Guide to Working with Accounting Firms in London
Accounting firms in London
Accounting is just one area that some of the large chains provide services in, while others tend to operate on a more boutique level. If you're looking for assistance regarding your accounts, there are some things you should be clear on before trying to find a firm or individual who can help you:
Determining Your Needs
The first thing you will need to find out is what services your company actually needs. If it's just basic bookkeeping that you require then this can often be done either in-house or by an external agency. If you need someone to look over your accounts with a view to offering advice, then that's another matter entirely. It may be that you only require assistance with specific areas of your accounts and this will determine just who you need to approach for help.
The Size of Your Company
The size of your company is also an important consideration. A large firm will likely have someone on hand who can deal with smaller companies, but that won't be the case if you're a small independent outfit. It may be that you need to approach several firms in order to find one who can help you. If you're just starting out then it may be that you need to approach someone who is willing to work with a startup business.
The Type of Business You Run
You should consider the type of business you run, as this will determine what your accountancy needs are. If you deal in financial services or insurance then it may be that you require someone who can help make tax changes for you. If your company is more retail-oriented then it may be that you need help with getting VAT returns right. If your business is IT-related then there are some accountants who specialise in working with companies like yours.
Make a plan of action
All of the information you have gathered together should help you to formulate a plan. It's also important that you let your accountant know what your goals for the business are and how soon it is that you would like to achieve them. Accountants can be wonderful at helping you make plans and seeing them through, but they won't be much use if they don't have a clue what you're trying to achieve.
Once you've found the right accountancy firm for you then it's important that you work with them closely. You'll be able to communicate any changes in your plans easily and quickly while making sure that everything stays on track at all times. There are times when circumstances will change and you may need your accountant's help to make changes in short order. Your accountancy firm should be able to go along with this without any problems provided they are kept informed of the situation at all times.
The Importance of monitoring
You also need to ensure that they keep you up to date on how they are performing for you. You'll find that your accountancy firm will sometimes be selective in what they tell you, but it's best to make sure that they don't become too complacent when they are working with you. The last thing that anyone wants is to discover afterwards that vital information was not passed on to them.
Finding the right person for you
At the end of the day, you'll need to find an accountancy firm that suits your personal needs and preferences. However, this is not always easy as some people like a really hands-on approach while others would rather have someone take care of things from a distance. It's up to you to decide what you want and need from an accountancy firm, so choose wisely.
Asking the right questions
Asking the right questions is vital when it comes to working with an accountancy service provider. They may have a good list of services and prove to be efficient, but that doesn't mean that they will always be the best for you. You want to choose an accountancy firm that can answer your questions honestly and openly, without any embellishments.
Being Open And Honest With You
You should also look for an accountancy firm that is open and honest with you. If they aren't willing to listen to your concerns then it's unlikely that you're going to be able to work with them. An accountant should be someone who is willing to go the extra mile for you, so don't settle for anything less than this.
Their understanding of your business
It's also important that your accountancy firm has a good understanding of your business area. You want someone who not only understands how things work but who is familiar with the regulations and legal requirements of your industry. If they lack this kind of knowledge then it's likely that you're going to end up paying more money than you need to for advice that isn't useful.
Of course, the last thing that you want to do when you're looking for an accountancy firm is rush into things. This could lead to disaster down the line, so take your time and search for a really good firm that can give you expert advice when it comes to your finances. The accounting industry is a competitive one, but it can be easy to navigate with the right help.
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