Finding the right accountant is crucial for managing your financial records, payroll, and compliance. Whether you’re a business owner or self-employed, the right accountant can make a significant difference in how you handle your finances. Here’s a guide to help you find the best UK accountant tailored to your needs.

Why You Might Need an Accountant

If you’re self-employed or running a small business, an accountant can provide invaluable benefits. At a fundamental level, accountants can take over tasks like tax returns, freeing up your time to focus on what you do best. As your business grows, their role becomes even more critical, covering areas such as:

• Financial Reporting: Ensuring accurate and timely financial statements.
• Compliance: Helping you adhere to legal and regulatory requirements.
• Tax Efficiency: Identifying strategies to reduce your tax liabilities.
• Business Planning: Assisting with strategies for growth and sustainability.

A skilled accountant not only provides essential financial information but also helps your business grow faster and save money.

Accountant vs. Bookkeeper: What’s the Difference?

Understanding the difference between an accountant and a bookkeeper is key:

• Bookkeepers: Focus on daily tasks like maintaining up-to-date accounts, managing payroll, and tracking unpaid debts.
• Accountants: Offer a broader range of services, including compliance, identifying issues or opportunities in your accounts, and providing strategic advice. They are also essential for auditing and securing financing.

Depending on your needs, you might find it beneficial to use both a bookkeeper and an accountant.

Do Small Businesses Need an Accountant?

LEARN MORE: Small limited company: Does it need an accountant?

If your business is expanding beyond a very small size, handling accounting tasks on your own can become overwhelming and costly. If you’re spending more than four hours a week on accounting or have growth plans, it’s time to consider hiring an accountant.

How Can an Accountant Help Your Business?

An accountant does more than just handle numbers. They can:

• Save Time: By managing accounting tasks, allowing you to focus on your core business activities.
• Reduce Risk: Minimize errors in tax, financial reporting, and compliance.
• Increase Savings: Improve tax efficiency, manage cash flows, and find funding opportunities.
• Offer Support: Provide general business advice, help develop your business plan, and assist with growth strategies.

Services an Accountant Can Provide

Here are some key services you can expect from an accountant:

• Bookkeeping
• Tax filing and optimization
• Financial compliance
• Business planning and development
• Sourcing and managing funding
• Growth management and value extraction

How to Find the Right Accountant

1. Use Online Tools

Visit platforms like Google to find an accountant. You can use their matching tool to connect with local accountants suited to your needs, or search by postcode to find nearby options.

2. Meet Potential Accountants

Arrange meetings to ensure a good fit. Discuss their services, experience, and fees. A strong personal connection is important since you’ll be working closely with them.

3. Compare Fees and Services

Accountants can charge in various ways—some might have monthly fees, while others might charge hourly. Obtain written quotations and understand their fee structure. Consider how their charges might change as your business grows.

4. Check References and Reviews

Ask for references and contact them to verify the quality of service. Review sites like Trustpilot can offer insights into an accountant’s reputation, especially from businesses of a similar size.

5. Assess Expertise and Software

Ensure the accountant has experience with businesses of your size and sector. If you use specific accounting software, check if they use the same or if they are willing to adapt.

6. Consider Location

While remote work is common, face-to-face meetings can be valuable. Choose an accountant who is within reasonable travel distance if you need more personalized support.

7. Leverage Networking

Ask for recommendations from your network or attend local business events to find reputable accountants.

Key Questions to Ask Your Accountant

1. What do you charge? Understand their fee structure and what services are included.
2. What services are included? Get a detailed breakdown of their offerings.
3. Why should I choose you? Look for answers beyond marketing pitches.
4. Will I have a dedicated contact? Consistency is crucial for effective communication.
5. How will we stay in touch? Agree on communication methods and frequency.
6. What issues should we discuss regularly? Identify ongoing considerations.
7. Are there special considerations for my business type? Ensure they have relevant industry experience.
8. What additional services do you offer? Find out about potential future needs.
9. What common mistakes do clients make? Learn from their experience to avoid pitfalls.
10. How will you ensure I don’t miss deadlines? They should proactively help you stay compliant.

Let Cangaf be your go to accountant, we manage the finances for businesses efficiently.

Got questions? Request a no-obligation call with a tax advisor.