How to find an accounting service

HOW TO FIND AN ACCOUNTING SERVICE: A GUIDE TO HIRING A PROFESSIONAL FOR YOUR BUSINESS Unless you own a very small business or you are an expert in financial matters, it is always advisable for you as a business to seek the services of an experienced accounting firm which will provide you with myriad services such as Book-keeping, VAT, Tax, Payroll and Accounts.

What To Do Before You Start Looking For An Accounting Firm Initially it may appear daunting to you when you start searching for an accounting firm. However, this can be tackled by asking the following questions – 1. What kind of financial services you are looking for?

2. What is the level of expertise and quantum of experience you need?

3. What is the budget earmarked for these financial services?

Important Things To Consider Before Choosing The Right Accountant

Qualifications - Once you have done the ground work and start looking for the candidates, then the first thing to look for is the qualifications/certifications your prospective accountant has. A nonqualified/certified accountant may not be able to take care of all your financial needs. Especially

when it comes to services such as tax advice and return preparation, financial statements etc., business owners usually look forward to certified accountants. You should ensure that they have either of the qualifications such as ACCA, CIMA, ICAS or ICAEW recognised by one of the UK bodies.

Also find out if they are Chartered Accountant, as chartered status is an internationally recognised level of professional standing. An important thing to keep in mind is that the qualifications you seek in your accountants should be in sync with the type of services you require from them.

Experience – Apart from the qualifications and certifications, accountants you plan to hire must have the relevant expertise and experience to cater to all your financial needs and most importantly also help your business grow. Ensure that the accountancy firm has the experience of dealing with different business sizes and the industry sector in which you operate. An experienced accountant not only manages your money but also helps you to save it.

Location – In today’s digital world, it doesn’t matter where your accountant is based. Nowadays, most of the work gets done remotely. However, it always augurs well for your business if you have face-to-face meetings with your accountants initially to discuss your business needs in broader terms and get their expert advice.

Size – It is natural to get attracted to a large firm having a brand name, but your focus should be a firm irrespective of the size having relevant experience. If you are a sole trader or a small proprietor then a small accounting firm would fit your bill, however if you are a fast growing midsized firm with a big vision then it’s best to employ a mid to large size accounting firm.

Fees – One of the most imperative points to consider while hiring accountants is the fees they charge. Some firms charge by the hour whereas others work on retainer basis. Get estimates from various accountants and compare them. However, don’t base your decision solely on the basis of cost. Your decision to hire the accounting firm should be a holistic one based on all the points discussed above.

What Can An Accountant Do For You Some of the business accounting services that your accounting firm can provide is – 1. Book-keeping 2. Payroll services 3. VAT related services 4. Preparing financial statements such as Balance sheet, Profit & Loss A/c, Trial Balance etc.

5. Tax return preparation/Tax Advice – Tax Compliance and Tax Planning (Planning refers to reducing your overall tax burden, whereas compliance refers to being up-to date and obeying the tax laws of that country) 6. Creating/developing business plan for you.

7. Exit planning

A Few Points Before We Conclude 1. To maintain goodwill, some accountants may provide you with a couple of additional services (although this could be a one-off instance). Don’t hesitate to ask for these.

2. Ask your accounting firm how they keep in touch with their clients. It can be via emails, phone calls, video conferencing or face to face meetings. Frequent communication minimises the risk of errors creeping into your business.

3. A good accounting firm should assign a dedicated contact person for you. This builds a personal rapport and also reduces the risk of missed deadlines by sending you regular reminders and thus keeping you stay on the right side of the HMRC and Companies House.

(Looking for an accountancy service? Want to save time? Want to save tax legally? To get answers to such queries and to know more about the range of services we provide, kindly visit our website www.doshiaccountants.co.uk or call us at 020-8239-4999.)