When you are first getting going with a business, it can feel like there is no end to the considerations you have to keep in mind.
From Companies House filings and tax obligations to building up a market presence, it can feel quite overwhelming.
In the midst of those challenges, some business owners may feel that they do not need to pay much attention to which accountant they use.
There is a misconception that all accountants are basically the same, but this could not be further from the truth.
Private equity firms are changing the way that accounting works by buying up many firms.
This causes the priorities of these firms to shift as they have to answer to corporate shareholders seeking a return on their investment.
Some accounting firms remain independent and offer a valuable alternative to the private equity-backed firms.
If you want to give your business the best chance of success, you should think about the value of an independent accountant and how they can help your business thrive.
Can an independent accountant support my business?
Part of the hesitation that some businesses face when approaching an independent accountant is being unsure whether they possess the skills and expertise needed to support businesses.
As the global economic situation becomes ever more complex, these fears are likely to grow, resulting in a general hesitancy for business owners, both new and experienced.
The reality is that independent accountants can often be more agile when dealing with businesses.
Rather than having to cater to the whims of private equity firms that control them, independent accounting firms are able to keep the focus on the businesses they are helping.
This means being proactive in giving support and guidance that can help your business grow.
Being more independent, these accounting firms can understand the realities of running small businesses.
Knowing how to effectively manage your finances when starting out is vital for paving the way for growth as you develop your business.
This can manifest as practical tax planning to suit your ongoing needs rather than a focus on complex corporate structuring that is of limited benefit.
Independent accountants can often draw from the expertise of others by being part of networks, such as MGI Worldwide.
This allows them to keep pace with the evolving knowledge of global economics without being beholden to private equity firms.
What is the relationship with an independent accountant like?
When starting out in business, you need an accountant who is going to see you as an individual and care about the success of your business.
Independent accountants are better able to do this as they are subject to less pressure from outside interests, such as their private equity backers.
With private equity-owned accountants, there is additional emphasis on hitting targets and those competing pressures can impact the accountant-client relationship.
A community-driven approach where your accountant comes to feel like an extension of the business should be part of the success story of your business.
If you feel as though your accountant is as invested in your success as you are, then you can better trust the insights and advice they offer.
You know that they want to see you around in the coming years rather than seeing you as another business owner who can be easily replaced if things go wrong.
Are independent accountants less efficient?
While the view may be that independent accountants have less of a presence and therefore less power to get things done, the opposite is often true.
Independent accountants remain flexible, able to take on work and complete it in accordance with their own abilities.
Rather than having to wait around for work to be completed, businesses often find that independent accountants have shorter turnaround times.
It is also easier to communicate with an independent accountant as you get to know the people with whom you deal.
Additionally, independent accountants are often more willing to work alongside your teams and develop systems that work for your businesses rather than forcing you to adopt uniform operational procedures designed by external parties.
Is an independent accountant more expensive?
While different accountants are likely to charge different prices for their services, independent accountants are often in a better position to offer value for money.
Without the pressure from private equity firms looking for a return on their own investments, independent accountants do not have the need to upsell business owners with additional services that they do not need.
This is coupled with more flexible pricing that is better tailored to the services that are of benefit to your business.
Beyond just the figures on paper, the difference in the quality of responsive and tailored advice adds additional value to the support offered by an independent accountant.
Keeping costs low is vital for any business owner looking to pave the way for growth, but this should never come at the expense of quality.
An independent accountant allows you to get the full value of the cost of accounting so that your business can become more financially confident.
Is an independent accountant right for your business?
If you want to give your business a good chance of success when starting up, getting support from an independent accountant may be the best way to do this.
We are fiercely independent and have been able to forge strong professional relationships with a wide variety of businesses.
Through our support and guidance, many new business owners have had the confidence to conquer economic challenges and build companies capable of lasting for many years to come.
If you want to understand how an independent accountant can support your business, we are always happy to guide you in achieving your goals.
