How to Identify the Best Accountant for Your Business 

Searching for a new accountant can feel very overwhelming. You may be getting an accountant for the first time, or looking to get a new accountant as your current one may not be providing the services you require to a high standard.  

Opting for the correct accountant is crucial for the advancement of your business, and it can be the difference between success and failure. There are several specific responsibilities that your accountant should be doing for your business, including: 

• Annual tax planning 
• Personal tax planning  
• Business structure reviews  
• Business succession planning 
• Tax forecasting  
• Financial reporting  
• Business financial planning/forecasting 

If your current accountant isn’t providing the above services, it might be time to start looking elsewhere.  

There are various things that you should be considering when searching for an accountant: 

Location:  A few years ago, it would have been crucial to have your accountant located nearby. Nowadays, it isn’t vital because cloud-based accounting is commonly used, enabling accountants and their clients to have an online relationship.  

Qualified accountant:  Choose an accountant that’s regulated by a professional body or recognised by the government.  

How do you check if someone is AAT qualified?  

The best way to know whether an accountant is qualified is by looking at their credentials. Often, their credentials are specified after their name, or on the email signature or LinkedIn profile.  

For example, a common qualification you’re likely to see in the UK is a Chartered Certified Accountant. If you see the letters ‘ACCA’ after an accountant’s name, this means they’re trained and qualified with the Associated of Chartered Certified Accountants.  

Relevant expertise:  Ideally, the accountant you use will have experience with companies of a similar size and revenue to yours, as well as working with companies in a similar market sector to you. This is beneficial to you as they will be able to provide up-to-date and relevant advice. 

Recommendations:  A good place to start might be by asking friends/family for recommendations and looking at reviews and recommendations online. If your friends/family can provide a recommendation, always ask for the reasons why, the responses to this may be valuable when it comes to talking to potential providers. 

Services: It is important to look at the services that they provide to ensure that the services you require are covered. Some of the key services are as follows:  

• Bookkeeping 
• Helping you pay the right amount of tax 
• Improving tax efficiency 
• Financial compliance 
• Creating/developing your business plan 
• Sourcing funding for growth 
• Growth management 
• Extracting value from your business 
• Exit planning 

After narrowing down your selection of accountants to speak with, it’s crucial to ask the right questions once you have acquired all the necessary background information.

Focus on key details, including pricing, services offered, certifications, and the software they intend to use. This focused approach will ensure a comprehensive understanding of their capabilities and suitability for your needs. We have listed below some key questions: 

• What do you charge?  
• What services are included in your fees? 
• Will you assign a dedicated accountant/contact person to me? 
• How will we keep in touch? 
• What issues should we discuss regularly? 
• What additional services do you provide? 
• How will you make sure I don’t miss deadlines? 

By utilising these guidelines in your selection of choosing the best accountant for your business, you minimise the risk of making a misguided decision. Avoid rushing through the decision-making process when choosing an accountant; invest the time needed to research. Your accountant will play a vital role in the operations of your business; therefore, it is essential to find someone trustworthy, experienced, and reliable, ensuring they will be there to support you when needed.  

Please note: This article is provided for information only and was correct as at time of writing (21/02/24). Any lists and details provided above are not exhaustive and are not intended to be full and complete guidance.  No action should be taken without consulting detailed legislation or seeking independent professional advice. Therefore no responsibility for loss occasioned by any person acting or refraining from action as a result of the material contained in this article can be accepted.