Finance, Main

September 28, 2017

Tips for choosing the right accountant for your business

Picking an accountant can either make or break a business. An excellent one will save you plenty of time and endeavor to help grow your company. While an unsuitable one can end up being a major drain on the finance facets of your business. Still, there are numerous professionals to select from. Here then are some issues you need to bear in mind while looking for the right candidate.

Assess performance
When you eventually pick the best candidate you will then have to assess their performance. One excellent way of doing this is by arranging consultations, for example, on a monthly basis. In such meetings, request his or her opinion over your business’ finance affairs. You should be on the lookout for signs of initiative as well. A good accountant will take it upon themselves to inquire of how the business is fairing on their own initiative. Another integral part of evaluating performance should also entail determining if he or she asks insightful questions. All in all, always keep in mind a healthy professional relationship consists of ongoing consultations and information-sharing between you and your partner’. Both of which, you as an astute businessperson ought to know, can effectively foster trust.

What value will the accountant offer to your business?

Getting the wrong individual may let overlook important issues you ought to be aware, and ultimately make you waste resources. Ideally, settle for someone who can adequately demonstrate the knowledge along with expertise of serving your business. So, make exhaustive research on their qualifications, and if they are members of relevant professionals bodies. For example, an ICAEW accredited professionals possess indemnity insurance. This implies should you sustain losses due to wrong advice, they can be mitigated. Also, evaluate their reputation by requesting testimonials and consulting other business owners in your given industry.

Look for extra benefits the accountant will bring to the table

Some businessmen erroneously think accountants can only offer bookkeeping services or ensure tax compliance. Yet, this is just tip of the iceberg to the services you can access. For instance, an excellent accountant can assist you obtain capital via grants, government funding or even help you access tax relief. They can as well assist in selling shares, leverage crowdfunding or getting an angel investment. So, always ask exactly what finance services you will be accessing for your money.

Will the accountant be a suitable match?

Good accountants should not just bring their prestige to the table. The right candidate ought to completely comprehend the requirements of your company. Better still, they should to furnish you with invaluable insights on how to run it in a more efficient manner. Take time to determine whether they have the necessary experience to work with you or if they possess any specialized skills in your given industry. When picking an accounting firm, preferably choose one that is of the same size with your business establishment. This way, they can easily discern the challenges you can encounter in your business affairs. Also, the pricing will be just right. You should inquire what other services they will provide over time too. This can allow you to evaluate their exact level of expertise in discerning your company’s needs as it continue to grows.