Running a startup can be exciting, but it also involves a lot of hard work. Depending on the size and scale of your business and the industry you’re operating in, you may have to amass funding, market products and services, maintain quality, manage staff, and organise a multitude of day-to-day matters. Given all that needs to be done, establishing and maintaining your firm’s finances can be a time-draining task, one that diverts your attention from more pressing matters.
Whether you’re running a successful startup, need a financial pick-me-up or are contemplating starting out, you will have finances that need organising. However, just as there are different kinds of start-ups, there are different kinds of accountants, and it is in your best interests to find the right accountant for your specific business. Here are some points to keep in mind:
Are you starting out or have you begun trading? Are you running a small or medium-sized business? Which industry do you operate in? The scale, size and context of your business will determine the type of accountant you require. If you’re just starting out, you may want an accountant who can advise you on startup financing and government schemes. If you’re already running a medium-sized startup, you may want to make more informed future cash flow projections.
An accountant who is familiar with your industry will also be able to advise you on specific regulations, government policies, grants, and deadlines. The right accountant will be able to advise you best.
An accountant can help you out with simple, straightforward bookkeeping tasks. You will want someone who’s up-to-date with changes in regulations, taxes and fees who will be able to organise and maintain your payroll and VAT fees.
You may also prefer an accountant who will take a more active part in organising your business’s finances – this can take the form of an audit. A qualified accountant will even recommend optimal financing measures to ensure steady business growth.
Would you prefer to work with a freelancer or firm? Whether you’re looking for someone to file a one-off tax return, an accountant to sit in-house or an outsourced finance director, it’s important to distinguish the type of accountant your business requires.
It’s also important not to underestimate a personality fit. You’ll want an accountant who understands your business’s ethos and aims, fits well into your organisational structure, and flourishes in your work environment. After all, accountants aren’t just about number-crunching; your working relationship will prosper if you’re on the same page.
Some accountants charge a fixed fee for certain services while others will bill your business on a pay as you go basis.
Fees also often differ by location and qualifications (some accountants are chartered, and some may possess industry-specific certifications).
Working from home or short of space in the office? Services such as cloud accountancy software allow an accountant to work remotely. However, hiring an accountant who’s located close to you can have its advantages. Proximity makes first or regular meetings convenient, and some accountants will even visit your premises and install accountancy software for you.
Whether you’re looking for an accountant to work remotely or in-house, it helps to hire someone located close to you.
Startups are a lot of work, and working with the right accountant can free up your time for other aspects of your business. An accountancy referral service like Just Accountants will search for UK-based accountants closest to you, based on your startup’s specific needs.
Depending on your requirements, you can even find an accountant who will examine your startup’s finances and make active changes and recommendations that will lead to better business growth.