Business owners can indeed do their bookkeeping, but some accounting tasks are better left to professionals. This is why hiring small business accountants in London is the most prudent thing to do. If you are currently looking for one, here are a few tips to keep in mind.
- Choose a chartered accountant.
Anyone can claim to be an accountant in the UK, but you surely want to work with a professional—someone with relevant education and work experience. Ask about their qualifications. The best ones are chartered or regulated by a professional body like the Institute of Chartered Accountants in England and Wales (ICAEW). The "chartered" title is an internationally recognised professional designation given to members who have advanced above degree-level study and work experience. By opting for an accountant regulated by a professional body, you can ensure that your business will be compensated if it experiences losses due to bad advice, as all chartered accountants carry professional indemnity insurance.
- Ask for the firm's registration.
If you are hiring from an accounting firm, then you must also check their registrations to make sure that they are legally operating. You want to hire professionals that value transparency and accountability. If the firm is refusing to provide their registration number and VAT number, that's a red flag. Don't hire them.
- Get recommendations and second opinions.
Being a is such a tough and demanding job. That's why, ideally, you want someone who has years of experience working with clients who run businesses similar to yours. It's a good idea to speak to other business owners in your sector to get recommendations or second opinions about the reputation of a potential accountant.
- Find an accountant that can help grow your business.
The best accountants are business partners. They will not only look after your annual accounts and tax compliance—they can also help you with business planning, insurance, and anything related to the financial aspects of your business.