Tips for selecting the right accountant

Of all the consultants you are likely to encounter when running a small business, a good accountant is perhaps the most valuable one to have, along with maybe a solicitor. By having someone on hand to keep your accounts up to date and in order you will be able to concentrate fully on running your business day to day.

It could be very dangerous to your company to select the wrong accountant, someone who is either not qualified or negligent of your business can do harm than good. Here are a few tips to use when looking for a suitable accountant:

1. If possible try to select an accountant prior to setting your business up.
   
2. Make sure your accountant is fully qualified, it is very easy to overlook this step and end up hiring someone who talks the talk but ultimately fails to back it up.
   
3. For small businesses it is essential that your accountant works with other small business clients. If you work in a particular niche industry, i.e. online retail make sure that they have the necessary experience in dealing with the issues that crop up in that particular industry.
   
4. How much does the accountant charge? Is there a fixed annual or monthly fee to complete all business tax requirements, or do hourly fees apply? Compare the fees of several firms.
5. Don't just go for the first accountant you meet, try to meet at least three and meet face to face to discuss your business. As time goes on it will be important to have developed a good relationship with your accountant so bear that in mind when selecting.
   
6. What other services does the accountant provide - can they complete your self assessment returns?, do they provide any business advice or further information to help you grow your company?
7. As a small business you may find you are much more suited to a small accountancy firm. They will be more geared up to look after you and less likely to have big clients who monopolise their time and interest.
   
8. Ask to speak to existing clients before signing up. A decent accountancy firm should be happy to arrange this, but bear in mind they are only going to put you in touch with happy clients.

Selecting the right accountant for your company is vital, trying to run your business and manage all of the accounts is not a wise decision so hiring an accountant should be a no brainer decision. Use the tips above to ensure you select the right accountant for your business.