Choosing an Accountant for Your Business
Tax and business affairs are complex issues so whether you are planning to start a new business or have a well-established company, your choice of accountant is one of the factors that will contribute to your business’s success. A good accountant is one that is highly qualified, for instance a chartered accountant with an ACA qualification from ICAEW indicating they have a high level of technical knowledge but also practical experience.
Choosing an accountant
A good accountant is also one that suits you and your business so whether you are looking for a chartered accountant in London or anywhere else in the UK they should be chosen carefully, not in a last minute rush when there is a tax return deadline looming. When choosing an accountant, make sure the firm has other clients in the same industry or of the same size as your company so they are familiar with the sorts of issues you will face.
So what can a chartered accountant do for your business?
- Handle the time-consuming preparation of your accounts to allow you to get on with running your business.
- Provide professional tax-saving advice
- Help you secure loans or other funding to grow your business
- Help you structure your business more tax-efficiently
Where can you find a chartered accountant in London?
Personal recommendations are a good place to start but make sure any recommended accountants are a good fit for your business. An old family friend of a friend in your local town may have always been helpful at managing personal tax returns but if you have a rapidly growing company based in London you are likely to need something more.
Also consider carefully the advantages of employing a firm of accountants. There will always be someone available should your regular accountant become ill or be on holiday when an urgent issue arises. There will also be people with different experience and specialisms to call on if necessary. But at the same time make sure the firm is not so large that you will be speaking to someone different every time you call or email. Ideally you want a dedicated accountant who will get to know you and your business over time and by building up a good working relationship will be able to give you advice that is truly relevant.
Here are some of the factors to look out for:
- Dedicated accountant assigned to your business
- Deals with businesses of a similar type and size to your company
- Local accountant so you can have face-to-face meetings
- Fixed fee options to manage costs
This last factor is particularly important to bear in mind if you have a new business and want to know exactly what you will be paying in the first few years. Tuchbands are Chartered Accountants in North London and offer fixed fee accountancy services as an option for all clients with various price options from a basic service to one including regular telephone support or face to face meetings.