Choosing a new accountant is an important decision for any business owner. After all, your accountant will be responsible for managing your finances, ensuring compliance with tax regulations, and providing critical advice and guidance when you need it most.
But with so many accounting firms out there, how do you choose the right one for your small business? Here are a few things to keep in mind as you narrow down your options and make your decision.
Choosing a New Accountant - Industry Experience
When you're looking for an accountant, it's important to find one who has experience in your industry. They'll be familiar with the unique challenges and opportunities that businesses in your sector face, and they'll be better equipped to provide the specific services you need.
For instance, if you're a retailer, you'll want to find an accountant who has experience working with other retailers. They'll know how to best manage inventory and depreciation, handle sales tax and VAT, and deal with other issues that are specific to the retail sector.
Similarly, if you're in the manufacturing industry, you'll want to find an accountant who understands how production costs work and can help you minimise waste and maximise efficiency. The more experience your accountant has in your industry, the better they'll be able to meet your needs.
Choosing a New Accountant - Services Offered
Of course, before you can decide if an accountant is a good fit for your business, you need to know what services they offer. Most accounting firms will offer a basic package of services that includes bookkeeping, tax preparation, and compliance assistance. But depending on the size and complexity of your business, you may need more than that.
For instance, if you have multiple locations or operate internationally, you may need an accountant who specialises in multi-jurisdictional tax law. Or if you want to implement Profit First in your business to become more profitable, then you may want an accountant who is a Certified Profit First Professional 😉
Choosing a New Accountant - Pricing Structure
Finally, it's important to consider how an accounting firm charges for its services. Many firms charge by the hour or by project. But some may also offer monthly or annual packages that include a set number of hours or services for a flat rate.
We offer monthly payment structure (with no tie in).
Consider what pricing structure makes the most sense for your business and compare it against what each firm is offering. It's also important to ask about any additional fees that might be charged for services outside of the standard package. This will help ensure there are no surprises down the road.
When it comes time to choosing a small business accountant in the UK, there are several factors worth considering. First, look for an accountant with experience working in your industry. They will be familiar with common challenges businesses face in your sector. Second, make sure they offer all of the services your business needs, like Profit First. Third, take into account their pricing structure, ensuring that it's affordable and transparent. By taking these factors into account, you can be sure to choose an accounting firm that's well suited for your small business.