Finding an Accountant for Your Start-up Business

There’s excitement about starting a new business; however, managing finances gets quite overwhelming once you have multiple responsibilities. Probably the best decision you make to ensure the success of your start-up is hiring an accountant. An accountant will not only help manage your finances but also guide you through this complicated tax system and keep you compliant. With so many options available, how do I find the right accountant for my start-up? Here’s the guide to make an informed choice.

Why Do I Need An Accountant For My Start-up?

When you begin a business, you do almost everything in the company personally, from marketing to customer services. But ignoring the money side of your business can be trouble in the future. Here’s why you really need an accountant:

Tax Compliance: The tax law can be very complex; failure to comply may attract heavy fines or penalties. The accountant ensures that your business does all the correct procedures, right from registration of VAT to corporation tax.

Financial Reporting: Your accountant will ensure that you are able to pull together the correct financial statements. Key to knowing how your business is doing financially and on which decision to make.

Save Time and Stress: Running your finances requires time. An accountant will handle daily accounting work leaving you sufficient time to brainstorm on ways to expand your business.

Business Advisory: When dealing with numbers, an accountant can advise on the following; saving costs, managing the cash flow, preparation in the future.

How to Get an Accountant for Your Start-up

Here is the step-by-step way to get an accountant who is suitable for your start-up business

1. Identify Your Needs

It’s really important to know beforehand what kind of services you want before seeking an accountant. Popular services include:

• Bookkeeping and accounts preparation
• Tax consulting and filing
• Preparation of payroll
• Forecasting and budgeting financial statement
• Business consultancy

If you are not able to accurately know what your needs are, meet a few accountants about your options and how they could help your business.

2. Experience in Start-ups

Ensure the accountant selected has knowledge in dealing with clients such as start-ups or small businesses. Such firms have different financial needs; this ranges from managing cash flow, small resources, to issues such as investment. Such a firm would probably require a specific kind of accountant handling it. Someone who knows that kind of challenge can advice him better on things and avoid falling into those traps.

3. Qualifications

In the UK, accountants are regulated by professional bodies including Institute of Chartered Accountants in England and Wales, Association of Chartered Certified Accountants, and Institute of Financial Accountants. Look for an accountant who is a member of a reputable professional body. This will ensure that they are very qualified, experienced, and adhering to the highest ethical standards.

4. Specialization:

There are so many areas that accountants can specialize in, like taxation and auditing or general accounting to businesses. If your new business is likely to face some specific tax issues, which might include VAT or employee benefits, you should find an accountant who specializes in such kinds of issues. Similarly, if your new business deals in a specific industry or sector, say in the technology or retail sectors, then it is beneficial to opt for someone who has the experience of providing service to businesses within your sector.

5. Analyze Communication and Access

Communication is the most important factor when hiring an accountant. You need someone who is amiable, reachable, and accessible when you need them. In the early stages of your business, you will need constant advice or quick answers to your questions. Make sure that the accountant you hire is accessible to you and can help when you need them.

6. Compare Fees

Accountants charge differently based on their services and the number of years they have experienced. Some may charge per hour, but others will have fixed-price packages for certain services. Always ask questions before selecting an accountant regarding how they are charging and what the fee comprises. It is also helpful to compare fees from different accountants in order to ensure that one is getting a good value for one’s money.

7. Verify the Reviews and References

Once you have narrowed down, then always advisable to verify the reviews or check the references from the internet. This gives you a better feel of how reliable they are and even their reputation. As much as possible get to know other small business owners that have worked with the accountant to understand his or her experience and satisfaction.

8. Begin with a Consultation

Many accountants will give a free initial consultation. That’s a good time to get a feel for their approach and how they work. Ask in that meeting about their experience with start-ups, their knowledge of your industry, and how they would approach your business needs.

Any business owner can make one choice that is best as it is an accountant-he keeps finances in check and serves valuable counsel that may work toward making your business more outstanding. Experience, Qualification, Communication, fees can help you give some Accountant who may put up perfect work for achieving your start-up success.