Choosing the right accountant for your business can be one of the most important decisions you make. Choose the right person and they could be very instrumental in helping your business grow. Choose the wrong person and you could wind up losing money. But with so many qualified accountants in the market, it can be very difficult to narrow down just the right person for your unique business.
The following five factors should help you pick the right accountant;
- Make sure they’re Certified
Before you make a decision, it might be prudent to meet with at least three candidates. Yet, the first requirement is that each one of these candidates must be regulated by a professional body. Are they a member of the Institute of Chartered Accountants in England and Wales (ICAEW)? The ICAEW provides professional indemnity insurance that covers any losses to your business thanks to bad advice.
- Are they willing to take on More Responsibility?
Most people think the role of an accountant is to look after annual accounts and ensure tax compliance. But they can do so much more. An accountant can be instrumental in helping your business find grants, government funding and even tax relief schemes you wouldn’t have been aware of. These additional responsibilities can of great service to a business that is just starting out.
- Are They Right For your Business?
It is also important to note that the most qualified accountant may not be the right fit for your business. The reason is simple; your business is unique in its accounting needs and operations and requires someone who is has some experience running a business just like it. One of the main problems small businesses face when hiring an accountant is choosing someone who is qualified but has no experience working for a start-up. This can be a costly mistake. If you’re starting out, ask your candidates if they have experience with a start-up and shortlist only those who meet this criteria. We recommend using Numerion (one of the best London accountants)
- Do they have to Be Nearby?
With many businesses embracing online collaboration using cloud-based technology, you may want to consider if it is necessary to have your accountant on the premises at all times. The decision will depend on the nature of your business, but with the right systems in place, an accountant can work anywhere as long as they understand the specifics of your industry and business.
- Find Out More About Your Candidates
Interview questions and the most detailed of CVs can only go so far in providing you with information about the candidates. To find out more, online networks like LinkedIn can be a great way to get more information about their professional connections. On LinkedIn particularly, you can find out their professional networks, experience and qualifications to see if they match up with their CV. But LinkedIn can also provide you with detailed information on just how interested or enthusiastic a candidate is about their work.