Whether a business in Purley is small, medium, family-owned, big, large, or multi-national, one of the stepping stones to success is to appoint a trusted accountancy firm in London. The common notion is that an accounting firm helps with tax returns; there is more to what accountants can do to help companies leverage opportunities and work focused on growth.
One can begin by trying to understand and appreciate the value of an accounting firm. In most cases, Surrey chartered certified accountants will help with enterprise and personal tax planning, play a critical role in financial planning, budgeting, setting up financial goals, help with networking for funds and investments, and much more. And, within the tax gamut, too, the laws related to taxes get tweaked almost every year. One of the distinct advantages of sourcing third-party qualified and experienced chartered accountants is that they are always abreast with the changes in legislation and, therefore, help save a lot of the business owners’ time and energy during return filing or tax planning.
Things could become difficult when the time comes to pick an accounting firm from hundreds of available options. The decision to pick one accounting firm from amongst several others has to be based on a couple of factors.
Here are the most important ones:
- Look at The Qualifications and Experience of The Accountancy Firm
It is pertinent that chartered accountants are qualified and certified by premier institutions to offer their services as accountants. Therefore, it is crucial to check the qualifications of the key people at the accountancy firm. Not just that, it is essential that the firm has the experience of working with businesses like yours. Industry experience in your specific vertical is also an added advantage
- Reputation and Commitment Levels
Two things that business owners and decision-makers often ignore when picking Surrey chartered certified accountants is the reputation or credibility of the firm in the local market. It is important to thoroughly research the commitment levels, professional ethics, behavior, turnaround times, etc. It is also imperative to find out if the accountant firm puts your business on top priority or not. It means that the firm should understand the goals of your business and streamline all activities with the business objectives. To understand these traits, decision-makers need to use facts and data to make the final decision. Speaking within the industry circle, and speaking to financial experts, taking recommendations from industry bodies are few things that can be done to help make wise decisions.
- Understanding The Needs of Your Business
Another not-to-miss and very important step in the process of selecting an accountancy firm is first to understand the business requirements. How complex is your business needs – are you wanting someone to do your tax returns and file the same, or do you want to take guidance and consult with them to help develop your financial plans, long-term and short-term, prepare the budgets, help with mergers and acquisition decisions or assist with structural reorganization of the business. There are various reasons why businesses of all scales outsource and appoint external accountants. It is in the business’s best interest to assess the actual needs of the organization before taking any kind of decision about an accounting firm.
- Deciding Whether You Want An in-House Accountant or Outsource
Consider the scale of your business and where you wish to reach in the next year or so. Accordingly, decide if your business needs an accounting consultant on a full-time basis or will a part-time do. There are huge costs involved when you choose to hire a salaried chartered accountant. Chartered accountancy is a skilled profession, and professionals spend years acquiring knowledge and experience to offer high standards of service. Therefore, an in-house full-time accountant would need to be compensated well and in tune with the industry standards. When you outsource the work to an external accountancy firm, you have the flexibility to scale up or down as per the business needs.
- Interpersonal Skills and Communication
Another noteworthy thing to remember is that the firm should have a team that can help you understand and handhold through the complex world of accounting. The accountancy terms and terminologies are not your specializations. The firm should have the patience to help you interpret the different terms for your better understanding. The firm’s communication should be transparent and seamless; the team should be available to take your calls, sit with you, listen to your queries, spend time with your in-house staff, and so on. There are multiple aspects to selecting an expert team of Surrey chartered certified accountants. Rather than basing your decision on hearsay or mere recommendations from your social network, esure that your choice is based on diligent research, facts, and after due consideration to different factors mentioned here. Remember, the right accounting firm can make or break your firm, the existence of your business.