5 tips to find the perfect property accountant for small businesses - Wright Vigar
 In Advice, Blog, Property & Construction

 

Whether you own a construction company or are a director of an estate agency. It can make a huge difference to your business if you can work with an accountant who has specialist knowledge in the property sector.

Accountants have skills other than tallying up numbers, they may be experts in running payroll, calculating tax, or are skilled in business growth. Following our tips, you can avoid using an accountant who is a ‘jack of all trades’ and find one that understands you and your business.

  1. Take it in-house or outsource?

Is the need of the business that great that you can justify the cost of hiring an accountant to work in-house? Or, can you outsource the work?

Outsourcing is generally more cost effective, as you pay the accountant for the time they spend working on your account. If you hire an internal accountant, you have to take into consideration the associated cost, for example aw well as a salary, there other and employee benefits (holiday, sick, maternity or paternity pay and auto enrolment).  You should also consider legal obligations.

  1. Is location key?

Prior to the internet, the way someone may have found an accountant was by looking through the advertising pages and choosing someone who was probably close by. The web has made the world smaller whilst increasing choice. This makes finding the right accountant even tougher.

With offices in Lincolnshire, Nottinghamshire and London, we have a strong reputation for supporting local property businesses. Plus, we love to meet our clients as it helps us to understand your individual needs. To find your nearest office, click here.

  1. Do your research

In the property sector, undertaking in-depth research is key to success. The same philosophy applies when it comes to choosing an accountant.

Your first port of call should be asking friends and colleagues for recommendations. Word of mouth recommendations remains to be the most trusted source of finding an accountant. You should probe your friends and colleagues on what makes the accountant great to work with. Ask about their response times and who deals with their enquiries i.e. do they deal with the same person each time or is their account looked after by multiple people?

An alternative to asking for recommendations is checking out trade press magazines and websites, as accountants frequently advertise their services in these.

  1. Plan your interview

Armed with a list of accountants that you are potentially interested in working with, you can move onto the interview stage. Sounds a little formal we know, but hopefully you will be working with this person or firm for a long time, so you need to be sure you can trust them to look after your financials.

Prior to meeting them, have a look on their website to get to know them, look especially at their testimonials. Also have a look on their social media accounts for any online reviews.

  1. Nail your questions

The only way to get the information you need out of the interview is to nail-down your questions before you meet the accountant.

Basic questions you can ask include:

  • What will the cost be?
  • What does the cost include?
  • What accounting software do you recommend?
  • What are your qualifications or accreditations?
  • Who will look after my account?

More probing questions, could be around the property sector, for example; What changes do you envisage will affect the industry the most? What processes do you have in place to help you deal with these changes?

If your gut instinct is that they are not right for you, don’t be afraid to walk away. The right accountant is out there for you!

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