If you hadn’t noticed, the business landscape has fundamentally changed and the part your accountant plays in helping you cope is essential to this. Finding a London accountant that thinks about your business and how to improve it, as opposed to just crunching your numbers and filling VAT and tax returns, should be a high priority for your business. After all, it’s another resource your obliged to pay for to meet regulatory demands, so why not get the best ‘bang-for-your-buck’ you can?
Recent time have seen significant changes in how businesses operate, driven by a pandemic and the need to adjust business models to suit new working practices and employee expectations. Also, supply chain uncertainties due to the pandemic have somewhat overshadowed the main protagonist that was expected to introduce business issues, i.e. Brexit. All in all, it’s been a pretty tough time for firms in the UK.
What should you be looking for in a good accountant?
Start by considering that it’s quite a competitive market in the finance and account space. It’s always been dominated by the larger accounting practices. However, these are not always suitable for small to medium sized businesses, as these benefit from a more personal touch.
Attitude is key. A truly great accountant is going to do two things when you begin to engage with them. The first is, they are going to initially access whether your business is a good fit for them and set out expectations on both sides. This is important, because some accountants may just take on your business, not really caring if they understand it or not. And that’s not good for you!
The second thing they will do, is to understand what is important to you. They will want to get to know your business – not a casual quick chat to try to reassure you, but arrange to sit down and dig a bit deeper.
By seeking to understand your business plan or even help you create a better one, is a sure sign that you’ve found a decent accounting firm. Central to this is being able to build a solid relationship with an accountant at the firm. However, like anything, the ‘proof of the pudding is in the eating’. Initial enthusiasm interest for your business should continue and not be a one off. You should arrange to have meetings on say a quarterly basis to help understand how your business is working and if there are efficiencies in your financial operations that can be made.
If you business is based in London or the greater London area, such as the outlying districts of Richmond, Putney, Wimbledon, Hammersmith, etc., you’ll likely benefit from finding a more personalised service from a local London accountant, like TaxAgility. They re also likely to be a bit cheaper that central London accountants, while still retaining a level of personalised service. TaxAgility are also well placed to assist businesses in Surrey too.
What services should a good accountant offer?
A well-rounded accountant offers services that can address the current and future needs of your business, which can include but not limited to:
- Company secretary services
- Corporate tax planning and advice
- Accounting and bookkeeping
- Payroll services
- VAT
- Cash flow forecast
- Short and long-term strategies
Essentially, you are looking for someone to take over the administrative work (like bookkeeping and PAYE) as well as someone who can help review your numbers and make sound recommendations so that your business has the best chance to succeed.
Every business is unique too. Perhaps you have just launched a start-up which is in need of funding, a contractor who struggles with IR35, a small business owner whose business is experiencing consistent growth, or you may be looking for an exit strategy – this is why the accountants at TaxAgility are divided to teams that specialise in companies, small businesses and individuals in Central and Greater London and also in Surrey. Having expert knowledge in your area means we can provide relevant accounting and tax advice that help you manage and grow your business.
How do I check a London accounting firm’s qualifications?
While most people find their business accountant through word-of-mouth referrals, it is always worth checking if they are ICAEW (Institute of Accountants in England and Wales) accountants.
Guided by strict codes of conduct, ICAEW accountants uphold the highest standards of professional conduct and business ethics. At TaxAgility, we are ICAEW Accountants and we follow these principles:
- Integrity
- Objectivity
- Professional competence and due care
- Confidentiality
- Professional behaviour
This means that as our client, you will receive honest answers from our knowledgeable accountants who keep abreast with the latest developments in practice, legislation and techniques. We also act diligently and respect confidentiality. With us working alongside you, you know you are in good hands.
Top key traits of a good accountant
- Attitude. It’s amazing what a good set of interpersonal skills can do for a relationship and this starts with the attitude expressed towards you and your business.
- Knowledge and skills – A good accountant should be able to assist you in areas that you need.
- Listen to you – Only by understanding your situation first, then your accountant can come up with ideas that will make an impact to your business.
- Excellent communication skills – Having the ability to interpret data and convey the information in a meaningful way to you.
- Adaptable – Your needs evolve and how a good accountant assists you should evolve too.
- Honesty – A good accountant should provide honest answers, as well as excellent work without any hidden charges.
- Efficient – A good accountant will make sure that your financial records are managed efficiently, so you can concentrate in other aspects of your business.
- Transparency of fees.
At TaxAgility, our fees are transparent – most of our clients pay a fixed monthly fee with no hidden charges. In the event that you have additional projects that need our attention, we will discuss the work and cost with you upfront.
What can TaxAgility do?
At TaxAgility, our accountants specialise in companies, small businesses and individuals across London and Surrey.
Our standard accounting services include but not limited to:
- Annual compliance with Companies House
- Maintenance of statutory books
- Bookkeeping
- Management accounts
- Accounts payable and receivable
- Cash flow
- Sales reporting
- Tax returns
- Tax planning
- VAT returns
- PAYE registration
- PAYE administration
- Pensions
We have offices in three locations – Putney, Cavendish Square (Central London) and Richmond. We are also well placed to assist businesses in the county of Surrey.
For more information on our services, talk to us on 020 8108 0090 today or use our enquiry form to get in touch.
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- The complete guide to buying a small business
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This post is intended to provide information of general interest about current business/ accounting issues. It should not replace professional advice tailored to your specific circumstances.
This post was updated on Jan 11 2022