As a business owner, getting the right professional support for your company is one of the most important things that you can do for your success.
When you own and run your own business, it’s not uncommon to end up taking on a vast range of different roles within the business, and with budgets tight, it’s understandable that many small business owners decide to do their accounts themselves.
However, there are many benefits to working with the right accountant. Not only will there be a weight off your shoulders when you know that a professional is taking care of your business finances and accounts to make sure that your money is working as well as possible for you, but a good accountant will also work with you to help your business grow and achieve its goals by offering informed advice and support.
When it comes to selecting the right accountant for your business, it’s worth taking the time to do your research and ensure that you are making the right choice. But with so many accountants out there, how do you ensure that you end up working with one who is right for your business?
Know What You Need:
First and foremost, before choosing an accountant, it’s essential to have a clear idea of what you are going to need from them. Make a list of the kind of work and responsibilities that you will want the accountant to handle for your business. If you only need small accounting tasks like basic bookkeeping or monthly financial statements, you can probably hire a bookkeeper. On the other hand, you may need a more experienced accounting firm if you want more complex tasks handling, like preparing tax returns or auditing financial statements.
Small Business Experience:
You’re running a small business, so you want to work with an accountant who has experience working with the little guy. Big accounting firms can be very impressive, but they often work with larger companies and have little experience working with smaller businesses and startups. Instead, look at what a accountants like Hodge Bakshi are doing. They are experienced accountants Cardiff, who started out as a small, family-run business themselves. Now, they’re one of the largest family practices in South Wales. They have plenty of experience working with small business clients and understand the financial challenges that running your own small business can present.
Industry Experience:
Another thing to look for when selecting a small business accountant is the experience in your particular industry. When an accountant has worked for various clients in a specific industry for a long time, they will get to know the related challenges and will have a better understanding of your business compared to an accountant that is unfamiliar with the industry. Finding an accountant who understands the industry that you work in and the unique challenges that it poses can be very beneficial, since they will be able to provide you with advice and guidance on the best financial decisions to make based on their previous experience with businesses like yours.
Get Recommendations:
One of the best ways to find a good accountant for your small business is to simply ask other business owners for recommendations. Most of the time, business owners would not recommend somebody who they didn’t think would do a good job for you, so this is usually a sure way to get a list of potential accountants who would be suitable for your needs. Ask around in your network or post in business social media groups on Facebook or LinkedIn and ask about the experience with any accountants that are recommended to you.
Get Quotes and Compare Fees:
Once you have a shortlist of potential accountants to work with, ask them for some quotes for the type of work that you will require them to do, and compare fees. Bear in mind that when it comes to a service like accountancy, you will often get what you pay for, so don’t go straight for the accountant with the cheapest quotes. Sometimes it’s worth investing a little extra in order to make sure that you are working with an accountant who has a lot of experience with small businesses in your industry. Before making a decision on which accountant to go with, you will want to have a clear idea of how they will bill you for their services; some accountants charge a monthly fee while others will bill per task.
Ask About Software:
Before choosing an accountant, find out which software they recommend their small business clients use. If you are already making use of accounting software such as Xero or Quickbooks, you might want to opt for an accountant that uses and recommends this same software, in order to make the transition as easy and as smooth as possible. You may come across some accountants who are still using outdated desktop accounting software and don’t want to switch to the latest online accounting programs. This is best avoided since you want to work with an accountant who is current and will be able to keep up with your business as it grows.
Be Selective:
Last but not least, your accountant is going to be a key partner in your business, so it’s important to take your time, do your research, and be selective about who you choose to work with your business. Think of hiring an accountant like you would hire an employee. You will want to make sure that they are the best person or firm for the job before you take them on and start giving them tasks to complete. You need to choose an accountant that is a good fit for your small business, understands the industry and the unique challenges that you face, and is able to support you through the good times and the bad. Don’t be afraid to move on to somebody new if you end up working with an accountant who does not feel like the right fit for your team; although it might be uncomfortable, it is always the best decision for the long-term.
Your accountant will play a key part in the running of your business, so it’s important to choose wisely!
