A good accountancy firm is worth its weight in gold. From supporting positive cash flow, to helping ensure deadlines are met and filings are made, working with an effective accountancy team is crucial for any business. For small businesses, new enterprises and those where resources are lean, it’s even more important. So, what should you look for in an accountancy firm?
Can they provide the advice you need?
Not all accountancy firms are the same and while the services are often similar they are not identical. 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?
Choose an accountant that can make your money work harder
Accountants play an important role in taxes and filings but have a lot more to offer. An accountancy firm, for example, can have a very positive influence on your cash flow management forecasting, which in turn impacts on growth. They may also be able to help you find loan finance, and raise capital, as well as making the best use of government tax relief schemes. You may have to pay a little more for advice over and above tax and bookkeeping requirements but if that’s an investment likely to yield a positive result it might be worth making.
Not all accountants understand every 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 and a lot of unknowns, especially when it comes to the financial side of the business, such as tax and cash flow. An accountancy firm with experience of working with your type – and size – of business can add a lot of value.
How do they rate in terms of reputation?
This is important, as it will give you an idea of what others think of the accountancy firm. However, it will also be key to establishing credibility with any investors and/or shareholders you need to convince in the future. 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.