6 Tips to Hire an Accountant

Nowadays, the presence of an accountant in any business or company is fundamental, that is, because HMRC requires specific information that, in most cases, is best dealt with by an experienced accountant to avoid any errors and possible financial penalties.

But in addition to that, an accountant is also a great help in planning and controlling your finances, documenting your operations and submitting tax returns.

How to choose an accountant

There is no 'Top Secret' formula but follow these useful tips and you should end up with a valuable business partner in the accountant you eventually select.

First, you should be aware of the scope that an accountant can have. You can find out more about this at www.gsmaccountants.co.uk.

Recommendations for choosing an accountant?

1. Hire your accountant before starting to operate your business, you can do it on a full-time or part-time basis or hire an accounting firm.
2. Try to find an independent accountant; that way they will give priority to your needs.
3. Search for expert accountants in your company's business sector.
4. Preferably request references regarding any accountant (from previous or current clients).
5. Compare the service fees between accountants; some may charge per hour of advice and others have a fixed fee.
6. One of the most important points is trust; look for an accountant who you can talk to about your finances, and who will answer your calls and emails.

All accountants gain experience and develop strengths according to the situations they face. Here are just some strengths that you should look for when selecting an accountant:

• Familiarity with accounting tools that automate the processes of electronic accounting.
• Specialised knowledge of your sector.
• Ability to maintain excellent relationships with internal and external clients.
• Relevant professional skills and technical knowledge.
• Up-to-date training to deal with all situations.

These strengths can be compared with weaknesses that are presented, and in turn, discover what the opportunities and threats are presented by an accountant.

There is an analytical tool called SWOT which has as its main objective to specify what the Strengths, Opportunities, Weaknesses, and Threats are, in order that you can work effectively in your business environment.

This can also be applied to accountants, in the sense that it is possible to evaluate what advantages they offer (e.g. experience, knowledge, skills, etc.), as well as potential drawbacks (cost, access, inflexibility, etc.), and threats (currently works with your competitor, poor references, etc.).

SWOT analysis of an accountant

• What are the strengths presented by the accountant?
• What are the opportunities presented by the accountant?
• What are the weaknesses presented by the accountant?
• What are the threats presented by the accountant?

Once you know their main strengths you can, together, develop strategies to meet your business goals and you can complement existing accounting processes with technological tools or more comprehensive systems which will help you better facilitate your business accounting tasks.