Why Should We Hire a Accountant For Our Business in London?

Accounting is one of the most important functions of a modern business enterprise. In the parlance of both manufacturing and trade, accounting has become an integral part without which, no commercial activity can be run profitably and successfully. Accordingly an experienced accountant has taken front seat in present day business activities.

An accountant encompasses and oversees important aspects like bookkeeping, costing, cash flow and payroll managements, taxation, final accounts and myriad other functions as an individual (in smaller businesses) or a team leader (in bigger businesses). Accounting in giant corporate houses, which maintain in house accounting departments is beyond the scope of this article.

Some businessmen try to avoid cost on accountant by swearing to do the job themselves. Even if you are qualified for the work, as a man controlling the entire business entity as owner, you must not indulge in money saving at the cost of valuable time consuming. Delegating accounting function to an efficient and trustworthy accountant can relive you of stresses and makes you free to utilize the time saved to other important aspects and pondering over policy decisions which are more important than doing accounting yourself.

Hiring an accountant is therefore a wise investment, which pays you back both in the short and long runs, freeing your valuable time and infusing efficiency in your enterprise that ultimately returns you much more value than you spend on your accountant.

But first you decide whether you need an individual accountant or an accountant from a firm or team of accountants. If you run a small business, probably an individual accountant will suit you more as you will have time to induce a personal rapport with him in running day-to-day business. This will help you in conveying him your business needs and your expectations. You may be able to impose on him stricter time schedules and as you are in a position to oversee his affairs, the chances of error and confusion is minimized. Indeed he will be your man. Leaks of business secrets are also minimized when a single man works on your finances.

However in the case of bigger business, where a lot of functions have to be coordinated and integrated, a professional firm is probably more suitable as they have different expertise for different functions. The accounting firm may depute a different man for preparation and filing of tax returns and yet another man for bookkeeping or a third professional for audit preparations.

Next thing is about to choose an accountant in your local area. If we consider London to be the local area then London happens to be the third largest city of the world behind Tokyo and New York. Up to mid-twentieth century Great Britain was a sort of center of the world trade activities and so was London. The culture and infrastructure continues.

So, it is an easy job to find an efficient accountant in London. Ask for recommendations from friends, families of relatives and business acquaintances in and around London. You may also search yellow pages of business and telephone directories wherein advertisements under the column 'accounting and bookkeeping' may help you in sort listing prospective accountant or accounting firms.

After you have made a sort listing, you may have a talk with them over phone to further shorten the list. Next is call for face-to-face interview. Observe the body language of the interviewee. Tell him free and frankly your requirements and expectations and the compensation you are ready to pay. Make a final choice thereafter.

This does not end the scenario. The working of the new accountant must be closely observed for three to six months to be doubly sure that the choice has been proper. During this period the new incumbent will also have a chance to integrate himself with your style of functioning. Take an informed final decision to continue or terminate his services and go afresh.

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