Why Finding The Right Local Accountant in London Is So Important For Your Business
Finding a local accountant in London? Remember that choosing the right accountant for your business is one of the most important decisions a small business owner can make. A good accountant and bookkeeping service can save you time and help your business grow in the right direction; a bad accountant could cost you much needed and hard earned money. So with that in mind and with so many local accounting services available locally to choose from, it can be a daunting task to take on. So when it comes to selecting a local accountant in London and working with an accountant, what are the important questions every small business owner should ask so as to make the most informed decision?
Ask the Question, Why Should I hire You Above other Local Accountants in London?
Hiring and appointing local accountants London can be even more important than taking on a new member of staff into the company, and that can be very costly. The key questions to ask during the hiring process is how the accountant will add financial value to your business and company. You should look for someone who can act as an active business partner. You want them to demonstrate the skills and knowledge of supporting your small business.
It is important that you take your time with the initial research. It is advisable to have met with a least three candidates in London or Cork before making a final choice on which accountancy practice to engage. There are a few basic questions that must be asked during these meetings.
“First, what are their qualifications, and are they regulated by a professional body in Ireland? The CCAB/CCAB-I or CPA Ireland member, for instance, will have professional indemnity insurance, meaning any losses to your business due to bad advice will be covered.
It is also recommended that speaking to others in your sector to get second opinions about the accountants to practice reputation. It is also recommended to ask the accountant in London to share testimonials from customers, or better yet if you can meet one of their current clients.
Having the right questions ready boils down to doing your homework at the very outset completed.
Can Your Accountant in London Make Your Money Go Further?
However, that’s only a small portion of what a good accountant can – and should be doing for your businesses. A good accountant can help you raise capital by finding grants, government funding pots and expansion grants, and tax relief schemes. An accountant can help you sell shares in the business, crowdfund or find angel investment for your business.
Are You and the Accountant a Good Match?
The right accountant will have more than just prestige – it’s important your new accountant will understand small business needs and are able to offer relevant insight and advice.
It’s so important to ask an accountant if they work with small businesses, or have expertise in your sector or industry I’d also go with a firm that’s a similar size to you. That way, they understand your challenges, and their prices are likely to suit your ability to pay.
Ask what other companies they have advised in your sector, similarly, have they advised companies at the same life-stage as your business?
Accountants in London offer differing levels of engagement, so make sure to establish how often you’ll be in contact with them, and whether you’ll correspond by email or telephone, less contact often means fewer costs, but can make it difficult to ask questions or spot issues which may be about to become critical for your business..
At a larger firm, the person you initially meet or speak to on the phone might not be the person actually handling the work, ask who will be dealing with your account on a day-to-day basis. You’ve got to be satisfied that you’re not being palmed off to the office junior accountant or trainee accountant; that the person in charge of your case understands your business and can offer guidance and advice.
Once you’ve chosen an accountant in London, measuring their performance is an ongoing process. Arrange monthly meetings where you can ask for the accountants view on the business and its finances. The accountant should be asking if you have any issues, questions or concerns to discuss with them. If they’re not doing that then they’re not really adding much value to the business.
A healthy relationship is defined by on-going conversation and information sharing, which ultimately leads to trust and confidence. The way to get the most out of your accountant is to engage in dialogue and discuss issues which you may be encountering. he says. The more you share about your business, the more you will get out of the business relationship you have with your accountant in London.