There are literally thousands of accountants practising in the UK, and at least six thousand of them have offices in London, so choosing which one to use can be quite a task. It would be tempting to just pick the first person or company who you come across, but it’s crucial you choose someone who really understands how a small business works, and who can really help boost your profits and growth. If you are seeking out a small business accounting firm, then check out Approved Accounting; they could be the perfect accountants for you.
It’s not difficult to find a good accountant in London for your small business needs if you know what to look out for and to ask about, and if you need some ideas for where to start you can use the handy tips we outline here.
Qualifications and professional standing
As well as being suitably qualified for the job you should also check if they belong to a professional accounting body? If so then they are going to have insurance which will cover your losses should they give you bad advice.
Clear explanations of what is included in their fee
It should be more than basic tax advice and yearly accounts. They should also be able to provide leads on things like appropriate grants, or give advice about raising capital by selling shares in the business or attracting new angel investors. Plus a good accountant should be full of ideas on how they can make or save you money in ways you would ever think about. If you just need an accountant for bookkeeping then you could use an online bookkeeping service and do it yourself.
Fees that are reasonable compared to the savings they could make for you
This may seem a little tricky, or even rude, but it is okay to ask at least for any ideas they have on saving you money, although to be fair they may ask for a little time to learn more about your particular business). Check the fee arrangements carefully too. Some accountants charge monthly fees, others may work on a small retainer and then bill per hour as solicitors do. If they are on a full monthly fee how often can you contact them with no extra charge?
Accountants who have experience with small businesses or start-ups
The issues you face as a small business owner are quite different from those larger companies deal with, so you do need an accountant familiar with what these may be. Look for evidence of their work with previous or current clients running a similarly sized business to yours. Another method to try is to choose an accountant in a company around the same size as yours, as they have firsthand experience of what you are looking for,
That you will you have a dedicated contact
If lots of people work on your behalf it’s difficult to achieve any meaningful depth of knowledge or continuity.
There’s no need to settle for second-rate accounting advice and support, so don’t be shy about speaking up and asking for what you need from an accountant.
