By Ashley Preen
July 11, 2018
Choosing an accountant is an important step when growing your business, as choosing a good accountant could be essential for growing your business at a sustainable rate whilst ensuring that you fulfil your tax obligations with HMRC. Sometimes, as your business grows, your tax liability changes, and it’s essential to be able to plan ahead so that you’re not caught out by a large and unexpected tax bill come April.
So, before you choose an accountant for your growing business, what do you need to consider? Here we give you an overview of the most important factors to consider when choosing an accountant for your business.
There’s a growing trend of businesses using online or virtual accountants who handle all their services from afar, perhaps even from the other side of the country. While this may seem convenient, it can inevitably lead to unforeseen problems and mistakes, especially if you run a business which is rather complex. These cloud-based and software-based accountants usually require their clients to perform their own bookkeeping, filling in the figures via the online software, which then gets sent to the remote accountant for review.
The problem with this is that business owners are more likely to make mistakes when performing their own bookkeeping, meaning inaccuracies are more likely to occur. This could easily lead to an HMRC investigation or cause your tax bill to be inaccurate, both of which are not good news for a growing business, and could result in crippling legal fees. It’s best to work with an accountant who is close to your business and who performs a full bookkeeping service – ensuring that no costly mistakes can be made. Working with a nearby accountant also allows you to see them in-person to receive advice and consultations which are much more in-depth and reassuring than a quick email or phone call.
When it comes to your accounting, you certainly don’t want to work with a flaky fly-by-night company; you want to work with an accountant who is reputable and qualified. After all, they’re looking after your company’s finances! Chartered/certified accountants are those which have been regulated by a professional accounting body or officially recognised by the local government. Depending on your country, they could be titled as a Certified Public Accountants, a Chartered Accountants, a member of the Association of International Accountants, or a member of the Institute of Financial Accountants. If the accountancy firm you’re looking into boasts one of these titles, you can usually rest assured that they will be on the up and up.
Now, if you’re looking to save money or if your business is relatively small/simple, then it is possible to use accountants who don’t have these titles, and it is still completely legal to do so. If you’re looking to conduct some simple tax preparation, bookkeeping, or basic financial matters, then this may be the best way to go for you. Nonetheless, if your business is investigated by HMRC or you’re looking to qualify for a loan, you’re best having a highly-qualified accountant in your corner to back you up.
Although it’s easy to think of accountancy as a one-size-fits-all job, accountants do tend to specialise in different fields. For example, if you’re a small business who needs help with their tax returns, perhaps you should look for an accountant who has a lot of experience helping businesses such as your own in that area. Similarly, if you’re a larger business who requires a full bookkeeping service, you need to work with an accountant who has the expertise and experience necessary to handle that kind of workload. Although many modern accountants promote remote cloud-based accounting services, we would recommend that you work with an accountant which takes care of your bookkeeping services for you, and who you can visit in-person if necessary.
When considering the experience of an accountant, you should also inquire about their experience within your particular industry, as this could streamline the accountancy process. Also, if your business is on track to grow exponentially in the future, perhaps you should check that your accountant has clients which are larger businesses than your own, as this implies that they will be able to handle the growing workload as your company expands. A great accountant should be able to assist you with your company’s growth!
A simple Facebook post or phone call could easily lead you to the right accountant for your company. Online reviews and company advertisements can often be misguided or false, and often the best sources to rely on are the real-life sources in your social networks. Do your friends and family use accountants of their own? Do you know business owners with similar businesses to your own who use accountants? Tapping into your social networks can provide you with unbiased reviews of certain accountants and how they work, as your friends/family members have no skin in the game, so to speak.
Of course, you should always consider that the accountants your contacts recommend might not be suitable for your business, even if they are suitable for their own. The best accountants for a small hairdressing salon may not be right for your medium-sized restaurant, for example, as the bookkeeping practices and expenses involved with the two are at different ends of the spectrum. Nonetheless, there’s no harm in calling up an accountant that your contact uses and asking them about their experience within your own industry.
When choosing an accountant to work with, you need to ensure that they have the necessary experience and expertise to benefit and grow your business naturally. It’s also crucial to work with an accountant who provides a full bookkeeping service, as this mitigates any mistakes or inaccuracies and lessens the chance that you will be investigated by HMRC for paying the wrong amount of tax. If you can work with an accountancy firm which is situated close to your business (as opposed to a remote cloud-based service) then this is also beneficial, as you will be able to visit them for face-to-face consultations and in-depth advice regarding your business’s future.
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Pearl Accountants are unique as you can get. They have a great one to one service and they always answer your queries in a fast and professional manner.
I find Pearl when I opened up my limited company. I was clueless, but Pearl Accountants kindly assisted me in the best way so I felt at ease and understood how the operation works.
Everything was explained clearly in detail and I could ask as many questions as I wanted. They were never rude or impatient, just happy to be there to help.
