in addition to saving you money. Most importantly, you can be sure to monitor your financial progress by simply looking at your books. If you need further advice on choosing a London accountant for your small business, don’t hesitate to speak to a financial expert for advice.