As a business or professional individual, keeping up with your finances can often feel challenging. From the payment of taxes to business growth, the right accountant can be instrumental in making your life simpler and saving you time. In this guide, you can find some key questions to ask to help you find the perfect accounting firm for your needs.
The Purpose of Accounting Firms
An accounting firm refers to a business that offers financial services to its clients, from tax planning to business accounting. Chartered accountants working for an accounting firm provide these services, using their knowledge to provide quality financial management services.
Who Might Use An Accounting Firm
Wondering if you might need to source an accounting firm? Many people can benefit from their use, as outsourcing accounting can ensure that finances are managed carefully and correctly. The people who use an accounting firm can vary from individuals to large corporations, so it’s a matter of finding the right services for your needs.
The Benefits of Accounting Firms
For many businesses, the resources and time needed to manage finances in-house can be difficult to find. Thankfully, many accounting firms provide a way for businesses to manage their funds without a drain on employee time. Similarly, accounting firms can provide accurate services, helping to ensure no serious mistakes are made when it comes to their finances. Finally, accounting firms can help businesses strategically plan what to do with their finances.
The Risks of Not Using An Accounting Firm
While continuing to not use an accounting firm may seem harmless, it can unfortunately lead to some mistakes. Without the help of professionals, you may find that mistakes are made when it comes to bookkeeping and tax payments, as well as other money management practices.
Some issues you might encounter if you choose not to use an accounting firm can include, but are not limited to:
- Tax compliance issues
- Poor financial planning
- Missed fraud detection
- Errors in payroll
The Key Questions
There are some key questions that you should ask when choosing between potential accountants, to help you find the right solution for your needs. In this section, you can find some of the key questions you can ask to find a reliable accounting firm.
What services do you offer?
Arguably the most important question to ask any potential accounting firm is about the services they can provide you with. Any accounting firm should be able to provide you with information about the services they offer, helping you to determine whether a business might be right for you.
Potential services an accounting firm may provide can include:
- The preparation of financial statements
- Payroll services
- Auditing
- Tax planning
- Advisory services
While some businesses may offer certain services, that is not to say that all other businesses will. If you’re wondering if a company offers something in particular, it’s best to speak to them directly to find out.
How long has the firm been in business?
To gain knowledge through hands-on experience, a business will need to have been in operation for multiple years. While experience isn’t the only way to build up expertise, a business that has been in operation for a long time can suggest skill and talent in their particular field. If you’re looking for an accounting firm with the knowledge needed to work with your business, it can be helpful to seek out information on how long they have existed for.
What licence do you have?
Accounting firms are often able to have licences, helping to signify their trustworthiness to potential clients. In addition, you can also search for any previous awards, helping you to understand how successful the business has been in what they do. At Oasis Accountants, for example, we have licences and we have won multiple awards for our hard work in providing our clients with the best services possible.
How accessible are you?
When you choose an accounting firm, it’s key to choose a company that you can rely on. To find out whether you can truly trust a business, it’s best to ask outright how accessible they will be to you. You may discover that you need to contact your accountant in an emergency if you experience a sudden financial loss or tax disputes, making it vital to choose a business you can reach easily.
Do you specialise in specific areas?
Many accounting firms can specialise in specific areas, making them helpful for certain businesses. If you have specialised needs, you will need to find a company that can cater to them. If a business is specialised in a different field to the one you work within, they might not be able to help as well as you might like.
How well do you know my industry?
Different industries are likely to have different challenges, often impacting different areas of their process. To help successfully and prepare to navigate these difficulties, it’s worth selecting a company that can help cater to your business. Ask a potential accounting business how well they know your industry, to help determine whether they might be correct for you.
Have you worked with any similar businesses before?
Businesses come in a variety of forms, from small companies to large conglomerates. Typically, these will have different needs and demands, which can grow and shift over time. When it comes to selecting an accounting firm, therefore, it can be helpful to know whether a business has assisted a similarly-sized business before. By asking a potential company directly, you can learn whether they have solved any problems that your size of business might encounter, using real-life experience to inform their decisions.
What are the business’s values?
Each business will have its own unique set of values, from retail companies to florists. Accounting firms are no different. Finding a business that has values which align with your businesses can help ensure that you’re on the same page when working with one another. Take special note of any of their particular priorities, as they are likely to put these first when working with your company too.
Our Services at Oasis Accountants
If you’re looking for a trustworthy accounting firm, look no further than Oasis Accountants. As expert chartered accountants, our team is here to provide high-quality accounting services for your needs. We offer business accounting, individual accounting, and wealth management services, so you can select the services that will work best for you.
Please visit our website to learn more about us and our high-quality services at Oasis Accountants. Alternatively, please get in touch with us directly today for further information or support.
Student and postgraduate loans
Student loan plan type and postgraduate loan thresholds and rates from 6 April 2024 are as follows:
- Plan 1: £24,990
- Plan 2: £27,295
- Plan 4: £31,395
- Postgraduate loan: £21,000
Deductions for:
Plan type 1, 2 and 4 remain at 9% for any earnings above the respective thresholds postgraduate loan remains at 6% for any earnings above the respective threshold.
