There are a lot of accounting companies in the United Kingdom. This can make it dreadfully difficult to track down one that is going to be right for you. Thankfully, we have a couple of tips on ensuring that you find the right accounting services for your business.
Are the accountants legal?
You should only be working with chartered accountants i.e. ones that have completed an accountancy qualification. While you can work with non-chartered accountants, you do have to bear in mind that they will not be able to file the accounts for you. You will also need to remember that they may not have the experience needed to produce your accountants properly.
The Size of Your Company
If you run a small business i.e. one that is likely generating a few thousand pounds of profit each year, then you probably do not want to be working with one of those big accountancy companies that mostly deals with a million pound behemoth. That being said, these companies are unlikely to deal with you. If they do, then the prices are going to be so high that you probably wouldn’t be able to afford them anyway.
If you run a small business, then you should only be looking for companies that advertise themselves as working with small businesses!
Does the company work in your niche?
Certain businesses may have extra obligations placed upon them when they file their tax returns. For example; charities, or businesses that deal with investment. While most businesses can work with any accountancy firm that they want, if your business has ‘special requirements’ (check legislation) for accounting, then make sure that you are dealing with a company that can help you with that.
How experienced in the accountancy firm?
Obviously, you want your accounts in the hands of professionals. This is the best way to ensure that they are completed properly and to a high standard. Therefore, when you are searching for an accountancy firm to work with, it is worth taking the time to ensure that the company has a decent amount of experience as an accountant. While newer companies are likely to be a bit cheaper to work with, they are more prone to making mistakes. This could cost you more money in the long run.
Can they do your accounts?
Seriously. Talk to the accountants. Many of them are incredibly busy, and there is a strong chance that they may not have time to do your accounts. You may also find that some companies do not work with certain types of business, or with people that they do not gel with.
Your accountant may not work with you if you do not use a certain accounting system, for instance.
Check Reviews
Whether you are searching for an account in the United Kingdom, or any other type of business, we always suggest that you read through reviews. This will give you an idea as to whether a particular company is worth working with. After all, if a company seems to be attracting a lot of positive reviews, then they may be worth your time.
Check services
Every accounting firm will have their own area of expertise and their own services that they provide. Some accountants deal solely with HMRC and tax matters, others will provide day-to-day bookkeeping, and a few will even offer full financial services including some that also offer debt collection Manchester businesses might need.
Make sure any accountant you check out can provided the services you need and make sure they have sufficient experience with the rules and regulations that might be relevant to your business.
Meet the Accountant
Always make sure that you meet the accountant. If you cannot do this in person, then make time for a decent phone call. As we said; it is likely that they will want to talk to you about your business to find out whether their services are a good match for your company.
Talking to the accountant will also give you a bit of time to work out whether they are good for you. Since you will likely be working incredibly closely with your accountant, you will need to make sure that you ‘get on’ with them.
Finally: do not forget to discuss the price of their services. Although, do make this the deciding factor in whether you work with a company or not. It is generally not advised to work with a company simply because they are ‘cheap’.