We understand that your business is more than a livelihood. It’s your pride and joy, your passion. So, when it comes to choosing the right accounting firm for your business you want to make sure that all of your financial and business needs are met. This will vary for each business, however, there are a few fundamentals that you should consider. So, we’re sharing our top five crucial things to consider when choosing the best accounting firm for your business.
An important factor in beginning your search for the best-suited accounting firm for you will be your budget. Set a realistic budget for accounting services that your business can comfortably afford and this will help to filter your search. More experienced and highly rated accountants will often have higher fees whilst professional accountants with less experience or firms aimed at a small-medium business may have more affordable fees. Some may display their prices on their website but for others, you may have to email or call for a quote.
Take a look at what qualifications and certifications a professional or firm may hold. You want to ensure that the staff employed have the correct chartered training and qualifications and will handle your finances accurately and within legal guidelines.
Certifications to look out for include:
- AAT - Association of Accounting Technicians
- CIMA - Chartered Institute of Management Accountants
- ACCA - Association of Chartered Certified Accountants
Qualifications and registrations will vary depending on location.
How can an accounting firm help your business?
Do some research into what exact services and packages each firm can provide for you. As well as tax returns do they also offer a financial reporting service? Or perhaps advisory meetings and regular bookkeeping support. It’s also good to check out what cloud-based services they offer, if at all. Consider the most important services that your business needs support in, then some desirable services for streamlining and see what you can get for your budget.
Outsourcing someone to work with you on your business is a long-term investment. You don’t want to find yourself swapping accountants every year. In an ideal situation, you will find a firm that suits your needs and work together over a long period of time where your assigned accountant can get to better know you and your business as you grow. We believe that when choosing the ideal accountant firm for you, you should consider a personal connection. Do you feel heard and understood by the team? Are you and your accountant like-minded business-wise? Do you feel that you can ask questions without judgement? You want to find someone that you click with, that is easy to work with and most importantly you can trust. Transparency is key!
Feedback from previous clients
Like many service-based businesses, a great place to verify an accountant’s work is to read previous client testimonials and reviews. Anyone can tell you that they provide great quality service and can be trusted but is this what they actually deliver? Browse each firm’s website, social media and google reviews to find out how other clients found working with them and if any recurring issues arise between each client’s feedback.
This is also a good opportunity to find out the type of businesses that the accountant has previously worked with. Some sectors need specific support and industry knowledge goes a long way. They may specialise in different sized businesses also. For example, a large multinational company will need different support and advice than that of a local sole trader.
We hope that these tips will help you in choosing the right accountant or firm for your business. If you would like to enquire about how Fraser Accountants can help you then please contact email@example.com and we shall do our best to advise your next steps.