For small and medium sized businesses, the difference between success and failure can sometime be as little as a few thousand pounds. Getting your expenses, cash flow or invoicing even a little bit out could leave your company struggling and cause significant financial problems down the line.
This makes your accountant one of the most important and valuable members of your team. Able to help steer your business through turbulent financial waters, a good accountant can mean the difference between your business sinking or swimming.
Follow these tips to make sure you choose the right accountant for your needs.
Choose a small business specialist
According to research by Experian, 59% of start-up directors are running a business for the first time. As a result they will need to rely on their account for advice and guidance as well as bookkeeping.
Choosing an accountant with extensive experience working with small and medium sized businesses will help to ensure that they can find the best solutions for your needs and offer you the most relevant financial advice.
If the industry you’re involved with has its own specific sets of rules and regulations, choose an account with experience in your field and relevant specialist expertise.
Check their qualifications
One of the most important tips for choosing an accountant is to check their qualifications.
Though most accountants will be honest and above board, it’s always a good idea to double check that they have all of the degrees, diplomas and certificates that they say they do before you start doing business.
Find an accountant that offers reporting and analysis
A good accountant can do a lot more than just tick off boxes on your tax return. If you can, hire a firm that also offers reporting and analysis.
This should help you to streamline your operations and make the most out of your cash flow.
Find someone who’s organised
If your accountant isn’t organised, there’s little chance that your books will be.
Always choose an accountant who’s quick to respond to your queries, is on time for meetings and is able to provide information and data as and when you ask for it.
Check their progress
Once you’ve chosen an accountant, there are no rules stating that you have to engage their services forever, if you are not satisfied, review the market.
In order to ensure that you’re getting the most possible out of your business relationship, try to monitor their work and assess how they are influencing your business.
If you think that they could perform better, to talk your account or change providers if necessary.
A good accountant can make a huge difference to any business so make sure that you take the time to search for the perfect partner and build a business relationship that works for you.