While it certainly isn’t common practice, it is entirely possible to have more than one accountant at a time. In fact, for some businesses, it can prove to be the most effective avenue to go down.
If you think about the situation in another context, it’s easier to understand why some business owners choose this less conventional way of doing things.
For example, if a company wants to run a big rebrand and then carry out a marketing campaign after to launch it, they may choose to work with multiple contractors simultaneously.
Of course, there are many digital agencies out there who could absorb the project in its entirety, but some business owners may prefer to delegate certain aspects of the project to separate area specialists instead.
So, rather than working with just one agency in isolation, they might brief the work out to a branding expert and a digital marketing function in tandem.
Taking this route means the business can reap the rewards of niche expertise, rather than a more generalist approach.
Now, let’s delve a little deeper into the pros and cons of using more than one accounting firm at a time so that you can make a more informed decision for your business.
Possible 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? Here are some of the most common reasons:
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.
Keeping your accounting and bookkeeping separate
Accountants and bookkeepers are two different things – but you already knew that, right? Some business owners prefer to assign these responsibilities to multiple firms or contractors.
Making the transition
Some business owners will work with multiple firms for a period of time as they transition, as a client, 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:
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.
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 on 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 canvass real, honest 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 if you’re going to get along.
- Check out their client base – investigating which customers a firm or accountant works with will give you some useful pointers on if they’re the right fit for you. If they work with other businesses in your sector, for example, you’ll know they’ve got plenty of applicable experience and transferable knowledge.