A List of Essential Considerations when Choosing an Accountant for Your Small Enterprise

By | April 9, 2015

If you have made the decision to enlist the services of an accountant for your small enterprise, then you should be aware that there are plenty of accountants to choose from, particularly in a large and busy area like London. And this is where choosing the right one becomes a bit tricky as there are plenty of accountants who will claim to be fully qualified to help you manage your finances but may not be what they seem in the end.

So how will you know if you have made the right choice? Following is a list of considerations when choosing the best accountant for your needs:

Accountant Small Enterprise1. The right qualifications in regulatory bodies

The right qualifications are essential when looking for an accountant or an accountancy service. Many accountants may claim to be qualified, but the only way you can be sure of their qualifications is if you check and confirm it yourself. The accountant you choose should have qualifications and membership in one or more regulatory bodies, such as the CIMA, or Chartered Institute of Management Accountants, the ICAS, or Institute of Chartered Accountants, or the ACCA, or Association of Chartered Certified Accountants.

These regulatory bodies uphold certain standards in the practice of accountancy, and if the accountant is a member of one of these, you can be sure that they will be held accountable if they do something wrong. One tip: consider an accountancy firm rather than going for an individual accountant, for example, when you are looking for accountants central London is home to many accountancy firms such as GSM Accountants, which has a long standing in the industry, and can help ensure compliance with regulatory bodies.

2. Determine what you actually need

Another consideration when choosing an accountant, whether you are interested in accountants central London offersor accountants in a smaller community, is determining what your business actually needs from the start. For instance, if you have a small, start-up enterprise, then it may be wiser to opt for an accountant or accountancy service that specialises in small and medium-sized businesses rather than one who deals mostly with bigger corporations. What you can do in order to make it easier to determine what you need is to make a list of must-haves and then choose the accountant who fulfills most of the requirements you have on your list.

3. Consider the accountant’s fees

You have several options when it comes the accountant’s fees. Some offer fixed fees, whilst other accountants or accountancy services charge by the hour. You need to take a look at your own budget to determine which type of service is most appropriate for you.

4. Consider your own relationship of trust with the accountant

Whilst it is crucial to think about the accountant’s professional qualifications, areas of expertise and experience, and the like, you should not neglect the importance of being comfortable with your accountant. You need to be able to trust them so you can take whatever advice or recommendations they offer without worry, and you also need to be comfortable with them so you, in turn, can find it easier to be honest about all your finances and financial worries and concerns. In this regard, you must rely in part on your instinct. If you instinctively distrust or dislike the accountant and cannot explain why, then perhaps it would be a better idea to choose another accountant whom you can be more at ease with.

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