5 pointers to help you pick the best accountant for your small business

 Is it time to hire a CPA?

Whether you've had a difficult Self Assessment season, have been spending far too much time on bookkeeping, or simply want to better manage your business finances, you may decide it's time to engage an accountant — but where do you start?



Transcript

1. Recognize what your accountant is trying to tell you.

Make sure your accountant communicates with you in straightforward English so you can grasp what they're saying. Because this is still your business, you are legally responsible for it to the taxman and the rest of the authorities, so be sure you comprehend everything your accountant says. Go somewhere else if you don't comprehend your accountant.

2. Confirm that the accountant is a good fit for your company.

Make sure you hire an accountant with experience in the size and industry in which your company operates. If you're an IT contractor, it's pointless to hire an accountant who specialises in pubs. Choosing an accountant who specialises in large corporations is also a bad idea. If your company is small, your requirements will be rather different.

3. Hire an accountant who is more than just a number cruncher.

Select an accountant who is both proactive and reactive. Someone who can, for example, advise you on how to save money on taxes in a legal and ethical manner. Someone who will identify and educate you how to use effective accounting software for your firm, rather than someone who will compute the figures and spew them out.

4. Verify if your accountant is capable of doing the task.

Consider hiring a competent accountant, such as one who is a member of the Institute of Chartered Accountants in Scotland or the Association of Chartered Certified Accountants in England and Wales. If you hire a trained accountant, you can file a complaint with their professional organisation if they make a mistake.

5. Select an accountant who will represent you.

Select an accountant to represent you in dealings with HMRC. Because your accountant can speak with HMRC on your behalf, this might possibly save you a lot of awkward conversations.

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