How to Find a Good Accountant: A Guide for Small Business Owners

In our last post, we discussed what makes a good accountant and why finding the right one is crucial for your business. But knowing what makes a good accountant is only half the battle—you also need to know where and how to find one. For many small business owners, especially those who’ve never hired an accountant before or have had a bad experience, this can be a daunting task. Here’s a guide to help you navigate the process, from where to look to what questions to ask.

Where to Start Looking for an Accountant?

1. Local vs. National Firms:

• Deciding between a local or national firm depends on your preference for face-to-face interaction versus online communication. A local accountant can provide a more personal touch and is often familiar with regional business conditions. However, national firms or remote accountants offer broader expertise and the flexibility to work with you wherever you are, often with the latest technology to streamline processes.

2. Online Searches:

• Platforms like Google Maps, LinkedIn, and local business directories are great places to start. You can read reviews, check credentials, and even see who specializes in working with businesses like yours. Searching for “accountants near me” or “small business accountants” can give you a list of options. However, remember that just because an accountant shows up on the first page doesn’t mean they’re the best fit—always dig deeper.

3. Referrals and Recommendations:

• Ask fellow business owners, colleagues, or industry contacts for recommendations. Referrals from people you trust can be invaluable, as they provide firsthand insights into the accountant’s reliability, expertise, and communication style.

4. Professional Bodies:

• Check the websites of recognized accountancy bodies such as the ICAEW (Institute of Chartered Accountants in England and Wales) or ACCA (Association of Chartered Certified Accountants). These sites have directories of qualified members who adhere to strict ethical standards.

Does It Matter If the Accountant Is Qualified?

Absolutely. A qualified accountant—especially one who is a Chartered Accountant—has undergone rigorous training, passed exams, and must adhere to strict professional standards. Non-qualified accountants may still offer services, but they don’t have the same level of oversight, ongoing training requirements, or insurance protections. A qualified accountant is not just someone who can file your taxes; they are a strategic partner who understands complex financial regulations and can provide valuable business advice.

How Much Money Can an Accountant Save You? Will It Cover the Cost of Hiring One?

A good accountant doesn’t just balance your books—they can help you save money in multiple ways:

• Tax Savings: Accountants are experts in tax planning and can identify deductions, credits, and tax reliefs that you might miss on your own. For example, small business owners often overlook allowable expenses that can reduce their tax liability significantly.
  
• Efficiency Gains: By setting up efficient systems and processes, an accountant can streamline your operations, saving time and reducing administrative costs. Automation of processes like invoicing and payroll can also minimize errors that could cost your business.
  
• Financial Strategy and Forecasting: A good accountant helps you plan for the future, identifying opportunities to grow your business, manage cash flow, and make smart investments.

In many cases, the savings achieved through proactive financial management more than cover the cost of hiring a professional accountant, making it a sound investment in your business’s long-term success.

How Often Will a Good Accountant Talk to You?

Communication is key to a successful relationship with your accountant. A good accountant will maintain regular contact, whether through monthly check-ins, quarterly reviews, or on-demand meetings when issues arise. They should be proactive, reaching out with insights or alerts about changes in tax law that may affect you, rather than waiting for you to contact them.

What Does a Good Accountant Need From You?

It’s important to remember that the accountant-client relationship is not one-way. Your accountant will need your cooperation to do their job effectively:

• Accurate and Timely Information: Providing up-to-date financial data, receipts, and relevant documents is crucial. The better the data you provide, the more accurate your accountant’s advice will be.
  
• Open Communication: Be honest about your business’s financial position, goals, and any concerns you have. This transparency allows your accountant to provide tailored advice that best serves your needs.
  
• Commitment to Collaboration: Your accountant may suggest new processes or tools to improve your financial management. Being open to these changes can greatly enhance the value you get from their services.

How Much Will a Good Accountant Cost?

The cost of hiring an accountant can vary significantly depending on the services offered and their level of expertise. Basic services, such as bookkeeping or online tax filing, might start as low as £100 per month, but the scope of what’s covered can be limited. Full-service packages that include strategic advice, tax planning, and regular reviews typically range from £150 to £500+ per month, depending on the complexity of your business.

Beware of Low-Cost Offers: While it’s tempting to go for the cheapest option, remember that you often get what you pay for. Low-cost services may only provide basic compliance, missing out on key strategic advice or personalized support that could save you more in the long run. A good accountant is an investment in your business’s future, not just an expense.

Conclusion

Finding the right accountant may take time, but it’s worth the effort. Whether you choose a local advisor, a national firm, or an online service, make sure they have the qualifications, experience, and communication style that suits your business. The right accountant does more than just handle your finances—they become a trusted partner in your journey, helping you navigate the complexities of running a business, stay compliant, and achieve your goals. Investing in the right accountant is an investment in the success of your business.