Naila MughalDirector
The client had previously missed a few deadlines with HMRC and Companies House and needed a hands on approach
Wanted to ensure they have a proactive team so that no deadlines were missed and full end to end bookkeeping carried out
Client was introduced to a dedicated accountant who filed all outstanding accounts and appealed for any penalties by HMRC
After being in business for years, I must admit that Pearl Accountants are far the best accountants I have worked with. They are helpful, friendly and trust worthy and most of all provide excellent tax advice.
They provide high-level client care. I would certainly recommend Pearl Accountants to all.
Bobby LiddarDirectorInvoice factoring complications led client to inaccurate bookkeeping and unclear of clear reporting requirements
Processing the invoicing system accurately with clear and transparent management reporting was key
Processing the invoicing system accurately with clear and transparent management reporting was key
Pearl Accountants have been my accountants for many years and have been a great asset to my businesses. They have a strong team and knowledge is second to none. Very happy with the service and professionalism from them. Will continue to recommend them to my network.
Huzefa BharmalDirectorPaying huge taxes without any tax efficiency and lack of understanding on various VAT aspects.
Minimise tax bills and ensure the business was compliant with HMRC and Companies House
As a startup graphic design company, we ensured the client used tax allowances and efficient payroll structures to withdraw money
Holborn based laser hair removal company joined us with a view to expanding their business on a large scale. They undertook accounting and advisory services which helped them grow above their rivals.
Holborn based laser hair removal company joined us with a view to expanding their business on a large scale. They undertook accounting and advisory services which helped them grow above their rivals.
Achieve a national presence and grow organically through current business model
We came on board and advised client on tailor made business strategies to achieve their online and brick and mortar presence.
We have been using Pearl Accountants for over 10 years and developed a very good business relationship. Very clear instructions with easy to follow accountancy system in place. Great expertise in tax efficiency, as well as business, grow and development services. One of the best-chartered accountants in town.
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It is always someone available on the phone but if not available at the time your accountant will always call you back.
Complete peace of mind with prompt and clear communication so no deadline missed.
Very satisfied.
Dalia SreiderieneClient was growing very fast with inability to keep track of growth with no cloud accounting setup and no integrations
Time saving on bookkeeping and clear vision of profitability management reports. Setup with cloud integrations.
Recommended a online cloud solution with time saving applications and clear breakdown of monthly profitability.
We recently migrated to Pearl Accountants from large national accounting firm. Transfer was easy and faultless. Friendly staff at Pearl lead us through the process with ease. Initially we were drawn to their service because of their attractive pricing structure. However it quickly became apparent to us that we were getting a lot more for our money than we initially thought as they are happy to stretch the engagement to all sorts of additional advice. Thumbs up to Pearl Accountants.
Alex TrbojevichManaging DirectorNo clear strategy for business growth or tax planning reduction techniques
To achieve business advisory, tax planning and accurate reporting requirements
Recommended a online cloud solution with time saving applications and clear breakdown of monthly profitability.
Our client, a well established practising solicitor in the UK required a headache free service to ensure their accounting requirements were met and cloud accounting solution setup
Harjap Singh BhangalDirectorToo much time was being consumed in bookkeeping and previous accountants missed various deadlines
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Advised client to forward us everything in ‘shoe box’ style and provided full breakdown regularly to keep informed.
They make me feel that I am a valued customer and to me what makes Pearl accountants unique is their helpful team of dedicated staff members. Their response is always prompt and it makes the daunting task of accounting really easy for me. Pearl Accountants is really a five-star accountant company.
Saira JafriDirectorAs a franchisee tuition business, the client did not have the right advise to reduce taxes or a proactive accountant to advise where needed
Reduction in taxes through governmental tax subsidiaries and requiring more time to focus on the business.
A dedicated accountant was assigned to ensure deadlines were not missed and review of tax strategies.
Our client was in need of a specialist contractor accountant to remain compliant and ensure they did not fall in IR35.
Client required advisory on payroll and VAT solutions and filing of accounts at year end.
Duaine Keith StewartNo clear direction on IR35 nor guidance on allowable expenses that could be claimed.
Ensure the contractor company was compliant with HMRC and Companies House and advisory on saving taxes.
Provided a full explanation and review on IR35 and guidance provided on which expenses could be claimed to reduce taxes
Our client having a property portfolio in Switzerland required a specialist accountant that understood the UK tax legislation whilst having a thorough understanding of overseas tax implications.
Marianne Comfort Overseas and UK income not declared, needed tax returns filed for previous years and appeal to HMRC for outstanding penalty
Paying taxes in the UK and overseas, wanted help understanding the tax system so avoid paying taxes twice.
Appealed successfully for prior years penalties and filed all outstanding returns. Thorough review of all tax allowances available.
Our client joined us after losing track of their finances and needed someone they could turn to for help. We came on board and reviewed their internal bookkeeping arrangements and recommended efficiency to lower their input on areas which could be outsourced to us.
Rosie AbrahamsDirectorNo real track of profitability or clear vision of expenditure along with weak internal processes.
To achieve a clear breakdown of expenditure and ensure the current setup for bookkeeping was run more efficiently.
Recommendation on reporting packs, internal processes and online applications to integrate for payment reconciliation.
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