How to Find the Best Accountant for your Business

Outsourcing your finances makes considerable sense, whether running a small or large business. An external accountant will allow you to focus on your business’s core operations without distraction. Plus, a dedicated accountant will have a far firmer grasp of your accounts than you do, leading to fewer mistakes and lowered costs overall in the long term.

But precisely what qualities should you be looking for in an accountant? Let’s take a look at a few of the more important criteria.

Location

You’ll want an accountant who’s accessible. That typically means picking someone that you’re physically near to. But the world has gotten smaller in the digital age, which might mean that you can cast a wider net in search of a person with more specialised competencies (or who charges less). Ideally, however, you’ll want an accountant in the same time zone as you.

Reputation

To minimise the risk, you should search explicitly for an accountant with a strong reputation. Look for accountancy firms established for a long time and do a little due diligence online. If your accountant lets you down, legal action might be worth taking. A professional negligence claim can help restore you to the state you were in before the problem arose – but it can’t give you back the time you’ve lost.

Specialisation

Certain firms have particular needs that specific sort of accountants can satisfy. Settling for a one-size-fits-all solution might cost you, especially if yours is a niche business. For example, if you’re a property developer, it makes sense to go for someone with experience in property development. There are four types of accountants: government, forensic, management, and tax. But there are also many more to consider. Knowing which is appropriate to your needs is best before picking up the phone.

There are some fantastically niche areas of accounting, such as lease accounting. For example, the new ASC 842 lease accounting guidelines have driven the need for specialisation in both ASC 842 software and expertise. Things like this happen in accounting, and the ASC 842 update is the perfect example of a niche in accountancy that you can specialise in.

Recommendations

If you can get a recommendation from people you trust, you’ll feel much more comfortable giving money to an unfamiliar accountant. Like electricians, plumbers and builders, good accountants tend to be trusted by their customers and rely heavily on word-of-mouth to bring in new customers. Look for recommendations from businesses the same size as yours for accountants who provide the same services as those you’re looking for.