Running a small company is not an easy task, especially when the business is growing and you can’t just do everything by yourself. As the market expands, there is need to seek service from other people. An accountant should make number one on your priority list of professionals, but the question is; how do you choose an accountant best fit for your small business? What kind of criteria do you use? In this article, I am going to share with you some tips on how to choose an accountant best fit for your small business.
The principal accountant’s role includes keeping track of all financial records in your business to avoid any losses and also doing some tax returns. But in this century accountant’s job portfolio has expanded and may consist of doing roles like risk management, and consultation services. It means that when looking for an accountant there are other fundamental factors to consider and they include;
Whenever anybody is looking for a job, the first vetting factor is whether you have the skills for that position. When searching for an accountant it is not any different, your accountant should belong to a specific professional body of accountancy, and the authorities include the Association of Chartered Certified Accountants (ACCA) and the Institute of Chartered Accountants (ICA) among others. It is vital in making sure that the person you are hiring has the original certificate from any of this body showing that the person is qualified to be a professional accountant.
It is an essential assessment factor that you need to look at; it is very much advisable to hire an accountant who is well conversant with the type of business you are doing, do a probe and background check to establish what kind of assignments the accountant was dealing with before. For a growing market, you need someone who will guide you through all the financial matters, probably someone who previously had a touch in a similar industry. Choose an accountant who understands how your business operates.
In accounting field, we have different specialization; Taxation accountants, management accountants, forensic accountants among others. You need to ask yourself why you need an accountant before selecting one.
Another critical factor you need to consider before employing or hiring an account is how much will it cost. You already have your budget depending on your business portfolio; compare the quoted fee or salary against your budget. You don’t want to pay more than you can get.
Always remember proper financial management is the key to success of any small business, so you don’t want to make a mistake in selecting the person doing that job. Ask references from your colleagues who are running the same kind of business. Try and ask whether the person you are hiring is reliable and committed to his work. Through references, you can quickly tell the type of person you are hiring. Always remember, money is very tempting, so there is need to look for an honest person, and you can only tell that through referrals, people who know the person well.
Accounting work is a crucial matter in any small business, that’s why it is always advisable to seek professional expertise. Many companies have closed down due to lack of proper bookkeeping and financial management. Using the tips given above you can quickly identify a qualified accountant who will help your small business grow.
Written by GM professional accountants, small business accountants in Essex
For more info about small business accountants in Essex visit gmprofessionalaccountants.co.uk