If you’ve decided that it’s time you engaged an accountant for your business, then it’s time to look at who would be the right person for you to work with.
Having someone confident, qualified, experienced and capable is essential to oversee what is, after all, one of the most vital areas of your business because maximum revenue equals maximum survival rate. Which didn’t used to be such an important matter, but if there’s one thing that the COVID pandemic has taught us, it’s that smaller businesses are typically going to struggle to stay afloat. Which is why having an experienced, savvy accountant on your side is the best way to protect your business. The right person will be saving you both time and money year after year.
Carrying out careful research is imperative to make absolutely sure that you’re choosing the best person for your business – there are all different types and what works for one business might not work for another. So, go through the selection process carefully and make sure that you consider all of your options. For example:
- Are you confident that they can reduce your business taxes?
- Where are they based?
- How big is their firm? Big isn’t always better, but it does indicate experience and probably expansion to a certain degree.
- What type of accounting software are you hoping to use?
- How expensive will they be?
1. What about their location?
This isn’t as important as it once was. It used to be that a local accountant was necessary for face to face meetings and taking with you to visit clients, but times have changed and proximity is not so much of an issue now. A lot of business can be carried out remotely through online collaborations and managing your business through cloud-based technology.
This means that no matter where you are, you will be looking at real time, identical data, at the same time. Plus, moving towards remote collaborations means that the field of choice for you in terms of choosing an accountant opens up dramatically and gives you maximum flexibility to hunt and seek the right person for your own business. It doesn’t necessarily matter where you are in the world, for example, so you can select the accountant who suits you best, rather than relying on the five accounting companies that your town might have available.
Again, the last year or so has meant that as we moved to mostly remote working, it has honed, refined and massively advanced things like videoconferencing, emailing and using accounting software. However, if having face to face time is important to you then you’ll have to stick with your local options, or find someone who is prepared to travel to you on a regular basis.
It goes without saying that your accountant will need to be an expert in the tax laws that are applicable to you. These can sometimes be tricky waters to navigate and having someone who is on top of the relevant taxes for you is essential.
3. Their expertise
Do make sure that you check out their expertise in your particular field of work, because not all sectors have the same requirements. Look at whether they have experience with businesses that have a similar revenue and size to yours. Plus, looking at whether they have relevant knowledge and wider experience in your market sector is a good indicator of whether they could adequately handle an expansion in your business.
Basically, the more experience the better (if you’re near the Northwest of England, I can personally recommend Daniel Sam Bolton accountants). Have they worked with larger clients? If so then it shows that they could cope with the growing demands of your business as it gets bigger over time. You could even look at their client list and their individual growth to give you a better idea of how the accountant has worked for them and whether that translates into good business practice for you.
You almost certainly will need someone who is chartered or certified, regulated by a professional body and/or recognised by the government. Not only will this speak volumes about their qualifications, it also gives you redress if something goes wrong. Chartered accountants are generally highly experienced, they will have completed post-degree study, as well as a professional competency programme.
5. Finding the right person
Take advantage of what could be right under your nose, in terms of social media and professional connections. Obviously, steer clear of things like Facebook and Instagram, but LinkedIn for example is a great, business orientated platform where you can explore any existing connections you might have or those of people working in the same market sector as you.
6. Think about your exact needs
If you’re a smaller outfit, or you just need someone to book-keep, do general financial management or prepare the taxes, then someone less qualified could be the ideal solution for you.
Ultimately, once you’ve found a likely candidate, you should consider:
- Are they interested and enthusiastic about their services?
- Do they have a strong network of professional people to engage with?
- Do they have any published recommendations from either previous or current clients? If so, what are the details?
- What is their length of experience in the accounting field and what did they do before they started practicing as an accountant?
- Exactly what qualifications do they have?
Putting in the work now could mean that you find a perfect candidate for the role and your business thrives, going from strength to strength and you can maximise the potential revenue.
A happy mom, professional article writer, SEO practitioner, blogger, guest blogger & freelancer. She’s in digital marketing since 2018. She loves reading books and spend time with her family. Reach her on Email