Choosing accountants to work with is no easy task.
Perhaps you’ve just started your business and the accounting demands have begun to take up too much of your time. Or maybe you’ve had somebody taking care of your tax needs for years and you just need a change. Either way, it’s important to find an accountant who can meet your needs.
The truth is, the decision depends on you and your business circumstances.
So, while we’re not going to tell you that we’re the perfect accountants for you (although there’s a good chance that we might be – discover who we work with to find out!), we are going to talk you through the steps you should take to make an informed decision, so that you can find the perfect accountant for you.
Summary: How to choose an accountant
- Know your needs
- Understand what the accountants can offer
- Consider your compatibility
- Have a budget
- Make use of recommendations
Step 1: Know your needs
When your business is growing, every opportunity that you face will come with a challenge. Maybe you want to become a limited company, or you’re thinking about exporting. You might be struggling to keep up with your own bookkeeping, or sometimes you just need tax advice. Whatever the challenge, it’s a sure sign that you should consider engaging an accountant to help you. But what will you need them to do for you?
If all you need is a little help with your daily finances, then a good bookkeeper will be able to do the job for you. We have an excellent team of bookkeepers who can do the job for you – find out more on our services page. However, if you’d like assistance with more complex business matters like tax preparation and filing or business advice, you’ll need to collaborate with one of our expert accountants.
If you have many needs, it can help to organise them in order of priority so you can match your top requirements with the accountants’ top areas of expertise.
And if you’ve already used the services of an accountant, think about what worked and what didn’t. Consider which services you found helpful, and whether there’s anything that you wouldn’t like an accountant working on for you again.
Step 2: Understand what the accountants can offer
Services
At the end of the day, you’re looking for an accountant because you need them to provide you with certain services. Make sure that they can offer solutions to your priority problems, and if there’s anything they can’t help you with directly, check if they have professional connections who can.
Looking to the future, as your business continues to grow you might require more extensive services – finding an accountant that you know can offer these will save you the hassle of switching down the line.
Technology and tools
Most accountants use some kind of software nowadays. If your business is also using software, it’s beneficial to opt for an accountant who uses the same one so you can easily share sensitive information. If you can’t find an accountant who uses the same programme as you, you can ask if they’d be willing to do so.
The best software to look out for is a cloud-based accounting or payroll program, specifically with encryption built in. Some of the market-leading software most popular with accountants, including us, are Xero, BrightPay and Dext.
Qualifications
Look for accountants who are chartered so you can be sure that you’re working with someone who’s qualified.
Chartered Accountants are highly qualified professionals who have studied accounting to a high level and gained industry experience, so are generally more trustworthy.
They’re regulated by a professional body – the one to look out for in Scotland is is ICAS (Institute of Chartered Accountants of Scotland), and in the rest of the UK there’s there’s ICAEW (Institute of Chartered Accountants in England and Wales), ACCA (Association of Chartered Certified Accountants), and CIMA (Chartered Institute of Management Accountants).
For more basic financial management like bookkeeping and tax preparation, you can use accountants who are not chartered – but if you plan on growing your business, you’ll need a professional accountant, so it’s easier to work with one right from the word go.
Step 3: Consider your compatibility
Your accountant will be handling sensitive financial information, so it’s important that you feel comfortable working with them.
Research the types of businesses that they typically work with. Ideally, you want an accountant who has experience with firms of the same size as yours and with firms in similar industries to yours; this will give you peace of mind that they know what they’re dealing with. You can consult the Meet the Team section on a firm’s website to get an idea of individual accountants’ experience and areas of expertise.
Consider how you prefer to communicate and how they like to do things. If you prefer to meet face-to-face, are they located conveniently enough for you to travel to their office for meetings? Or are they willing to travel to meet you?
On the other hand, if you prefer doing things virtually, do they offer phone or video calls for clients? Are they responsive to emails and other communications? Remember that you’ll be discussing your business information, so think about how you’re most comfortable talking about this.
To test your compatibility, it’s a good idea to book a consultation with the accountants that you’re considering (which are often free of charge like our free consultations). You’ll be able to ask them questions about what they can or can’t help you with, as well as getting a feel for their personalities and ways of working.
Step 4: Have a budget
You should set a feasible sum that your business would be willing and able to pay for accounting services.
A cheap accountant isn’t what you should be searching for – instead, look for value for money. Be aware that the more complex your business needs are, the more you should expect to pay. Weigh up the services being offered with the fee to determine whether the accountants can meet your business finance needs within your budget – and remember that a very low fee probably means that the service is quite basic. Generally, you should expect to spend 1-3% of your turnover on your finance function.
Step 5: Make use of recommendations
Of course, doing your own research will help you make the most informed decision, but good old word of mouth can help in your search.
Consult online reviews of the firm on platforms like Google and read through client testimonials if they’re available on the company’s website (and if there’s no sign of them, that might tell you something too).
Ask your online and offline networks for recommendations and take advantage of business groups and voluntary organisations for advice. If you know people in real life who run similar businesses to you and have had a positive experience with an accountant, there’s a good chance that accountant could be a good fit for you too.
To sum up, there’s no such thing as the ‘best’ or ‘worst’ accountant – the key to finding an accountant who’s right for you is clearly defining your business needs and budget, and doing research to find an accountant who best aligns with these.
At Benson Wood, we love working with limited companies, sole traders, partnerships, and individuals. We provide everything from bookkeeping and tax returns to cloud accounting and advisory services. Get in touch to find out how we can help you.
