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Why choose HGH?

What to Look for in an Accountant

Posted: 12th Aug 2024 by Hunter Gee Holroyd Business Advice General

Accountants are essential partners in managing your business finances. They provide expert advice, assist with business strategies, and help ensure your company grows while saving money. With an accountant, you can focus more on running your business, knowing that your financial matters are in good hands.

A skilled accountant can save you money by optimising your tax efficiency, improving cash flows, and finding funding opportunities. Their expertise helps prevent costly financial mistakes and supports your business’s long-term success.

Here are some of the services an accountant can provide:

  • Accounting and Taxation: preparing financial statements and ensuring compliance with tax laws.
  • Bookkeeping: keeping accurate records of all financial transactions.
  • Audit: conducting thorough examinations of your financial records to ensure accuracy.
  • Payroll: ensuring accurate and timely payment to employees, compliance with tax regulations, and expense tracking.
  • Business Advice and Financial Compliance: financial, accounting, and tax advice. Also, ensuring your business adheres to financial regulations and standards.
  • Corporate Finance: funding sources, capital structuring, accounting, and investment decisions.
  • Wealth Management: financial planning, investment management, and other financial services to help individuals grow, protect, and transfer their wealth.
  • Exit Planning: developing strategies for a smooth and profitable exit from your business.

At HGH, we stand out due to our comprehensive range of services tailored to meet all your business needs. Let us help you achieve financial stability and growth, so you can concentrate on what you do best – running your business.

Things to look for:

Make sure they have relevant qualifications

It is important to look for a qualified accountant or tax adviser. These professionals have completed rigorous qualifications to achieve extensive knowledge, work experience, and a strong ethical foundation. When you engage with a qualified accountant or tax adviser, you’re tapping into a wealth of expertise and a commitment to high professional standards.

Also, qualified professionals have ongoing development to stay at the forefront of industry developments. They regularly update their knowledge and make annual statements to their professional bodies to confirm their commitment to continued learning. Finally, they are required to hold Professional Indemnity Insurance, offering an added layer of protection and peace of mind for their clients.

Choosing a professionally qualified adviser means you’re partnering with someone who is not only skilled but also committed to maintaining the highest standards in their field.

At HGH 100% of our accounts team have relevant qualifications or are completing them.

Ensure they are proactive about saving you money

When choosing an accountant, it’s crucial to select someone who is not only skilled but also proactive in finding ways to save you money and encourage business growth.

A truly effective accountant goes beyond the basics, actively seeking opportunities to enhance your financial health. They should consistently look for strategies to reduce costs, optimise tax efficiency, and support your business objectives.

Unfortunately, some accountants may offer only minimal service if they are too busy or not fully invested in your success. To avoid this, ask potential accountants about their approach to identifying cost-saving opportunities and how they can contribute to your business’s financial growth.

Online research

The internet is a great place to start your search. Here’s how you can leverage online resources to find a trusted professional:

  • Check social media: platforms like LinkedIn can be valuable for finding recommendations and reviews. See if anyone in your network can suggest a reliable accountant.
  • Explore their online presence: visit the accountant’s website to read client testimonials and case studies.
  • Assess their social media activity: take a look at their social media profiles to gauge their expertise and personality. Are they active and engaging? Do they appear knowledgeable, approachable, and professional?
  • Accounting sectors: research which industries or sectors they specialise in. Ensure their experience aligns with your specific business needs.

By using these online tools, you can make a more informed decision and find an accountant who is well-suited to support you and your business.

Does your accountant use the same software?

When choosing an accountant, ensure they use the same accounting software as you, or are willing to use it. This avoids issues with data sharing and reduces the risk of errors or security breaches, especially if your data is transferred via unsecured methods like email. When choosing, go for market-leading, easy-to-use software with built-in encryption, or better yet, go for cloud-based options that offer secure, seamless data sharing. At HGH, our preferred option is Xero.

Contact Us

If you need any additional information or have a quick question, please do get in touch with our team. Call us on 01904 655202, or email enquiries@hghyork.co.uk.