Home Business Insights & Advice What to look for in an accountant

What to look for in an accountant

by John Saunders
23rd Nov 20 3:18 pm

Accountants are responsible for totting up all the ins and outs of your financial affairs. Rather than holding them at arm’s length, you should be on very familiar terms with your accountant. After all, they are responsible for making sure everything adds up, not to mention important documentation is submitted correctly and on time. That’s why finding the right accountant for the job is essential.

Wondering what to look for in an accountant? Here at the main points you need to consider.

Great rapport

When you have a great working relationship with your accountant, they will become your most trusted business advisor. This can only happen if you’re both on the same page, which is why a great rapport is key. Before you jump in and choose an accountant, it’s always wise to do your research first. Have a meeting with them and see if your goals and ethos align.

Whether you choose an independent accountant or a larger firm is up to you. But be aware that those who work in a group are less likely to be insular in their approach. Whatsmore, they have plenty of colleagues to bounce ideas off of and share the workload with. This could work to your advantage if you are seeking a forward thinking solution to your accountancy.

A wide range of services

Most people only think of accountants as someone who will take care of your tax return for you. However, a good accountant will be able to do far more for your business all year round. For example, most accountants offer outsourcing of payroll or can manage your bookkeeping on your behalf. They can also create business forecasts and projections to help grow your company too.

Ideally, you want to find an accountant who can work as closely with your business as possible. If they don’t offer many services and barely reach out to you, then you could be missing out on vital business advice. So, look for an accountant who can help you across all areas of your financials, rather than someone who is content with only seeing you once a year.

A taskmaster

The best accountants work tirelessly to save you money and make your existing funds work as hard as possible for you. This starts with looking at what tax deductions you qualify on your return, as well as advising you about the best savings or investments you can make for your business. Accountants can also help you to raise funds for your business as well as apply for any relevant grants or schemes.

If they notice anything that is draining your finances, then they should be advising you on how to reduce this. Likewise, they should advise of any missed opportunities to up your profits. If the extreme diligence and attention to detail isn’t there, then you could be missing out on business growth.

To sum up

The above is just a snapshot of what to look out for in an accountant. Ultimately, they need to be someone who you can trust to get the job done well. To ensure the health of your business, your accountant must care about your finances as much as you do. By choosing a friendly, professional and knowledgeable firm, you can ensure that will be the case.

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