Although an accountant might be capable of what they’re actually doing, they might not be the proper fit for your business. In this article, we have mentioned a comprehensive 10-step checklist for choosing an accountant.
Look for recommendations
It’ll be a sensible idea to ask your friends and other familiar persons for recommendations in case they have used the services of an accountant in the past. You can talk to the accountant in person after getting the referral.
Talk to more than one accountant
It is a fact that there are quite a few accountants in your area, you should make it a point to talk to several of them before appointing one for your business This will help you to compare amongst different accountants and choose the best one out there.
Make certain that they fit your business
Make it a point to select an accountant who is experienced regarding the business that you are operating. For example, if you happen to be an IT contractor, it will be of no use to select an accountant who is specialized in pubs.
Can they advise you about recent changes
The world of business and accounting is always changing. Is your accountant up to speed and can they advise you about the latest changes in tax rules for example. If you in the UK can they advise you about setting up companies in Ireland after Brexit ?
Make sure that he is qualified
Ensure that the accountant does have an accounting qualification and happens to be a member of an accounting body like the ICAEW. In case he is a tax agent, he will be able to give you advice on tax only. He will also be able to offer financial planning advice in case he has got a Financial Services license .
What services are being offered by them?
Accountants are going to provide different services, and you will be able to select which services you require from them. For instance, although they might be offering a bookkeeping service, you will not require their assistance in case you want to make use of online accounting software. You need to understand what exactly you need from your accountant before appointing him.
In case you are running a small business, it is natural for you to try to save money. Therefore, it will be imperative for you to go to the correct accountant. There are many accountants on the market offering quality services at reasonable rates at present. Also, try to find out whether they have got any hidden charges.
It is natural for you to interact with the accountant whom you’re appointing from time to time. Therefore, it will be imperative that your personalities should not clash. Always go for an accountant who is friendly as well as amicable.
While appointing the accountant, always ask for a copy of the Public Indemnity Insurance of that person along with his operating license. Any professional accountant will furnish you with all these documents, which will provide you with total peace of mind.
Will he be able to prosper your business?
The accountant is going to become involved with your company’s operation from the very beginning, and therefore you should not take this decision lightly. Try to find somebody whom you can trust and who has got the required experience behind him. Good accountants will help your company prosper by dealing with your complicated accountancy work and will also provide you with business advice.