Find out how to find the best accountant for your business requirements, the benefits of using an accountancy firm and the most common issues people face when using an accountant.
Choosing the right accountant can be a tricky process, but it’s one of the most important decisions you’ll make. The right accountancy firm will help you grow your business, save money and generate wealth, so what do you need to look out for?
With a sea of options to choose from, it can be impossible to know which firm offers the best service, so we’re here to help you understand the most important factors in choosing the best accountant in Nottingham for you.
The Benefits of Using an Accountancy Firm
Using an accountancy firm to help you manage the financial aspects of your business has innumerable benefits, so it’s not a decision to take lightly. You’ll be working closely with your chosen accountant, and they’ll ensure your business is paying the right amount of tax, helping you maximise profits.
Using an experienced, trustworthy and personable accountancy firm will help you:
1. Save Money
It may be the most obvious benefit of all, but saving money is about more than reducing your tax liability. Forming a partnership with a business advisory accountant can benefit your company’s bottom line by granting you clearer insights into how your business could operate more cost-effectively.
Having access to these kinds of expert opinions provides a much greater return on investment than simply opting for an accountant that merely helps you conform with UK tax laws.
2. Save Time
Your time is precious. When it’s misspent going over and over your end-of-year accounts or perpetually updating your business expenses, your company accounts can feel like a nightmare.
Whether you run a start-up business or you look after the books for a large organisation, there are plenty of ways that the right certified accountant can save you valuable time.
3. Progress Your Business
Having an expert business growth consultant on board can transform your company’s positioning and operations. It might be a case of making minor tweaks to your business to improve cash flow or optimising your payroll process to ensure that all of your employees are paid on time, but it’s these seemingly simple changes that can provide the greatest benefits.
By using an accountancy firm like Archimedia Accounts, you’ll have experienced professionals on-hand to help you develop your ideas, implement changes and elevate your business beyond what would have otherwise been impossible.
4. Achieve Total Peace of Mind
Knowing that your company accounts are in safe hands can be a relief. You’ll be able to focus more clearly on the steps that need to be taken to make your organisation more profitable and competitive, instead of spending all of your time on aspects of your business that would be better suited to other professionals.
What to Look For When Choosing An Accountancy Firm
Now you’ve got a better idea of what the right accountants can bring to your business; it’s time to start your search. So what is it that you need to look for?
1. Accountancy Certifications
Certifications for accountants can help you understand the experience, competency and quality of a given accountancy firm. A certified accountant can provide an excellent level of service, as it means they have been certified by the Association of Chartered Certified Accountants (ACCA) or the Association of Accounting Technicians (AAT).
Be wary of any firms that don’t mention any certifications, as they may not be legally entitled to operate as your accounting representative.
2. A Comprehensive Range of Accountancy Services
By selecting a certified accountant with a range of accountancy services, including full tax reviews and bookkeeping services, it’ll be easier to manage your accounts as your business evolves. Your accountants will be able to assist you as your organisation goes from strength to strength, offering a variety of services that allow your company to reach its full potential more quickly.
3. A Proven Track Record of Success
Check for testimonials or case studies about the accountancy firm to see what their clients have to say. These can be used to find out how firms have helped different businesses, giving you an idea of how they could help you too. Plus, if the firm has plenty of positive reviews, the accountant will likely be a good fit.
4. Convenient Location
COVID-19 has changed the world of accountancy, and as lockdowns ease, it’s still important to have real, face-to-face conversations with your accountant. Much of modern-day communication takes place online, via email or over the phone, but meeting up with your accountants at their office, for a coffee or for a walk in the park is invaluable.
You’ll have better discussions with the people managing your accounts, resulting in better ideas to help you maximise your company’s potential. At Archimedia Accounts we have offices based in Nottinghamshire, and also have clients across the UK.
Common Issues People Experience with Accountants
Preparing your own accounts can be stressful and take a considerable amount of your time, especially if you’re filing your taxes or completing your end-of-year accounts for the first time. Even if you’re a small start-up business, having a dedicated accountant to take care of the financial aspects of your company can alleviate a lot of pressure.
However, having to manage an accountant who doesn’t care for the success — or failure — of your business can only add to the immense burden of managing your company’s accounts. Some of the most common problems people face when managing their accounts are:
1. Having a Reactive Approach
Reducing your tax liabilities and finding ways to improve your cash flow requires a keen eye for detail, careful planning and timely execution. A reactive approach means you’ll have less time — or even no time — to make tax-saving arrangements, and you’ll be losing out.
If your current accountant isn’t forthcoming about different ways your business could be saving money, you aren’t getting a good return on your investment for their services.
2. Failing to See the Bigger Picture
As your business develops, your business may have opportunities to access government grants, reinvest your capital, or automate your processes with cloud accounting services.
These opportunities are often missed if there’s a lack of communication or attention to detail in your accounting, and your business will suffer financially as a result.
3. Not Speaking in Plain English
Jargon-filled emails and phone calls only serve to help your accountant save time explaining their service. It can leave you in the dark about your organisation’s financial situation and even lead to one or two nasty surprises, particularly if you aren’t well-versed in the finer details of accounting.
Having an accountancy firm that explains its processes in plain English increases your knowledge, improves your working relationship and ultimately benefits your business.
4. Using Out-of-Date Technology
It’s a bad sign if your current firm uses archaic, underpowered technology to manage your accounts. Cloud accounting has completely changed how your accounts can be managed, enabling you to streamline and simplify your processes, from bookkeeping to payroll and beyond.
Some firms are stuck in the past, and while it may work for them, it definitely won’t work for you. Refusing to embrace technology slows down your accounting process, increases the risk of errors and inflates the cost of your accountancy fees.
5. Not Getting to Know You Personally
As we’re sure you’re aware, relationships mean a lot in business, and the same is true for accounting. The more your accountants get to know you, the more they learn about your business. This helps them establish more ways to save you money by suggesting new ideas for improving your company’s processes.
If your accountants are hard to get hold of or seemingly disinterested, it’s time to find someone else to manage your accounts.
Should You Choose Archimedia Accounts?
You might be tempted by low-cost accountancy firms to handle your accounts. After all, it’s just about ticking the necessary boxes, right? Actually, the services they provide barely scratch the surface of what could be achieved with the proper care, attention and expertise that could revolutionise your business. It’s that level of communication, attentiveness, and excellent service that we provide to all of our valued clients.
We’ll help you make the right decisions to further your business, and when we uncover opportunities to save you money or change your processes, we’ll be the first to let you know. With potentially thousands of pounds to save, don’t hesitate to get in touch with us today.
Let Archimedia Accounts propel your business forward with innovative solutions for you.
Get in touch now for a free 30-minute business and tax review.