Why choose a larger accountancy firm?
7 things to consider when appointing an accountant for a small business
As a small business when looking to appoint an accountant the key driver in the decision is usually heavily focused around fees. Appointing the right accountant is a big decision for your business so do you also take in to account the level of service that will be provided or the value that a firm can add to your business? When appointing an accountant do you consider the long term needs of your business or the short term cash savings from lower fees?
It’s worth considering the following points:
As with anything you buy, whether its goods or a service, the price you pay is usually a clear indicator of the quality you can expect to receive. The appeal of lower accountancy fees for small businesses is understandable but what level of service will you receive in exchange for this?
Does your accountant support you during every stage? As a small start up you may only want basic bookkeeping services but as your business grows the financial reporting demands may change and larger firms have the resources to quickly adapt and grow with you. This could be payroll services as you take on your first employee or monthly management accounts so you can monitor how your business is performing and growing. Flexibility in the services provided and meeting your accounting and tax needs within your budgets are imperative.
Following on from the above point, is your accountant sufficiently staffed? With smaller accountancy firms, or a sole practitioner, it is likely you will only have one point of contact and they will hold all the knowledge of your business. What happens when they go on holiday or are off with long term illness? With firms like Rayner Essex you would generally have at least 2-3 points of contact who all know your business. Therefore if anyone is unavailable there will always be someone else to pick up and ensure there is no disruption to the services you receive.
As a larger firm, Rayner Essex has the knowledge and experience across many software platforms, which means we can recommend the most appropriate software that will benefit your business and its reporting commitments. We can provide training on software if you wanted to maintain your own records or we can also help with the integration of different software and apps. Smaller accountancy firms tend to stick to a very limited choice of software due to the high costs and training requirements of new software. See how Cloud Accounting has helped some of our clients.
Larger firms generally tend to take part in more and varied networking events. We host and run our networking events which can provide great lead generation opportunities for our clients as they get to know each other and collaborate.
We have specialists in all of our departments. As your business grows you may take the opportunity to expand into Europe, for example, and we have the VAT and Tax advisors who can help and provide the appropriate advice about the impact this may have on your UK reporting duties. Relying on a sole practitioner the advice you receive will be based on the knowledge of one person or you may have to wait long periods while they seek external technical advice. Accountancy and tax compliance is very complex with so many different aspects and it is impossible for one person to have all knowledge of all tax laws. As a larger firm we have a vast mix of professionals who all have different areas of specialisms and technical knowledge so whatever happens in your business we also have the resources and specialists at higher levels to support you.
As a business owner you never know what may happen in the future and other services that you may require. Whether is it legal advice for employment contracts or personal financial advice such as pensions, we have a vast network of contacts that we can put you in touch with.
If you would like to find out more about the services we offer and how we can support your business growth please contact one of our experts or fill out the form below and we will be in touch.