Tips for Selecting the Right Accountant
Choosing an accountant is often likened to selecting a business partner. They play a crucial role in your business, much like a partner would. Therefore, it’s essential to ensure that the accountant you choose is not only the right fit for your business but also aligns with your financial goals and the level of involvement you expect from them.
To help you make the best choice, we’ve outlined some key considerations and questions you should ask before deciding on an accountant.
Finding the Right Accountant
Once you’ve determined that your business needs an accountant, the next step is selecting the right one for your specific needs. It’s important to take your time with this decision, as there are several factors to consider and questions to ask before committing to their services. This guide aims to help you understand what’s important when choosing an accountant and what to keep in mind during the process.
Does Location Matter?
While location might not be a concern for everyone, it can be a deciding factor for some businesses. If you prefer in-person meetings to discuss your financial matters, choosing a local accountant may be more convenient. However, if you’re comfortable handling things remotely via email, phone, or virtual meetings, you can expand your search beyond local firms.
No matter where your accountant is based, ensure they have expertise in the tax and financial laws relevant to your location.
Ask About Their Software
It’s also important to inquire about the accounting software your prospective accountant uses. If you’ve had positive experiences with certain software in the past, or if you’re open to trying something new, it’s worth discussing this upfront. Knowing what software they use can help you determine if it’s compatible with your preferences and business needs.
Consider a Certified or Licensed Accountant
For added peace of mind, it’s advisable to choose an accountant who is certified or chartered by a recognized professional body. Examples include:
- Licensed Accountant
- Certified Public Accountant (CPA)
- Member of the Institute of Financial Accountants
- Member of the Association of International Accountants
A chartered accountant, for example, has completed advanced studies, gained substantial work experience, and passed a professional competence program. Hiring a qualified and experienced accountant from the start can provide significant value to your business, especially if you plan to grow your company. While it’s possible to hire an accountant without these credentials, opting for one with recognized qualifications is generally a safer choice.
Experience is Key
Experience is often a critical factor in choosing an accountant. Generally, you might feel more confident in a firm with a decade or more of experience compared to one that is just starting out. However, this doesn’t mean you should overlook new businesses. The key is to ensure that your accountant has the relevant experience to meet your specific needs.
Choose an Accountant Who Prioritizes Saving You Money
An accountant should do more than just manage your accounts and file your tax returns—they should also be proactive in helping you save money. Just as the team at Quantum Bookkeeping aims to maximize savings for our clients, your accountant should be eager to suggest legal and ethical ways to reduce your tax burden. It’s important to understand the distinction between tax avoidance (legal) and tax evasion (illegal) since any legal breaches could have serious consequences for you as the business owner.
Contact Quantum Bookkeeping for All Your Accounting Needs
If you’re searching for accountants in Brighton and the surrounding areas of East Sussex, look no further than Quantum Bookkeeping. Our team is proud to offer a wide range of accounting services, including VAT returns, self-assessments, and bookkeeping.
Whatever your accounting needs, don’t hesitate to reach out to our experienced team today. You can also explore our frequently asked questions for more information. We’re here to help with all your accounting needs.
