Accountants in Essex
Deciding its time to hire yourself an accountant in Essex is the first step but the fundamental decision comes when deciding which accountant to hire and it's very important to make this decision carefully as there are a few things that you'll want to consider before you make the choice.
Such factors as the accountant's location, the dividing up of work between you and the type of accountancy software you and your accountant will be using to make sending documentation much easier and more efficient so both of you have a stream-lined system making filing, sending, receiving and changing any documentation much much easier. Consider how much you would have to pay the accountant you are considering, and whether he or she can help to reduce the taxes your business is paying.
It's in the interest of your business to hire an experienced, capable person to handle the most important area of your business – your finances. A good accountant will save you valuable time and money year after year which is an invaluable addition to any business, as knowing when you are entitled to tax relief or the intricacies of corporation tax, they can be worth their weight in gold. So here are some things to take into consideration when choosing an accountant in Essex.
Ask Yourself if Location Matters When Hiring an Accountant in Essex
In the past, the location of your accountancy agency mattered a lot more. But today, more and more companies collaborate solely online, using cloud-based technology to manage their clients and the businesses they own. This means that the location of your chosen accountants is less of an issue. With cloud accounting, you and your accountant in Essex can view identical real-time data at the same time – no matter where you are.
The decision about where to find your accountant really comes down to what suits your company best. Depending on how you want to handle the finances, your accountant could really be based anywhere.. For example, if you’re happy to collaborate via email, phone calls, video conferences, or secure accounting software, then you could be in Scotland and they could be in Essex. If your accountant in Essex can be anywhere in the world then you don’t need to make compromises based on their location and they could technically reply and do your accounts from anywhere in the world, making travelling and being away from the office not the issue it used to be. If you can find someone who really understands your business or industry then this is also an important factor to take into consideration.
You may prefer face-to-face contact and find it helpful to have someone who can attend personal and business meetings with you. If this is the case, then you would need to limit your search to accountants who work nearby your home or business address or are at least willing to travel to your premises from time to time.
Wherever they happen to be based, you should make sure they’re an expert in the tax laws that apply to you and your business.
Choosing a Certified or Chartered Accountant in Essex
In many countries the world over, accountants are regulated by professional bodies which take care of accountancy qualifications and try to maintain a high professional standard. Depending on the country you are in, professional accountants may be called Certified Public Accountants or Chartered Accountants. Chartered Accountants (CAs) are highly qualified professionals who have completed degree-level study along with workplace experience and a professional competence program.
Given that certified or chartered accountants in Essex have greater experience and knowledge, they'll be able to add value to your business and help you right from the start. And if you are expecting your company to grow then it's a good idea to hire a professional accountant at the beginning rather than later on when you find yourself desperate to hire an accountant in Essex.
Of course, it is possible to use accountants in Essex who aren't certified, chartered or registered, but it isn’t recommended and could be an unwise business move. Services such as bookkeeping, tax preparation and general financial management might not actually require a certified or chartered accountant. But you will almost certainly need one if your company grows to the point that you need to apply for a loan, or if you’re ever audited by the dreaded tax man.
Look for an Accountant in Essex with Relevant Expertise
You’ll need an accountant in Essex with relevant experience in preparing tax returns, and financial documents for companies of a similar size, structure and revenue to your own. If your company does use cloud-based software for much of its business, you will probably want someone who’s experienced with cloud computing.
It’s much better if they have worked with companies in similar market sectors to your own, that will help them understand the specific needs of your business. You might want to check or ask whether they have larger clients as if they do then it's a good indication that they will be able to attend to your business needs as your business grows over time.
You could also potentially ask them for a client list that details each company’s gross revenue and the number of people they employ. Find out how their clients have grown and developed over the years, to get a sense of whether they are equipped to handle the ever-evolving needs of your company.
Talk to Government and Business Associations About Accountants in Essex
Small businesses are the lifeblood of many companies' economies. Because of this, governments like to encourage their growth with grants and tax incentives etc.
As a small business owner, you should take advantage of the networks of business advisors who are available to help you make decisions like choosing the right accountant in Essex. There are often organisations and local chambers of commerce willing to offer you advice too. You would be wise to make efficient use of these, as they are there to help you and oftentimes their advice is completely free..
They can also be useful in places in which you and your business can network and talk to other business owners yourself. If you do this a few times then you may find an accountant is recommended to you by another business owner or multiple business owners. If nothing else, it could at least help you cut down the list of possible accountants in Essex to interview for the position.
Talk to Government and Business Associations About Accountants in Essex
When searching for an accountant in Essex, the ideal candidate for your business might be right around the corner. Start small by asking any friends or family members who own small businesses whether they would recommend their own accountant. If so then why do they recommend them and if they don't, then why not? Their answers to both of these questions could provide useful information that could come in handy at a later stage when you decide to interview accountants in Essex.
Keep in mind that choosing an accountant in Essex can very much be a personal decision, as what is right for your best friend's photography business might not suit your carpentry company.