How to Find an Accountant for Your Small Business

In the dynamic world of small businesses, managing finances is a crucial aspect that can make or break success, especially early on in your journey of self-employment.

With a to-do list longer than your arm, finding the right accountant to partner with can significantly alleviate the financial burdens you face and pave the way for growth, however it can feel like a daunting task if you have no prior experience of working with an accountant. What do you need to look for in a good accountant? Should you find someone local? How much should you be paying?

Entrusting your business’s financial health to a seasoned accountant can make all the difference in sustaining and growing your enterprise. With countless options available, the task of selecting the ideal accountant can feel like something you need to prioritise, but could be a time-consuming task. When researching, a lot of accountancy firms can offer you the world and it all seems a little too good to be true.

One crucial aspect that should never be overlooked is financial management so we have created a quick guide of some useful insights to help you make the decision when choosing an accountant, whether you run a small business, you’re a contractor, a landlord or you operate as a sole trader.

Choosing the right accountant for you

1) Assess your needs

The first thing you need to do is take a look at your business and highlight the areas in which you need support before embarking on your quest to find the perfect accountant. Take a step back, evaluate your business’ financial needs and look at why you need an accountant, and what for.

Are you looking for advice and guidance from an accountant? Are you worried about your tax return and unsure how to maximise tax efficiency? Are you looking for help with bookkeeping or payroll?

Understanding your requirements will streamline the selection process and ensure that you find an accountant who can cater to your specific needs. Luckily, at Gorilla Accounting your dedicated expert accountant covers all aspects, from your self-assessment to advice on financial planning.

2) Look for recommendations

One of the most powerful marketing tools will always be word of mouth. If you seek advice from other reliable professionals, you gain first-hand accounts of the service they have received and know that you’re making the right choice.

Reach out to fellow business owners, industry peers, mentors, friends and family to see who they use for their accounting. Their firsthand experiences can offer valuable insights into the competence and reliability of various accountants.

Alternatively, take a look at Trustpilot and Feefo. As the most trusted accountants on Trustpilot, with an overall 4.9/5 rating and we’ve recently been honoured with the Feefo Platinum Trusted Service Award.

3) Verify their Credentials

When entrusting someone with your business’s finances, it’s essential to verify their credentials and make sure that your accountant has all the relevant qualifications needed.

At Gorilla, all of our accountants are registered with a professional body and are either fully qualified or working towards a full accounting qualification.

Additionally, it is good to inquire about their experience working with small businesses and whether they specialise within your industry. Gorilla have worked with contractors across almost every industry possible, and your assigned expert accountant will specialise in your area too.

4) Is the communication going to work for you?

Everyone has a different way of working, whether that be purely online, you work evenings around your family, or you’re in a different time zone. Effective communication is key to a successful accountant-client relationship.

You need an accountant who is responsive, approachable, and capable of explaining complex financial concepts in simple terms. A proactive accountant who keeps you informed about regulatory changes, tax deadlines, and financial opportunities can add significant value to your business.

At Gorilla Accounting, we offer a Client Service Guarantee. If you contact us before 3pm, you are guaranteed a same day response from us. This might not be a full and detailed response to a more complex query, but we will come back to you with as much as we can before following up the next day. If we don’t, we’ll issue you £50!

5) MTD Compliance and Tech-led accountants are the way forward

The accounting landscape has undergone a digital transformation in recent years, with cloud-based accounting software revolutionising traditional practices. A forward-thinking accountant who embraces technology can streamline processes, enhance efficiency, and provide real-time insights into your business’s financial performance.

Our all-inclusive packages with Gorilla include full access to FreeAgent accounting software, saving you up to £330 per year. The software is fully MTD compliant, making sure your accounts are digital and ready for the changes from HMRC.

6) No hidden surprises

It’s so important to discuss fees and pricing structures from the beginning and as a small business or a contractor, you need to plan your finances to avoid any surprises down the line.

While cost is undoubtedly a consideration, it’s essential to prioritise value over price. Rather than focusing solely on the cheapest option, assess the services offered and the expertise provided relative to the fees charged. A reputable accountant will be upfront about their pricing structure and any additional costs associated with their services.

When I find an accountant for me, what can they help with?

An accountant can support and empower your small business however you’re set up to work. Whether you’re a freelancer operating under a limited company or a sole trader looking for time-saving support, Gorilla Accounting can take some of the financial burden away from you, helping you focus on what you do best.

Bookkeeping and Financial Reporting

Maintaining accurate and up-to-date financial records is fundamental to sound financial management. An accountant, alongside shared access to accounting software, can handle bookkeeping tasks, reconcile accounts, and generate financial reports that provide insights into your business’s performance and profitability.

From there you can make business decisions on statistics and real-time data.

Tax Compliance and Planning

Navigating the complex landscape of tax regulations can be daunting for contractors and small businesses, especially if you’re new to being self-employed. An experienced accountant can ensure compliance with tax laws, maximise tax deductions, and implement tax planning strategies to minimise liabilities.

From VAT returns to corporation tax, payroll taxes, and personal tax planning, a Gorilla accountant can take the stress out of tax season, leaving you relaxed and organised when the self-assessment deadline approaches each year.

Cash Flow Management

Effective cash flow management is critical to growth as a business, especially if you’re self-employed and working for yourself. An accountant can help you monitor income and outgoings and implement strategies to optimise liquidity and working capital.

Business Advisory Services

Beyond the numbers, accountants can serve as trusted advisors, offering strategic insights and guidance to help you make informed business decisions.

Whether you’re considering expansion or investment opportunities, an accountant can provide valuable financial analysis and scenario planning to support your decision-making process. At Gorilla Accounting, we get to know you and your business as well as you know it yourself, so alongside our expertise we can assist you in any decision making you might want or need.

Risk Management

Every business faces risks, from economic uncertainties to industry-specific challenges. An accountant can identify potential threats and implement risk management strategies to protect your business’s assets and interests.

At Gorilla, we can recommend insurance coverage, business banking and help mitigate the impact of unforeseen events, ensuring business resilience.

Find an Accountant for you

Finding an accountancy firm that you can trust is difficult. However, as the most trusted accountancy firm on Trustpilot, Gorilla Accounting could be just what you need.

Finding the right accountant is a crucial step towards achieving financial stability, compliance, and growth for your small business. Using Gorilla can help you navigate the complexities of financial management with confidence and focus on what you do best: building a successful and sustainable business.

The right accountant is not just a service provider but should be seen as a trusted partner who is invested in your business’ success. If you’re looking for an accountant, save time and money by choosing Gorilla Accounting. You can send us an enquiry through our website or call us on 0330 024 0406.