When you decide to choose an accounting partner for your business, you are looking at more than someone to handle your bookkeeping, tax preparations, and payroll processing. Accounting and tax professionals have tasks and services they are hired to provide; however, the partnerships also look at the growth of the business.
This is why it is important that you don’t rush the recruitment process, but choose the ideal accounting partner for your business. There are many factors to consider when doing this, and these tips will definitely help you make the right choice.
Type of Work
There are number of finance and accounting services provided by companies like FinAccDirect, including company secretarial services, statutory reporting services, and financial management services. In addition to these, accounting and tax professionals also provide financial management outsourcing services, tax registration, and annual financial account submissions.
When choosing an accounting partner for your business, you need to have an understanding of the type of work required from them. Do you only need payroll processing handled or business advisory too? Consider the type of work you require before you hire someone so that you don’t run into any problems later on.
Hiring Options and Location
You may want an in-house accounting partner or may opt for outsourcing for accountants UK. Depending on the type of work you require, the partnership you want to build with accounting and tax professionals, and the industry and size of the company, you may opt for a particular hiring option. In addition to this, you may also want to consider location.
If you are outsourcing for accountants UK, how much distance are you willing to have between your company and the accounting and tax professionals?
Recommendations
Your colleagues, friends, family, and online connections are great ways to gather recommendations for accounting and tax professionals. Once you know what you are looking for, you can ask for recommendations from people you trust.
A few things to keep in mind when considering the recommendations of others is that performance and quality of services depends greatly on the industry and type of business. Finance and accounting services that are ideal for one industry may not be ideal for another, thus you need to pay attention to the source of the recommendation.
Relevant Expertise
This too is industry-specific as an accounting and tax professional that has experience in one industry may not be a good fit in another. Inquire if the accounting partner has the relevant expertise and if they have worked with a company of your size before.
In addition to this, you also want to consider the qualifications of the individual. Are they a certified or chartered accountant? Do they have the necessary skills and knowledge to provide the finance and accounting services you require?
Software Usage
While we may picture accountants as neatly balancing accounts in heavy ledgers, in today’s world, accounting and tax professionals rely on software for efficiency. There are a number of software used and outsourcing to a company like FinAccDirect will give you access to the latest technology and software.
One thing you need to look into is the type of software used by the accounting partner and compatibility with your own systems.
Background Check
Regardless of the skills, certification, and expertise they boast of, it is always recommended that background checks are conducted of the accounting professionals. The individual’s relationships with past places of employment as well as ability to work with a team, communicate, and meet deadlines are all crucial in this line of work.
During the interview, ask the right questions so you have a good understanding of the accounting or tax professional and know if they are a good fit to your company. It is also important that you negotiate fees so that you stay well within your budget and don’t get presented with unexpected fees for various services.
Best Interests of Your Business
Finally, it is important that the accounting partner has the best interests of your company in mind. They will be hired not only to manage your accounts or file your taxes but to also save your company money and make a bigger profit.
Whether you are outsourcing to a company like FinAccDirect or hiring an in-house accounting partner, it is important that they provide necessary advisory services and contribute towards the growth of your company.