Hiring an accountant in London requires careful analysis to sign the best agreement.
Laws, taxes, fees, regulations, and bureaucracy: running a business on your own is not a simple task. By hiring an accountant, you can delegate functions, get rid of papers, and get to dedicate yourself to the company itself. However, finding the best accountant in London for professional accountancy services – or the best accounting firm – for your needs requires a good market analysis. We have selected some tips to help you in this task and guarantee the best London accountant hiring.
What to expect from the accountant in London
Before starting the search for an accountant, you must understand the functions of this professional and define what their responsibilities will be. This decision will depend, mainly, on the size of your company and the stage it is in. As we have already explained, the great advantage of hiring a professional for accountancy services and regularizing your finances is saving time. You are free to dedicate yourself to the company’s priorities – products, accounting services, and customer relations.
In this context, the accountant can be responsible for:
- Organize and file legal documents necessary for the registration and operation of your company.
- Keep your company in compliance with tax laws.
- Prepare annual returns (balance sheet, for example).
- Keep your company registry updated and by the requirements of local organizations.
- Work with the payroll and ensure that all employees have their wages taxed correctly.
How to choose an accountant for your company
Now that you know what to expect from this professional, it’s time to explore the market and find the best one for your profile. During your search, consider the following criteria to analyze candidates:
- Professional training and registration
Find out where that accountant in London studied and when he signed up professionally. Ask what the most important thing he learned in the course was and if he is interested in keeping up to date.
Ask the professional about his current clients and know his performance history. If possible, contact people he has worked with and ask for references to see if he is trustworthy.
- Branch of action
The ideal is to hire a professional who works in your field of action. In addition to being informed about the specificities of the area, he will be able to advise you on your company with more property.
Try to find out how long and how often the professional will be available to attend to your requirements. There will hardly be emergencies, but prevention is necessary.
Analyze the professional accountant’s rates for his accounting services, and compare them with the value reported by other accountants in the region.
Finding a good professional requires a good prior analysis of the market. If you don’t have a good relationship with your accountant, it will be impossible to work together for a while. Examine the profile and sign the contract only if you feel comfortable and confident.
- Location is no longer a problem
It used to be important to have the accountant close to the business. But today, more and more companies are collaborating online and using cloud-based technology to run their businesses easily and intelligently. From shared files that update in real-time on Google Drive or Dropbox to Skype video calls, working long-distance makes the entire workflow fast and efficient.
With cloud accounting, you and your accountant can see comparable data in real-time at the same time, no matter where they are.
- Choose an accountant who is proactive in saving you money
Some London accountants will do little more than manage your accounts and fill out tax return forms, but the best accountants are proactive. Therefore, before choosing an accountant, ask him his suggestions to save you money in the company.
For example, what percentage of your operating costs do you think you can offset against taxes? If your company consists of only one person, that is you. Can you “take back” a percentage of your phone bill, car costs, even rent or mortgage payments?
You need an accountant who knows tax law. The best tax consultant UK will save you money legally but not take things too far and risk your business operating illegally.
- A good accountant will make your company grow
If this all seems more like a marriage than a business relationship, there is a good reason for that! Your accountant will be intimately involved with the operation of your business, so it is not a decision to be made lightly.
You will need a professional you can trust, who has the necessary experience and who will be there when you need him. This will ensure you save money in the short and long term. The best will be wise counselors with great ability to execute. As long as you choose wisely, you can’t go wrong.
Other characteristics can be:
- You must be a professional: as well as being titled and certified by the relevant institution. Therefore, you must have the necessary knowledge. What is essential to carry out the delicate task that will be in charge?
- Be serious and responsible: This is a very important quality since the reputation and consistency of your business depend on it. You can verify this by investigating which companies or people they have worked with and how their performance has been. This will be easier to know if you hire it through a technological platform to see its history.
- An expert in carrying out procedures: since it is about handling financial movements with legal implications. Likewise, it must guarantee the optimal handling of the expected periodic income tax returns. You must be able to avoid accounting errors in managing your finances.
- Have good communication: This is necessary because communication allows clarifying doubts and helps create a special connection to avoid errors or failures. It also builds trust and agreement on what is expected of both parties.
We are sure that if you put these tips into practice, you will be able to find one of the best accountants in London.