How To Find The Right Business Accountant Near You

In the business world, having the right accountant is crucial. But deciding who’s the best fit for your needs nearby can be tricky.

This guide serves as a roadmap, offering step-by-step directions to help you discover the ideal business accountant in your vicinity. We’ll go through everything from understanding what your business needs to knowing the types of accountants out there. By the end, you’ll have the know-how to pick not just any accountant but the right one to help your business thrive.

Business owner deciding their accounting needs.

Step 1. Define your accounting needs

Begin your search by clearly defining your accounting needs.

It’s crucial to understand the specific requirements of your business before you start looking for an accountant. To assist you in this process, we recommend creating a checklist. Here are some factors to consider.

Business type

Determining your business structure will help you define the scope of your accounting needs and identify any specific accounting requirements that apply to your business type.

 

  • Sole trader. Simplest business structure, where the owner and business are one. Accounting needs may be minimal, but tax implications still exist.

 

  • Partnership. A business owned by two or more partners. Accounting can be complex due to partnership agreements, profit-sharing arrangements, and tax reporting. 

 

  • Limited Liability Company (LLC). Hybrid business structure combining corporation and partnership benefits. Accounting needs vary depending on owner number, business complexity, and jurisdiction.

 

  • Limited company. A separate legal entity from its owners. Accounting is typically more complex due to corporate formalities, financial reporting requirements, and tax regulations.

 

Industry regulations

Being aware of any industry-specific accounting regulations will ensure that your financial statements are accurate and compliant, which can help you avoid penalties and legal issues.

 

 

Tax implications

These implications can significantly impact your financial strategy and decision-making, so it’s essential to understand them thoroughly. 

Here’s a breakdown of the key UK tax considerations:

  • Value Added Tax (VAT). VAT applies to goods and services supplied by UK businesses above the VAT registration threshold (£85,500 for the 2023-24 tax year). if your business exceeds this threshold, you’ll need to register for VAT, collect VAT from customers, and account for VAT in your records and returns. 

 

  • National Insurance Contributions (NICs). NICs are social contributions paid by employees, employers, and the self-employed to fund social security benefits. The rates and contributions vary depending on employment status and income levels. It’s important to understand your NICs obligations to ensure accurate deductions and payments.  

 

  • Capital Gains Tax (CGT). CGT applies to profits from the sale of assets, such as property, shares, or investments. the CGT rates depend on your individual circumstances and the type of asset being sold. It’s essential to consider CGT implications when making asset disposal decisions. 

 

  • Growth Projections. When defining your business accounting needs, don’t overlook your growth projections. Proactive planning will help you select the right accounting services and ensure your accounting infrastructure can support your growth trajectory. Anticipate the future volume and complexity of your financial transactions and identify any specialised accounting needs that may arise.

 

looking for business accountant near me

Seek recommendations

Next on your journey to find the right business accountant is step two: gather recommendations. 

Trust the advice of people you know well, like colleagues, mentors, or others in your industry. Attend events or conferences to get suggestions from peers and professionals. 

Also, go online and check local reviews from past clients. hearing from others who’ve worked with business accountants can give you valuable insights. Mixing both offline and online strategies will help you create a solid list of recommended accountants for the next steps in your search.

credible business accountant

Evaluate credentials and experience

This is the third step for finding the right business accountant: evaluating their credentials and experience. This phase is pivotal for assuring that your chosen accountant possesses the requisite skills tailored to your business needs.

Begin by confirming their professional qualifications and certifications. Here are some good ones to look out for:

Chartered Accountant (ACA)

Prestigious accounting qualification from the ICAEW, recognised globally and sought after by employers across sectors.

Chartered Certified Accountant (ACCA)

Internationally recognised qualification from ACCA, strong in international accounting standards and practices. 

Chartered Management Accountant (CIMA)

Specialised qualification from CIMA, focused on management accounting, valuable for corporate finance, performance measurement, and risk management roles. 

Charted Global Management Accountant (CGMA)

Globally recognised qualification from the American Institute of CPAs (AICPA) and CIMA, focused on strategic financial management and decision-making. 

Association of Accounting Technicians (AATQB)

Level 4 qualification from AAT, providing a comprehensive understanding of accounting principles and practices, suitable for supervisory or senior accounting roles. 

This meticulous examination ensures not only the right academic qualifications but also a proven practical aptitude, instilling confidence in their ability to effectively support your business endeavours.

Business owner communicating with an accountant regarding their availability.

Assess communication and availability

In the journey to discover the ideal business accountant near you, the fourth step focuses on checking how well you can communicate with them and how easily you can reach them. 

Good communication is crucial for a smooth working relationship. You’ll want a business accountant who can explain financial matters clearly and is available to answer your questions and give updates promptly.

Think about whether you prefer talking on the phone, sending emails, or using online portals for communication. This step ensures that your chosen accountant not only understands your financial needs but also matches your communication preferences for a more effective partnership.

business accountant fees

Discuss fees and services

Step five involves a crucial discussion on fees and services. Open communication is key, urging transparency to ensure that the fees are in sync with your budget and expectations.

It’s essential to have a clear understanding of the services covered by the fee structure, encompassing tasks like tax preparation, bookkeeping, and financial reporting.

Moreover, explore the potential for extra charges related to specialised services or tasks falling beyond the initially agreed scope. This step is fundamental in establishing a clear financial understanding and avoiding any surprises down the road.

Business owner having an initial consultation with an accountant.

Schedule an initial consultation

In the final step of our guide on finding the right business accountant near you, it’s time to schedule an initial meeting. This meeting is crucial for assessing if you and the accountant are a good fit. 

Come prepared with questions to understand their approach. This is your chance to evaluate their professionalism, expertise, and how they communicate. Taking the time for this meeting ensures that your business aligns well with the accountant’s practices, setting the stage for a successful partnership

Conclusion

Finding the right business accountant is a strategic move that can significantly impact the financial health and success of your business. By following these comprehensive steps, from defining your accounting needs to scheduling an initial consultation, you’ve equipped yourself with a roadmap for a successful partnership 

Remember, a well-matched business accountant is not just a service provider; they become a trusted ally in your business journey. Take the time to assess credentials, seek recommendations, and discuss fees and services transparently. In doing so, you pave the way for clear communication, financial efficiency, and informed decision-making. 

Your business deserves the expertise of an accountant who understands your individual needs and contributes to your growth. Contact us now at Wilkinson Accounting Solutions – our experienced team is ready to tailor our services to meet your unique needs, ensuring financial success for your business.

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