It’s not unheard of for a business to sign up with multiple accounting firms at once. In fact, it’s a necessity for some businesses – especially if they need an array of accounting specialities.
What are the advantages of using more than one accountant?
Why might a business owner choose to work with more than one accountancy firm at the same time? There are lots of reasons, such as needing specialist support in one area of the business, or to keep different businesses separate.
Tap into specific skillsets where you need them
Perhaps you operate one business as a sole trader, and also own and operate a limited company. You might want to delegate each of your accounts to experts in these areas.
For some businesses it can be more complicated than that. For example, you might need an accountant who deals with Capital Gains Tax to help you with one particular income stream, or someone who specialises in R&D claims.
Keeping your accounting and bookkeeping separate
Accountants and bookkeepers carry out different roles – some business owners prefer to assign these responsibilities to multiple firms or contractors.
Making the transition
Some business owners will overlap the firms they work with for a period of time, as they transition from one to another.
The benefits of sticking to one accounting firm
Looking at the situation from the other side of the fence, let’s now explore why using one accounting firm at a time might be the preferred option. These are only general points though. Every business is different so your needs might not fit neatly into any of these!
More well-rounded knowledge of your business
When an accountant has full access to every part of your businesses, they have a much more comprehensive picture. This, in turn, allows them to advise you on ways to be more tax efficient across the board, and help you make more savvy decisions around things like spending, cost-saving, investments and recruitment.
You can avoid paying double fees
When you only work with one firm at a time, you only have one invoice to worry about paying. Your accountant might charge you for each business (because they’re doing more than one set of accounts), but may also offer discounts if you sign up multiple businesses for their services. Accountancy fees can vary, so do your research!
A more streamlined process
As with most processes in life, when everything is all in one place, things seem to run a whole lot more smoothly. Sticking to one accountancy firm at a time will lighten both your cognitive and admin-based loads.
Stronger relationship-building
Investing all your time and energy into one accountancy firm or accountant will bolster your professional bond with them. That’s not to say, of course, that you can’t have great relationships with multiple service providers.
How to find the right accountant for your business
Whether you’re looking to use multiple accountancy firms or put all your eggs in one basket, it’s essential to do your homework before making any final decisions.
Here are just a few of our top tips for finding the right accountant for you and your business:
- Read plenty of reviews online: There’s nothing quite like reading through client-generated reviews (rather than company-created case studies) to see real opinions.
- Set up an intro meeting: If you come across a firm or accountant that you like the sound of, set up a call to get a better idea of whether you’re going to get along.
- Check out their client base: Investigating which customers a firm or accountant typically works with will give you more insight as to whether they’re the right fit for you. If they work with other businesses in your sector, for example, you’ll know they have plenty of relevant experience and transferable knowledge.
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