Proper financial management of any business, small or large, is integral to healthy business functioning. The world of trade and finance is constantly evolving, which is why only qualified personnel should handle simple and complex accounting. The same goes for personal accounting, such as budgeting, tax calculations, and investing. We strongly recommend working with an accountant if you don’t have any prior accounting or financial knowledge.
For businesses, accountants provide a complete overview of your business’ finances through a detailed analysis of financial statements such as income, balance, and cash flow. The results of such analyses reflect the current financial situation of your company.
You can then use the information to make better allocate resources based on your budget, financial plan, and business objectives. An accountant with the right expertise and experience is sure to improve the financial state of your business.
Although no one is required to keep financial books by law, accountants ensure that you are getting the best treatment in terms of tax benefits and income management.
Despite knowing their benefits, many people don’t know how to choose the right accountant. To make it a bit easier, we’ve curated some essential factors you need to consider when choosing an accountant.
As a rule of thumb, always ask for the academic qualifications and licenses of any practitioner or accounting firm you wish to hire. An ideal accountant should have certifications from any of the leading licensing bodies like The Association of Chartered Certified Accountants (ACCA), The Chartered Institute of Management Accountants (CIMA), and The Institute of Public and Finance Accountancy (CIPFA),
Licensed individuals are thoroughly trained and tested, and some of them specialize in different fields under the accounting umbrella. But first, ensure that they have the right qualifications before engaging their services. Some recent references also prove their expertise and out your mind at ease.
As we mentioned earlier, there are various specializations in accounting. Before setting out for an accountant, you may want to revisit your business to ascertain the needs and goals necessary for stable growth and scaling. This helps to decide the kind of accountant you need for best results. The financial aspects of business include, but are not limited to, cash-flow planning, book-keeping, account management, payroll, budgeting, tax planning, etc. Services offered by accountants range from basic accounting, like auditing, to more specialized functions like financial analysis or strategic business management.
Once you figure out the financial services you need, you can then search for accountants that render such services. Another thing to consider is if the accountant is familiar with your industry or area of business specialization. The best fit for your industry niche can provide specific solutions tailored to your particular needs and requirements.
Most accountants will be looking to take you on as a client, but not all are suited for the job. Again, evaluate the critical objectives of your business to get a suitable accountant that can gear you towards achieving those objectives.
With FindUKAccountant, you can gain access to the right accounting professionals ideal for your specific business needs and requirements. All you have to do is provide your business details and conditions by filling an interactive form. Recommendations for suitable accountants for your business and industry will be provided immediately upon completing the form.
3. Work Location
Accountants can either serve you on-site or virtually; with the growing trend of integrating digital technology with business practices, some licensed accountants can assist you from any location. This might seem like a preferable solution, but you are open to errors and mistakes from oversight or lack of communication.
Complex business structures are even more prone to such errors, especially since large and updated quantities of data will be required for proper analysis. Having a digital accountant may mean you have to perform your book-keeping by updating your financial portfolio through online software.
Inaccuracies can arise from this approach because of your limited financial skill and knowledge. The best-case scenario is to work with an accountant close to the location of your business or company.
This way, you can have physical meetings and converse about your current financial state. After which you will be provided with more detailed and beneficial solutions on the best plan for your business or company. Easy accessibility to your accountant can help you make better time-sensitive decisions since you can easily reach them.
Accountants come with different fee structures so you need to set a budget for the hiring process. Doing this will allow you to make conscious decisions since you know how much you have to spare for the accountant. The level of the accounting services you need will be a major determinant of how much you spend.
However, overly expensive accountants don’t guarantee extensive coverage of your business accounts with the care that you need. Hence, before you request a quote, ensure your accountant has good reviews on similar work.
The fee structure of the accountant can either be hourly, fixed, or evaluated on a value system. Hourly payments are the most flexible of all three kinds of fee structure.
Fixed or value payment structures are less flexible and might cost you more money. It’s best to pay less bearing to the pricing structure as long as you have access to high-quality accounting services.
FindUKAccountant offers businesses and companies with several options that can be compared for the best option that suits your budget. You can compare their expertise, certifications, and business profiles as well.
Hiring seasoned accounting professionals is beneficial in the long run as they allow you to focus and perform better with other important aspects of your business. We know choosing an accountant can be tricky, but there is a solution.
FindUKAccountant bridges the gap between your business and a network of licensed accountants in the UK. Our services are free of charge, making the entire process easier on your budget. You can always reach out to our customer support for help with special requests or inquiries.
Disclaimer: We don’t take any responsibility for actions taken based on above information. Please speak to our consultants if you need more information. This guide was written specifically for FindUkAccountant clients. By necessity, this briefing can only provide a short overview and it is essential to seek professional advice before applying the contents of this article. No responsibility can be taken for any loss arising from action taken or refrained from on the basis of this publication. Details are correct at time of writing.