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4 Tips on Picking Your London Accountants
London accountants are a pricey lot, especially when it comes to business accounting and similar other financial heavy-duty jobs. With so many schools that are churning out well-versed chartered tax accountants into the fray, the industry as well as the entrepreneurs need to be on their toes while looking for the best fit for their business ventures.
While it is true that choosing a very highly paid tax accountant can be a bad start for an SME, it is also equally true (and vindicated by reports) that going ad-hoc on financial measures can cause innumerable troubles for the firm in the long run. Which brings us to the point – what exactly should be on your mind while looking for the ideal chartered tax accountant who can also perform business accounting tasks like he was born to do so?
Here are 4 tips that will help make an entrepreneur’s life easy as far as the decision-making process on hiring a London accountant is concerned –
1. Ask for Recommendations – A tax accountant is quite unlike your IT or marketing guy. There are very thin, bleak lines that demarcate the differences between a good tax accountant and a bad one that you can make out in the first meeting. So ensure that you have enough recommendations and testimonials from fellow investors or business owners, who have had the experience of having him on board.
2. Experience Does Matter – In a fickle and shifty economy like in the UK, hiring a chartered tax accountant is always risky. But yes, you can counter the risks or take calculated ones when you hire professionals who have had years of experience behind them, preferably in a domain relevant to yours. This way you know that even if things go wrong, the chartered accountant can patch it up. Recollecting emergency measures from his time back in his career!
3. Tailor-Made is the Key – Tailor-made London accountants are the key to a business venture’s success. Unless the chartered accountant fits your business model, the financial responsibilities you need him to fulfill, the budget you have at hand as well as the kind of financial future you are heading towards.
4. What She/ He Brings to the Table – Whatever the case be, London accountants should be hired after you have reviewed their potential in the near future. This includes building blueprints of the firm’s financial future as well as other aspects that include tax returns and planning as the firm expands & experience/ knowledge of rules and regulations in the financial structures of other states or countries.
To summarize the whole dilemma, hiring a London accountant is nothing short of hiring your CEO. However, while a bad CEO can be replaced or skedaddled with ease, doing so with your chartered tax accountant can not only be a bad bargain, but an expensive one too!
So take your time, weigh your options and ask for recommendation from everyone you know – especially from fellow financial experts or business investors. And once you know you have a solid option to go for, take the plunge!
Originally posted 2005-02-03 12:18:18.