When looking for the best tax accounting services for your business, it can be extremely difficult to know where to start. With so many options available, there are several factors you must first consider in order to find the right option for you.
Having an accountant provides you with a wide range of benefits. You can free up your time that would otherwise be spent sorting out your taxes, whilst simultaneously reducing the risk of any errors in your taxes, financial reports and compliance reports. Though the initial cost may be high, it is also likely that an accountant can help to save you money in several areas by improving your tax efficiency and improving overall cash flow. It is also likely that they will provide you with general support in terms of business advice and financial literacy. So, how do you find the right accounting and tax services for your business? Here are some tips to get you on the right track.
Make Sure The Accountant Is Right For Your business
There are thousands of accountancy services available. Therefore it’s crucial that you find one that suits your business. You will be working very closely with them and therefore building up a personal connection with someone you enjoy working with is very important. Before choosing the right accounting and tax services for you, ask about the services that the business has to offer. You can also ask about their prior experience and qualifications and whether or not they are chartered or not. It is extremely common for accountants to display their certificates in their office, however you can also check by contacting the relevant organisation directly.
Ask About The Account Fees
One of the best ways to determine whether or not an accountant is best for you is by looking at their fees. The fees best suited for your business will be determined by what level your business is at. If you’re a relatively new business, then you’ll be looking for low fees. If you’re in the process of expansion, then accepting higher fees to reduce your risk will likely be your best option. If you already run a large corporation and you’re looking for a new accountant, then utilizing your connections will help you to find the best possible rate (you may even have some room for negotiation).
This should be discussed upfront to avoid wasting anyone’s time. The job of an accountant is to help save you money and protect you from financial risk, therefore make sure you ask how their services will help to deliver value to your business. From the value of these services, you should be able to determine how much the overall cost. The method in which you pay may also differ due to the services you require. For example, if you want annual bookkeeping services then you’ll have to pay a monthly fee. However, tax planning advice is more likely to be charged via an hourly basis. Make sure the rate you accept is affordable. There is no point in putting yourself into financial debt to hire an account if you’ll no longer be profitable.
Size Of The Accountancy Firm
Another important factor to consider when looking for accounting and tax services is the size of the company you’ll be working with. There are hundreds of different accounting companies available, all of which will have their own size and procedures. In general, the best plan of action is to match size with size. If you’re a contractor or sole trader then a smaller accountancy firm should be able to meet all of your requirements. However, if you’re a fast growing startup then you’ll be searching for a medium-sized business that aligns with your growth expectations. You want to make sure they’ll be able to keep up with any fluctuations in growth and won’t hold you back throughout the process.
Look At Reviews, Testimonials and Reputation
In the era of the internet, there is no excuse for a lack of research. There are many websites available which will display reviews and ratings for accounting firms of all sizes. Look for reviews that have come from businesses similar to your own. If a much larger business has left a review, this may not be particularly useful. If you find a company that looks good at face value, however is reluctant to share client testimonials with you, then this is a major red flag. Unless they have past reviews or are extremely new to the business, they should not be considered as a viable option.
The matter of location will differ from one business to another. In theory, location isn’t too important as much of an accountants work can be conducted from a remote location. However, it is always a good idea to conduct face to face meetings if possible. If you plan on conducting long term operations, this can be a more productive process and you are likely to gain more value from the business you’re working with. During a face to face meeting, it’s much easier to gain insights for more generic business advice. If you’re a smaller business, we advise choosing an accountant near you, as they will be able to provide you with truly invaluable recommendations.
Although finding the right tax accounting services for your business can appear to be a tiresome and time-consuming process, it will be more than worth your time. After finding the right business to collaborate with, you can begin developing long term relations in which you both benefit. The longer you work together, the more benefits you can both experience.