What to look for when choosing an Accountant in Manchester

Choosing the right accountant is always a tough decision, no matter what stage of business you’re at. Maybe you’ve just started and your budget is tight, or perhaps you’re looking to switch your accountant. Whatever stage you are at, choosing the right accountant can not only save you money and time, but it will give you a better understanding of your numbers from day one.

Manchester has become a thriving business hub that may one-day rival London (we hope). And with that, it means there are even more business owners on the hunt for the perfect accountant to support them on their journey.

As Manchester locals ourselves, (come say hello at our office on King Street), we decided to break down the most important things for businesses choosing an accountant in Manchester.

Why You Need an Accountant

When you set up your business, did you imagine you’d be spending hours doing your bookkeeping? Probably not (unless Bookkeeping is your trade of course). You set it up because you were passionate about something, or you had a talent that you couldn’t wait to turn into a career. The point we’re getting at is that the other parts of running a business such as bookkeeping, tax returns, annual accounts, and cashflow forecasts, are best left to experts who do it day in and day out.

Although you may be a rare jack of all trades who can do all of these things very well, you have to ask yourself, where is my time best spent? Often business owners get caught up in the day-to-day running of a business and forget to spend time looking at the bigger picture and steering the business in the right direction.

An accountant can do this and more, looking at both the necessary compliance work like Annual Accounts and Tax returns, but also giving solid financial advice and strategic direction.

Fortunately, the days are numbered for the once-a-year accountant who files your accounts and tax return and sends you on your way. Now, business owners can, and should, expect more from their accountants.

Lucky for you, we’re about to tell you exactly what you should expect from an accountant, whether you’re in Manchester or beyond.

What do you need from your accountant?

So where to begin? A good place to start is identifying exactly what you need from your accountant. If you’re self-employed you may only need someone to help with your personal tax return. Depending on what industry you work in and how many transactions you have, you may or may not need an accountant to do your bookkeeping.

However, if you are self-employed and have a lot of transactions then maybe you’ll need an accountant to take care of your bookkeeping.

If you’re a freelancer or sole trader, you might only need a small accountancy firm to assist with basic tax returns and bookkeeping.

On the other hand, larger businesses may need a firm that can handle complex accounts, payroll, VAT, and even offer financial advice.

Also, consider if you need an accountant with a specific expertise. Some accountants specialise in industries like property, tech, or retail – if that’s relevant to you, it’s worth looking for someone who knows the ins and outs of your sector.

Make sure they know their stuff

Like most professional service industries, the accountancy world has several professional bodies that ensure the standards are kept high. In the UK this includes the likes of the Association of Chartered Certified Accountants (ACCA),  the Institute of Chartered Accountants in England and Wales (ICAEW), and the Chartered Institute of Management Accountants (CIMA).

Checking that your accountant is qualified and a member of a professional body reassures you that they’re properly qualified and regulated.

Do they offer what you need?

The accountant you choose will depend on the size of your business, or how much money you’re willing to spend each month.

Every accountant is different, and every business needs different things. At the core of accounting are basics such as:

• Tax returns
• Bookkeeping
• VAT returns
• Payroll services

For some business owners, that might be enough. If you don’t want to pay a whole lot, and you’re happy with the compliance work, then this will be enough. However, if you want an accountant to go further, then advisory services like tax planning, financial forecasting, management accounts, or business planning might be more suited to your needs.

At Accounts and Legal, our Essentials Package is £125 a month which covers your accounts, CT600, annual payroll, confirmation statements, directors tax returns and access to cloud accounting platforms Xero and Dext.

For some businesses, this is all they need. Other businesses require their accountant to be more hands-on, which is where advisory services like cashflow forecasting, business plans and management accounts come in.

This is where your accountant looks at everything, from your debtor list, cashflow, pricing, and even your marketing and sales strategy. It’s about being involved in the finance function of your business, and helping you make informed decisions.

The beauty of cloud technology means your numbers can be kept up to date in real-time, which allows business owners to make better decisions and have a greater grasp of their numbers.

Location and Accessibility

Ask yourself the question, would you like to see your accountant in person? In-person meetings might seem like relics from a bygone era, but we think they’re incredibly important. If you agree, then picking an accountant in Manchester who is in your local area might be a good idea.  However, if proximity isn’t an issue, then most accountants can still service their clients and have the same level of quality using virtual methods.

While many accountants offer virtual services these days, it’s worth considering whether you prefer someone local in Manchester. Having a local accountant means they’re more likely to understand the specific financial landscape of the city, including any regional tax implications.

Look at Reputation and Reviews

Do your due diligence! You wouldn’t go to a restaurant that had a one-star Google review, so don’t do the same with your accountant.

Check out the firm’s Google Business page, and maybe its Trustpilot Page, and make an informed decision from there. You’ll quickly get a sense of what the business is like and whether the experience of other business owners has been positive or not.

Or maybe, you’ve been referred to the business by a friend or through a networking group. Yes, it may surprise you that even in today’s digital world, people are still meeting in person!

Sarcasm aside, we know the power of a personal referral, and if someone you know and trust recommends ana ccountant, you’re usually in safe hands.

Ultimately though, the decision is yours. Weigh up all the things above, have a chat with the accountants, see if you click and you’ll get a gut feeling as to whether the firm of accountants in Manchester is right for you.

Communication is Key

Being good at numbers is one thing, but building a strong relationship with your accountant in Manchester is also incredibly important. Do you get on? A simple question but one which you should consider. Do you trust this person with your business’s finances? An accountant goes through the ups and downs with you, from when your business is growing and doing well, through the more difficult times.

If you don’t have a great grasp on your finances, you need an accountant who is proactive and tells you about tax planning strategies, keeping you up to date with the latest developments. If you are more confident, or you have an in-house team for that, maybe your accountant just needs to do the compliance work and take a job off your hands. Find your blind spots and identify an accountant in your area that fills those gaps and makes your business stronger for it.

At Accounts and Legal, even our clients who pay £125 a month still get access to quarterly review meetings. For us, it’s a great opportunity to assess how the business is running, provide advice, put together business plans, and help save tax. Without regular communication, you risk missing opportunities to proactively save tax, meaning you could be wasting thousands each year. It does pay to be prepared.

Find the Right Fit

At the end of the day, you’ll want to choose an accountant you’re comfortable working with. This is someone you’ll likely be sharing sensitive financial information with, so you’ll want to trust them and feel like they’re working for you, not against you.

Consider the long-term as well – the best accountant is someone you can build a relationship with, who’ll help your business grow or keep your personal finances healthy over time. If you feel they understand your needs and are easy to work with, you’re on the right track.

Choosing the right accountant in Manchester doesn’t have to be difficult. By being clear on your needs, checking credentials, and considering factors like pricing, communication, and reputation, you’ll find someone who can help take your finances to the next level.

Remember, this isn’t just about finding someone to file your tax return – the right accountant should be a trusted part of your business who is on the journey with you.

So take your time, do your research, and make sure you choose someone who’s the perfect fit for you. If you’d like to find out if we could help your business, get in touch with our team today.