Accountancy services Finding the right accountant for your business
Find the right accountant for your business
The success of your business can be significantly influenced by your choice of accountant. By using a proactive, forward-thinking accountant you could benefit from a steady supply of advice, helping you to maximise commercial opportunities.
An accountant can help you to solve problems with tax, cash flow, raising working capital, business change and more. Their experience of working with many firms gives them insight into the challenges that businesses face and their solutions.
The best accountants will do more than perform calculations and tell you how much tax to pay. Their advice can help you to survive tough times, save you money and grow your business.
How to choose an accountant
There’s more to finding an accountant than asking your friends who they use. While personal recommendation is important, it is only one of several factors that you should consider.
You should also take into account the following:
- - Are they qualified to perform the services that you need?
- - How many staff do they have and who will be dealing with you?
- - Do they have other clients in your line of business?
- - How quickly will they respond when you need help?
- - What additional benefits do they offer to clients (newsletters, seminars etc)
- - How local are they? – perform a local search today!
- - How long have they been trading?
Don’t be afraid to ask how they have helped other businesses to achieve success; you could ask to speak with satisfied clients.
Not everyone who calls themselves an accountant has professional qualifications. There are a number of difference accountancy bodies in the UK who offer training and qualifications; The Institute of Chartered Accountants in England and Wales (ICAEW) and the Association of Chartered Certified Accountants (ACCA) are the main providers of services to the private sector.
How much does an accountant cost?
If you want to find the cheapest accountant that you can, you need to consider what level of service they can offer for the price.
While cost is important, so is value for money. A good accountant may not have the lowest fees, but they could provide a much better return on your investment, by helping you to save money elsewhere.
Alternatively, your accountant could help you to make even more money, supplying advice which allows you to capitalise on commercial opportunities when they arise.
There is a trend towards accountants charging a fixed monthly fee for a menu of services. This allows business owners to see what they’re getting for their money, and to budget accordingly.
When you’re choosing an accountant, never be afraid to ask how much their service will cost you, and what they charge for providing occasional advice when you need it.
What benefits does an accountant offer?
A good accountant will supply the following services, should you need them:
- - accounts preparation.- audit.
- - maintenance of your statutory books and filing of your annual return.
- - tax computations and advice covering VAT, personal income tax and PAYE, corporation tax, capital gains tax and inheritance tax.
- - advice on how to find and management commercial finance.
- - advice on the implications of major commercial decisions, such as buying or selling a business.
- - recommendations for the best legal structure for your business.
- - a registered office.
Some accountants may also offer day-to-day book-keeping and payroll services.
Can I change my accountant?
Changing your accountant is relatively easy, and you will want to do it from time to time. It may be that your business has grown beyond the scope that your current accountant can handle, or perhaps you don’t feel they are as proactive as you would like them to be.
Cost can be another reason for taking your business to another accountant. A younger firm may have opened up, which offers a more modern service at a more competitive price.
Whatever the reason, you can change your accountant. When you do, make sure that as much information as possible is passed between the old and new.
Touch Financial can help you find an accountant
As the UK’s largest online commercial finance broker, we’ve built relationships with a strong network of accounting firms across the UK.
When you choose who to use as an accountant, it’s important that it is your choice. We can help direct you to local firms who we know offer an excellent service, and who share our professional values of being proactive and customer-focused.
Every month Touch Financial help businesses improve their cash flow with invoice finance. Request a quote to find out how much extra cash you could raise.Get a quote >