If you are running a business in Wirral, you need to look at hiring an accountant. The problem that many people have is choosing the right accountant for their Wirral business. To ensure that you do choose the right accountant, there are a number of points to consider.
Why You Need A Wirral Accountant
Before you start looking for an accountant, you might wonder why you need one. An accountant will not only ensure that your business finances are in order, they also provide invaluable knowledge. Choosing the wrong accountant can be very costly to your business.
Accountants will also ensure that your business is staying within the law. Business rebates and taxes will also be easier when you have a good accountant.
Wirral Accounting Firm Or In-House Accountant?
One of the first steps that you need to take when choosing an accountants Wirral is whether to hire an accounting firm or an in-house accountant. When you first start your business, you might wear the hat of the accountant. However, if you do not have any history with accounting this could be a problem.
An accounting firm will often have more experience and could offer you a billing structure that works for your business. However, you could be lower in their priorities as a small business. An in-house accountant will understand your business inside and out. This will ensure that you get the best advice for your business. The primary issue with this option is the fact that it costs much more as you have to pay a full salary as well as benefits.
Regardless of the type of accountant you get, you need to consider their qualifications. A non-certified accountant might be able to help with your bookkeeping and financial statements. However, a certified accountant can handle more responsibility and can legally complete more activities.
An undergraduate degree is a good qualification to look for. However, an ACCA can also provide the same level of knowledge. The benefit of hiring an accountant with an ACCA brings the benefit of real-world experience. In order to qualify for this certification, the accountant will need to have years of experience and pass the written examinations.
Hiring an accountant with a CIMA will generally be something that the average small business will not have to do. These professionals are usually overqualified for most businesses of this size. However, if you run a manufacturing business, these professionals will be ideal.
While the right certifications are important, you also need to consider the professional’s expertise. Ideally, you should look for expertise within your own industry. There are some accountants and accounting firms which specialize in working with certain types of business.
This can be very helpful as they understand the issues which your business could face. They will also understand the financial regulations that affect your business and what needs to be done to meet them. Of course, an accountant who does not have experience can still complete the work, the only issue is that it could take them longer.
The Size Of The Firm
If you are not going to be hiring an in-house accountant, you need to consider the size of the firm you work with. There are some very large firms while there are others that are single person operations. Larger firms are not always the best solution for a small business.
The single person company could be better as they will have more time to spend on your account. You will also generally be able to contact them with greater ease when you have a problem. Large firms might give your account to a newer accountant and you may not be able to always contact them.
Interview The Accountant in Wirral
Before you agree to hire an accountant in Wirral, you need to perform an interview. During the interview, you need to ask about the experience the accountant has as well as the industries they have worked in. If you are going to hire an accounting firm, you need to ask to meet the employees who will work on your account.
You should also ensure that you understand the culture of the firm and their dedication to their clients. If you are looking at a smaller firm, you should find out how many clients they have and if they have the time for your account.