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A good accountancy firm is worth its weight in gold.

 

From supporting cash flow to staying on top of deadlines – working with an effective accountancy team is crucial for any business. For small businesses, new enterprises, and firms with limited resources, it’s even more important.

 

So, what should you look for in an accountant?

 

Can your accountant provide the advice you need?

Can your accountant make your money work harder?

Does your accountant understand your business?

Does your accountant have a good reputation?

 


 

Can your accountant provide the advice you need?

 

While the services on offer are usually similar, not all accountancy firms are the same.

 

For example, if you’re looking for auditing, investment or insolvency advice, is the accountancy firm authorised to do it? Do they have experience in your sector or industry if that’s something you’ve decided you need?

 


 

Can your accountant make your money work harder?

 

Accountants play an important role in taxes and filings – but they have a lot more to offer.

 

An accountancy firm can improve your cash flow management forecasting. This will help with day-to-day management and writing a business plan, if you don’t already have one.

 

They may also be able to help you find loan finance and raise capital. Your accountant should also help you to find any relevant government tax relief schemes.

 

You may have to pay a little more for advice over and above tax and bookkeeping requirements. However, this short-term expense can develop into long-term profits.

 


 

Does your accountant understand your business?

 

According to research by Experian, 59% of start-up directors are running a company for the first time.

 

That can leave a lot of room for error – especially when it comes to the financial side of the business. Managing cash flow and your tax obligations can be a daunting prospect.

 

An accountancy firm with experience of working with your type and size of business can add a lot of value.

 


 

Does your accountant have a good reputation?

 

Your accountant’s reputation will be key to establishing credibility with potential investors and shareholders.

 

Make sure the accountancy firm you choose is a member of one of the main professional bodies, such as the ICAEW or ACCA.

 

If they are regulated by the ICAEW or ACCA, this not only means you’ll get a certain standard of service – but also that you have somewhere to turn if something does go wrong.

© 2020 Appleby Mall Limited, trading as Appleby Mall Chartered Accountants, company number 04716987.

Appleby Mall Limited is a registered auditor under reference number C002805765.

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