If you have an entrepreneurial spirit and want to enjoy the amazing highs and tough lows of running your own business, or if you’ve lost your job and decided to go it alone, this article will guide you through one of the most important decisions you will make for your business – finding a good accountant.
This will be one of the most crucial decisions you will make. It is not as easy as it sounds. Think about it. You need to find someone who is knowledgeable, experienced and understands your sector. You need to get along with this person and receive advice from them. That’s quite a list of requirements! If you don’t have a business partner, your accountant will be your closest working relationship. So choose with care!
Referrals: Many people believe that referrals are the best way forward when it comes to finding an accountant. It is easy to see why. If someone is happy with a service provider then they will be happy to refer them. Remember though that even with a referral you must interview the service provider and ensure it is a right fit for you.
Institute of Chartered Accountants: The Institute of Chartered Accountants in England and Wales and the Institute of Chartered Accountants of Scotland are the bodies that provide services for their members and their clients. One of them is a list of local suppliers in your area. They are independent bodies and so are not in the business of making recommendations. However, as said, they can give a list of accountants in your area with specialisms in your type of business.
Online: While some people believe that local is better, others say that the Internet is the best place to find a top-notch and inexpensive supplier. You can search by specialism and most good accountants will have websites detailing services and experience. They often also list testimonials, which can be very useful in the decision-making process. It is now easy to transmit large files online, and tax returns can be filed online too. You can appoint an online accountant to represent your business and respond to queries from the tax office, so working remotely is not an issue.
Local: There will be local suppliers who are in your town or nearby. You will have spotted their businesses while you are out and about and therefore the next time you are out make a note of the names and numbers and make contact. You can speak with them either on the phone or in person. Ask about experience and their areas of work. Find out what their fees are, too.
Networking: Business networking is crucial and one way of promoting yourself and winning new customers. But don’t forget, it is a way of finding suppliers, too! Make a point of discovering your local business support organisations and get involved. Chances are, there are many people who have good accountants that don’t cost a lot of money and who are able to take on new clients. There may even be accountants as members of these clubs!
Business Associations: Your sector of field of business may have an association or trade publication. If this is the case, make a point of contacting the association, looking at its website, or reading the publication’s display and classified ads for accountants who are available. They will likely have experience in your area of work.
Online Directories: Online directories are websites that list businesses by type, and sometimes by location. If you are not too concerned about where your accountant is located then national business directories will be best and can provide you with an extensive list of potential suppliers from which to choose.
Friends and Family: Seek recommendations and suggestions from people you know and trust. These will include many suppliers who do not have a specialist knowledge about your type of business, so not all of them will be suitable, but it is still worth asking.
Remember that when you select an accountant, be wary of one who says he or she can save you great sums of money. At the end of the day it is you, the business owner, who is responsible for your financials and your taxes.
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