A successful business depends on the right accounting and bookkeeping and audit services. However, hiring an in-house accountant can be a money burner for small to medium-sized companies. They can outsource the tasks to accounting firms in the UK, which provides the original financial picture of a business, and help them make complex decisions.
Numerous small to large accounting firms in the UK provide services to businesses regardless of type and size. Working with the right firm can benefit your business, but choosing from hundreds of options can be challenging. Here is a small guide on how to select the best accounting firms for Self Assessment Tax Return.
Set your goals
Before you start looking for accounting firms, ask yourself what you want from an accountant. Put down a few notes to narrow down your initial search. For example, you may need to complete your monthly financial statements and bookkeeping tasks which an ordinary accountant can fulfil, but it is not the case if you want tax advice.
Look for business experience.
If you are running a small business or startup, you need to choose an accounting firm that deals with small to mid-sized companies instead of large accounting firms that may charge you higher fees but will not be much beneficial.
Additionally, you need a firm that has previously worked in your industry and can offer necessary services. An accounting firm like Experlu can help you meet your business goals and work with a team of experts having expertise in every industry.
Look for certifications and memberships.
Generally, the best accounting firms work with highly qualified professionals accountants who have a degree and workplace experience. They have experience and can add value to your business from the initial stage while guiding you as the company grows.
However, you need to ensure the qualifications of every individual in the firm and see if they hold membership in any professional accounting body in the UK. The higher the capability of an accountant, the better the financial solutions.
Ask their fees
When choosing the best accounting firm for your business, you need to consider its fees and check whether it fits your business budget. After considering accounting fees, most organisations take a step back and prefer maintaining their books themselves. However, it can be risky when your business starts growing, and you generate a complicated financial scenario.
Accounting firms generally calculate their fees in either of two ways, charges per hour or a fixed rate. The service charges differ from one firm to the next, and you need to compare the best firms to get the right one for your company.
What accounting software do they use
You need to ask the accounting firm what software they recommend for your business. Recognise if they are using the same old desktop accounting software and are unwilling to switch to the latest online accounting solutions. Such a firm is not suitable for a business in the era of automation.
If you are at 123Financials, they will recommend the latest cloud-based software and other financial tools to automate your accounting tasks and avoid human errors leading to costly penalties.
Ask for their availability.
Some businesses look for accounting firms to deal with tax at the end of the year, whereas others may require daily communication to clear doubts or avail of different services. You must ask the accounting firms about their actual availability. Doing so at the beginning will eliminate problems when you want help from the firm, but they are busy dealing with other clients.
Questions to ask
Here are a few questions you can ask accounting firms in UK:
● What services can you offer to my business?
● How do you communicate with other clients?
● How can you improve the current business operations?
● How can we speak to your other clients?
● How will you add value to my business?
● What are the latest government regulations for your industry?
These are some common questions that clients usually ask firms while choosing them. However, you can have different queries, clear your doubts, and see how they handle your questions fluently.
Conclusion
When choosing the best accounting firm in the UK, you can ask for references from friends or business associates or rely on word-of-mouth. When handing over the most crucial financial data to someone outside the company, there are several things to consider. Selecting the wrong accounting firm can lead to costly mistakes, data breaches, frauds, and affect your business’s credibility.
Remember not to rush the hiring process, set up face-to-face interviews, run background checks, and negotiate fees to an agreeable amount for both parties. Once you find an accounting firm fitting your business requirements, outsource your accounting tasks to them and stay stress-free.