Choosing the right accountant for your new business

Accountancy is so much more than ‘knowing the numbers’.

As a new business with strong growth ambitions, a good accountant is a pre-requisite for keeping your goals on-track and ensuring your continued development and success.

So what should you look for when sourcing an accountant? And how do you know who’s the best fit for your business? We’ve teamed up with award-winning business advisers & accountants, Cooper Parry, who are breaking the mould when it comes to traditional accountancy, to find out.

Choosing your accountant – why is it important?

Embarking on a brand new business venture can often be a daunting experience. Throw in the masses of technical jargon and mind-busting sums, and you can often be left feeling overwhelmed and isolated. But your accounts shouldn’t feel like a burden.

Choosing an accountant is very much like choosing a business partner. The right accountant can help you with so much more than fulfilling your statutory obligations; from providing crucial business advice, introducing you to key contacts, to helping your long-term goals become attainable. Your accountant should be a trusted source you can depend on, guiding you in the right direction as your business grows and working in partnership with you on your business journey. That’s why it’s essential to take the time to choose carefully.

Find an accountant who’s proactive and saves you money

Some accountants will focus on little more than managing your accounts and completing your tax forms. But the very best accountants will take an interest in your business and what it is you’re looking to achieve.

As an entrepreneur, it’s important to find an accountant who will add value to your business. They should take the time to understand you and your long-term goals – helping you to find the best possible ways to save time and money, so your goals can be realistically attained.

Look for an accountant who asks questions like “where do you see yourself in 5 years’ time?”, and invests in your vision with a proactive approach. Part of the initial onboarding process at Cooper Parry involves an in-depth Discovery Session, which helps clients identify the best available routes to achieving their goals, often uncovering areas you may not have even considered yourself eligible for, such as R&D tax credits.

Your business strategy is integral to how you’ll develop, so it’s vital that it aligns with the numbers and that your accountant fully understands it.

Get the people and the tech

In today’s digital world, it’s becoming increasingly difficult to come across that perfect balance of people and technology. On one hand, you’ll have a traditional paper-led accountant with archaic values – on the other, you’ll find it’s a robot handling your accounts more often than it is a human.

IT and technology are hugely important aspects to consider in your business’ growth. Having access to live data, so that you can review your accounts and performance anytime, from anywhere, is a big advantage. But having a real person on stand-by, to turn to and discuss your data in more depth when you need to, is equally as valuable.

Look for an accountant who can offer you that winning combination of people-backed tech, whether it’s the option of an app that allows you a real-time overview of your accounts, or even the option of moving your data to a cloud. Why wait on paperwork when you can have the insights and answers you need at the click of a button?

Having robust systems and technology in place will give your business the foundation for more returns further down the line. As your business evolves, so should your IT solutions and internal systems.

Keep connected

A dedicated accountant will keep in regular contact with you throughout your journey, not just on an annual basis when it hits the financial year end. Ongoing support and regular communication to understand your progress on this journey will help you to avoid problems later down the line, whilst making current challenges much more manageable.

As a new business owner, it’s inevitable you’ll encounter some hiccups along the way. However, most accountants will have worked with businesses of all shapes and sizes, from across a wide range of industries, meaning they’ll be able to equip you with key insights and industry-specific advice – as and when you need it.

The business world can be a lonely place, but finding an accountant with a collaborative approach will make a world of difference. Your accountant may also be able to put you in touch with useful contacts who can contribute to your growth. Networking is a hugely valuable way of meeting new people and identifying key opportunities to expand your business.

With so much going on as a new business owner, monumental milestones and accomplishments can often go unrecognised. As part of our client experience programme at Cooper Parry, we aim to avoid this by offering our clients a variety of exclusive calendar events throughout the year; including opportunities to celebrate success, recognise achievements and network with close-knit groups of like-minded entrepreneurs and organisations.

About Cooper Parry

Cooper Parry is one of the largest independent firms of business advisers and accountants in the Midlands, supporting businesses and private clients of all shapes and sizes. We offer a broad spectrum of professional business services, up-to-the-minute technical expertise, and personal advice. Our unique approach and award-winning culture is the reason we’re smashing the accountancy stereotype; with an aim to Disrupt, Lead and Make Life Count.

To find out more about the multi-award-winning firm and how they can help you, click here.