How would you define a good London accountant?
Many small business accountants offer a wide range of services and products, but does that mean they are good for your business? Good accountants are flexible and understand a variety of business channels to enable us to implement the strategies that are best suited to meeting your business goals.
A great account is judged in different ways depending on the business owner’s requirements. Some are prepared to sacrifice the level of accountancy services and risk possible HMRC fines for a cheaper price. Others want their accountants to be a part of every aspect of their business, while some judge their accountants on how few times they speak to them.
How would you define a good accountant in London?
Parameters for Good Accountants
In a city like London, where accountants are in abundance, it’s challenging to sort the chaff from the wheat regarding what makes a good London accountant.
When you’re running a small business or self-employed, having an excellent accountant brings many advantages to your business.
A good relationship with a professional small business accountant will make running your business so much easier and prepare you for the future growth that you want to experience.
Good accountants get to know your business and provide the accounting services that your business needs and work with you on your budgets. They never sell you or push services that your business never needs or are simply not required.
What You Should Get From A Good Accountant
Let’s start with a look at some of the more basic levels of service you should expect. Your accountant should free up more of your time by handling key functions such as bookkeeping and tax returns, not taking up your time and impeding your working day with too many requests for direction. Only experienced small business accountants will be able to work to this directive.
As your business grows and you expand, your accountant’s input should become progressively more significant and not stay at the same level. They should cover essential areas like financial reporting either to directors or third parties and monitoring the businesses’ compliance with all financial and HMRC regulations.
They should be able to handle the increased payroll and employee requirements.
Good accountants deliver premium accounting services such as regular reviews of your business’ tax situation and working with you to ensure that your company is tax efficient.
This means paying exactly the amount of tax you are legally required to pay and not a penny more.
A good accountant will be there to help with business planning and documentation that you may require for raising future finance or attracting investors. You will need up-to-date reliable financial information to enable you to make key decisions. A good accountant is your partner and often becomes a friend.
They will know your business and, in many cases, your managers and supervisors. They will understand your goals, and work with you to achieve them.
A good small business accountant is not just good with numbers, they are an integral part of your business, and defining a good accountant is about the choices you make when hiring.
Choose The Right Accountant
Trust is a major consideration and you need to ensure you check out your new accountancy partners before finally engaging them. They must be reliable and trustworthy, but personalities are a big consideration. Always talk to your new accountants first, if a phone call works for you then that’s fine, but we advise a face-to-face meeting to discuss the business and for you to be confident that you can work with the small business accountants you have chosen.
Accountants are Human (despite the jokes and what you may read) and don’t be worried if the boot is on the other foot and they can’t work with you. No point in seeking honesty if you don’t want honest answers.
For us, it starts with competence, trust and treating every client as equally important and as a member of our working family.
You need to consider and ask to see the accountant’s qualifications and for some references. For accountants in London, location is not an issue because of the city’s fantastic infrastructure and transport links, so they do not need to be on your doorstep.
While qualifications add value and show competency, relevant expertise and experience in the industry are major factors. Advertising accounting services is one thing, but you should ask about their experience in bookkeeping, tax returns and financial report preparation to you and to outside bodies.
If they are working with online software, they should be prepared to offer basic training so that you can understand the reporting format or access their platform as a client.
Ask all the questions you need to so that you are confident that you know whether or not the accountant will suit your company.
One final question to ask is if the accountants are members of any business associations or chambers of commerce that may provide valuable recommendations and suggestions to help you select the right accountant in London for you.
A final good tip is to not let size sway your decision. Large accounting firms will have higher fees to support corporate offices and their primary target audience is likely to be companies that generate millions in revenue. It’s not always the case, but there will be a risk that you, as a small business, could end up being a little fish in a very large pond.
Final Chapter
Choosing the right small business accountant is crucial for your business’s success and trying to run your business and do the accounts yourself can be costly both in time and money, as you will take longer and you are liable to make costly mistakes.
A good, experienced accountant in London will actively save you money by increasing tax efficiency, improving cash flows and sourcing funding with professional accounting services.
Our team of accountants are fully qualified and seasoned professionals. We support small business owners through all aspects of growing and managing their businesses.
Call us today for a consultation or make an appointment to drop in and see us.
