Choosing the right accountant is one of the most important decisions a small business can make. A skilled accountant can save you time and help your business grow, while a less competent one could cost you significantly. With numerous options available, it can be overwhelming to make the right choice. Here are some key questions every small business owner should ask when selecting and working with an accountant.
Why Should I Hire You?
Hiring an accountant is sometimes even more critical than hiring an employee. The right accountant ensures you don’t miss vital financial opportunities, while the wrong one could lead to costly oversights. Look for an accountant who can act as a business partner, bringing the necessary skills and knowledge to support your small business.
Take your time to research and meet with at least three candidates. Ask about their qualifications and if they are regulated by a professional body.
Could My Money Work Harder?
Many people think accountants only handle annual accounts and tax compliance, but a good accountant can do much more. They can help you raise capital through grants, government funding, and tax relief schemes. It’s crucial to ask what additional financial benefits they can bring to your business beyond just balancing the books.
Are We a Good Match?
The right accountant should understand the unique needs of small businesses and offer relevant insights. They should have experience working with businesses in your sector and be familiar with companies at a similar stage as yours.
Establish how often you will be in contact and whether communication will be via email or phone. Less frequent contact might reduce costs but can make it harder to address questions or spot issues early.
Are Things Working Out?
Once you’ve chosen an accountant, regularly assess their performance. A good accountant should provide proactive advice and regularly check in with you to discuss any issues or concerns.
By asking these questions and maintaining an open line of communication, you can ensure that you choose an accountant who will add significant value to your business, helping it to grow and thrive.
Need assistance? Contact us and we can steer you towards financial success, ensuring that every pound spent contributes to your business’s objectives.
