Running a business involves much more than selling products or providing services. Behind every successful business is a clear understanding of its finances, from managing cash flow and keeping accurate records to meeting tax obligations and planning for future growth.
For many business owners, finding the best accountant in Bangor can make these responsibilities considerably easier. The right professional can provide more than basic bookkeeping or annual accounts; they can become a valuable source of financial advice as the business develops.
But with so many accountants to choose from, how do you find the right one for your business?
Look Beyond the Annual Accounts
One of the first things to consider is the range of services an accountant provides.
While preparing annual accounts is an important part of accountancy, businesses often require support with many other areas of finance.
Depending on the business, this could include:
- Bookkeeping
- VAT returns
- Payroll
- Tax returns
- Business tax planning
- Management accounts
- Cloud accounting
- Cash-flow planning
- Business advice
Finding an accountant who can support several areas of your business means you may not need to find different professionals for each financial responsibility.
Choose an Accountant Who Understands Your Business
Every business is different.
A self-employed tradesperson will have very different accounting requirements from a growing limited company, retailer or professional services business.
When comparing accountants, look at whether they have experience working with businesses similar to yours. Someone who understands your industry may already be familiar with common expenses, tax considerations and financial challenges that apply to your particular type of business.
For businesses in North Wales, working with an accountant who understands the local business environment can also be beneficial.
Consider Their Approach to Tax
Tax is an unavoidable part of running a business, but good financial planning can help ensure you’re meeting your obligations while making use of legitimate opportunities to manage your tax position.
A good accountant should not simply tell you how much tax you owe at the end of the year. They should help you understand your responsibilities and, where appropriate, plan ahead.
This is particularly important when your circumstances change. Taking on employees, purchasing equipment, becoming VAT registered or changing your business structure can all have financial and tax implications.
Having someone you can speak to before making significant decisions can be extremely valuable.
Don’t Ignore Communication
An accountant may be highly qualified, but that doesn’t necessarily mean they’re the right person for your business.
Communication is often just as important as technical expertise.
Business owners need to be able to ask questions and receive clear answers without being overwhelmed by unnecessary financial terminology.
Before choosing an accountant, consider how easy they are to contact and whether they take the time to understand your concerns.
A good working relationship can make managing your finances much less daunting.
Think About Technology
Modern accounting has changed considerably, with many businesses now using cloud-based accounting software to manage their finances.
Cloud accounting can make it easier for business owners and accountants to access financial information, collaborate and keep records up to date.
When choosing an accountant, find out which accounting software they work with and whether they can help you choose or set up a suitable system.
This can be particularly useful if you’re moving away from spreadsheets or paper-based records and want a more efficient way to manage your finances.
Consider the Needs of a Growing Business
Your accounting requirements can change as your business grows.
A business that starts with a single owner may eventually employ staff, register for VAT, take on premises, invest in equipment or form a limited company.
Choosing an accountant who can continue supporting you as your business develops can save you the trouble of changing providers every time your circumstances change.
This is one reason why it’s worth thinking beyond your immediate accounting needs when choosing a professional.
Ask About Fees
Cost will naturally be an important consideration, but it shouldn’t necessarily be the only deciding factor.
Ask potential accountants to explain how their fees work and exactly what is included.
Some firms may offer packages covering specific services, while others may charge separately for different pieces of work.
Make sure you understand what you’re paying for and whether additional charges could apply for work outside your normal package.
The cheapest accountant isn’t always the best option if they provide limited support and leave you handling complicated financial tasks yourself.
Look at Experience and Reputation
Before making a decision, spend some time researching potential accountants.
Look at their website, services, professional experience and client feedback. You can also ask other business owners for recommendations.
For example, JT Thomas & Co is an established accountancy firm serving businesses and individuals across North Wales, with offices in Bangor, Criccieth and Blaenau Ffestiniog. The firm provides services including accounts, taxation, VAT, payroll, bookkeeping and cloud accounting.
Taking the time to compare different firms can help you find one whose experience and approach are a good match for your business.
Know When You Need More Than a Bookkeeper
Bookkeeping and accountancy are closely connected, but they aren’t necessarily the same thing.
Bookkeeping involves keeping accurate records of financial transactions, while an accountant can provide broader support around accounts, taxation, financial planning and business decisions.
Some businesses benefit from having both services working together.
If you’re spending hours every month trying to keep your financial records up to date, it may be worth considering whether outsourcing some or all of this work would allow you to spend more time running your business.
Choose an Accountant You Can Grow With
Finding an accountant shouldn’t simply be about getting your accounts submitted on time.
The right accountant can become an important part of your wider business support network.
They can help you understand your numbers, prepare for tax liabilities, identify potential financial issues and make better-informed decisions as your business develops.
Whether you’re starting a new business, running an established company or planning your next stage of growth, choosing the right accountant can give you greater confidence in your financial affairs.
Take the time to compare your options, ask questions about services and fees, and look for an accountant who understands both your current needs and where you want your business to go.
A strong relationship with the right accounting professional can be an investment that pays dividends well beyond the annual tax return.
