Appointing an accountant is a significant step when starting your business. You're trusting someone with your financial matters, often without knowing much about them. So, what should you look for when choosing an accountant?
Are They a Member of a Professional Body?
When choosing an accountant, one of the first things to check is whether they are a member of a recognised professional body. Unlike many professions, accountancy isn’t a protected term, meaning anyone can call themselves an accountant, regardless of their qualifications.
Qualified accountants go through rigorous exams that require dedication and hard work. This qualification provides reassurance that they're knowledgeable and capable of managing your business finances. Additionally, they must keep up with continuous professional development each year to stay updated on new standards and regulations.
At Alchemy Accountancy, we’re registered with the Association of Chartered Certified Accountants (ACCA).
Our registration number is 4355014, demonstrating our commitment to professional standards and client trust.
Who Owns the Company?
The ownership structure of an accountancy firm can impact your experience. When choosing an accountant, it’s essential to understand who owns the practice. There has been a rise in private equity investment within the industry, which can bring funding and new skills. However, it can also lead to cost-cutting and a focus on short-term gains that might not align with client interests.
At Alchemy Accountancy, our founders—Craig McCall, Andrew Nixon, and Alan Williams—each have extensive experience in managing accounting businesses. We’re independently owned, with no external funding, allowing us to prioritise our clients' needs over investor interests.
Who Will Be Doing Your Accounts?
A critical aspect to consider when choosing an accountant is who will actually be handling your accounts. Many firms outsource work to third parties, often located abroad. While this might seem cost-effective, we believe that having direct, in-house knowledge of a client's business is key to producing high-quality work and fostering strong client relationships.
At Alchemy Accountancy, all our client work is completed in-house. You’ll work directly with our dedicated team, and we never outsource your accounts to anyone else. This ensures consistency, quality, and a personal touch that sets us apart.
Are They Ready for Making Tax Digital?
Making Tax Digital (MTD) is reshaping the way businesses file their taxes, making it compulsory to submit quarterly returns to HMRC using online software. This means that traditional bookkeeping methods like spreadsheets and shoeboxes are becoming obsolete. When choosing an accountant, ensure they are prepared to support you through this transition.
We’ve partnered with FreeAgent and Xero to help our clients with MTD compliance. FreeAgent is perfect for small businesses, while Xero is ideal for SMEs with more complex financial needs. Our team will guide you in selecting the right solution to make your business MTD-ready.
If you're still unsure, reach out to different firms and ask questions about these factors. This will help you better understand who you’re working with and whether they meet your needs.
Ready to find the right accountant for your business? Contact us today to see how we can support your financial journey!