How To Find The Right Small Business Accountant

Are you trying to find a good accountant that has the right credentials and a strong understanding of tax laws? My New Venture is here to help with your search and let you know the top things you need to look out for.

Have you asked yourself, should I hire an accountant for my small business? Finding an accountant helps you focus on other aspects of your business and leave the details to a professional. That’s why it’s key to secure the right small business accountant for you. From data collection to financial reporting, once you have decided it’s time to onboard an accountant, it’s time to consider what factors are most important and beneficial to your small business. Unsure when to get a small business accountant? We tell you the right time here.

Here are the steps you need to take to make sure you’re choosing the right person for the job.


What To Look For In An Accountant?

Let’s start by explaining, what is an accountant? In short, an accountant records business transactions, performance, reports, and health, on behalf of a business or organisation.

Finding the perfect small business accountant doesn’t have to be complicated or time-consuming.

With the right guidance, you can easily match your needs to an individual’s skill set and expertise. Along with guaranteeing qualifications and experience, finding someone you like can be half the battle when starting your business relationship. Before hiring an accountant, it’s crucial to do a little homework. Finding out more about their reputation and experience will ensure a healthy and harmonious partnership in the long run.

Here are the top things you should look out for to find the right accountant for your small business:

Proactive in saving money on tax legally and ethically

Advising on the right accounting software for your small business specifically

Alerting you to any financial issues that may lead to negative impacts


Ensure They Have The Right Experience And Qualifications

A huge aspect of hiring an accountant is to help you visualise the bigger picture.

An experienced accountant not only knows how to identify potential roadblocks but spotlight opportunities for growth. Ensuring the accountant you select has the right experience and qualifications eliminates the risk of failure or disappointment in the future. The work of an accountant can be highly technical, meaning it’s crucial to ensure the accountant you work with has a wide understanding of data management, reporting, and financial analysis. A great way to avoid costly mistakes and support your business strategy is by taking the time to research and learn about your accountant.

It’s important to note that experience and expertise will likely impact an accountant’s fees. How much an accountant charges to perform basic accounting services is usually anywhere between £25-£35 per hour. If you opt for specialist services, this will influence the overall price.


How To Find The Right Accountant For Your Business

Working with an accountant is beneficial for your small business’s financial health as they work to provide insights into the overall operations of your business. Finding an accountant who has an interest and belief in your venture, will help to propel your business success.

Once you have finalised what exactly your business needs from an accountant, it’s time to think about how best you can access the right accountant and services.

Tap Into Your Existing Network

As a small business owner, you might not have large budgets to cover the process of recruiting an accountant. That’s why it’s important to take advantage of your existing network.

The right accountant could be right under your nose, saving you time, resources, and energy.
From friends and family to business advisors, help make your decision easier by asking the people around you for assistance. There is no better way to form a healthy working relationship than with someone who currently works in your industry and network. Securing an accountant who is already familiar with your small business can help to immediately improve your workflow and progression to goals and objectives. Setting your business up for success by tapping into your network for accounting services provides insight into an individual that is dedicated and trustworthy.

Ask To Be Referred

Have you thought about mentioning that you are searching for an accountant at business events, social clubs, or even the gym?

A great way to choose the right accountant for your small business is by seeking the advice and opinions of strong referrals. Asking people in similar industries for names or referrals makes the hiring process immediately more efficient, avoiding wasting your time and energy. Finding an accountant through referrals means you can trust the judgement of fellow business professionals. Whether it’s a business advisor, a lawyer, or your banker, when it comes to preparing tax returns and auditing financials, it’s crucial that the individual you select is credible and experienced.

References and checking accreditation make creating a shortlist of potential accountants that little bit easier.

Look For Local Accounting Firms

Don’t forget to use your connections in your local community. This means asking fellow small business owners for recommendations to steer you in the right direction.

Local expert accountants with years of experience can provide your business with insights and knowledge you might have overlooked. If your business’s target audience is your local community, locally sourcing your accountant means they are already familiar and experienced with how best to grow your business. Determining how much experience your chosen accountant has in your industry and consumer, propels their positive impact on your business health. Not only will they possess the right credentials but have a strong understanding of tax laws, accounting software, and management that directly suits your small business.

When choosing the right accountant for you, it’s always a good idea to meet face-to-face to discuss handling your finances and operations, which can easily be arranged in your local area.


Questions To Ask Potential Accountants

Before hiring an accountant, it’s essential that they meet the needs and requirements of your small business. The best way to find this out is by thoroughly engaging with their experience, qualifications, and personality to ensure you find the best-suited accountant.

Here are our top questions you need to ask before hiring an accountant:

What are your fees?

What services are included in your fees?

What makes you the right accountant for my small business?

Will a dedicated accountant or contact person be assigned to my business?

What are the best forms of communication for you?

Does my type of business require any special considerations?

Do you provide additional services?

Do you know the most common mistakes your clients make?

What are your practices to remind me of deadlines?


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