Accountants in London- What are the benefits of hiring a local accountant

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best accountants for small business

Accountants in London- What are the benefits of hiring a local accountant?

Being a small business owner in London can be incredibly rewarding. However, it can also come with plenty of challenges, including managing all your finances. 

Whether you’re sorting out taxes, applying for a bank loan, making investments, or merging with another business, the best place to go to a local, London-based accountant. 

Why you should hire a local account. 

As with many industries, accountancy is slowly becoming engrossed by large corporations with millions of clients. This is disadvantageous for smaller accountancy firms and their customers. When looking for an accountant, don’t just go to the big firms with the most advertising budget.

Firstly, when you go for a big firm, you will be customer number 3867. Most people there won’t even know your name. However, at a local account, you will be “Mark Smith, who owns that nice coffee shop.” When the accounts you hire have fewer customers, they will be better able to deliver a more personal service.

A local accountancy firm will lose a lot more than a large firm would by you no longer being a customer.

best accountants for small business

Secondly, because they live in your local area, they will better understand and empathize with your company’s challenges. For example, if the closure of another local business has affected yours. Such as a kebab shop being impacted by the closure of a local nightclub.

Because your accountants will be local community members, they are more likely to care about it than a company based miles away from you.

Why a local account is better than accounting software

Many business owners will never go to an accountant consultation and just use software such as QuickBooks. Although this kind of technology can have a purpose, it doesn’t hold a candle to a qualified accountant.

Software might not always keep on top of new laws, different rules for different locations, and other helpful aspects that will benefit you. Software is okay for general tasks; however, by looking locally, you may find an accountant with experience in your sector who knows the nuances and peculiarities.  

Also, unlike apps, a real person can offer advice about how to grow your business in the future and where they see it going. They can also better assist in what to do when there is a problem with HMRC.

Why you should look for an accountant in London. 

London has a fantastic selection of accountants and accountancy firms to choose from. There are 10,060 accountancy firms in London, more than in any other part of the UK. And that’s not even including the freelance accountants.

Therefore, no matter what aspect of accountancy you wish to outsource (taxes, bookkeeping, overseas finances, investments), the likelihood of finding someone in London is very high. And with 169 accountancy training courses, it’s safe to assume that number will grow.

How to find an account in London. 

With so many options, finding an accountant in London can be overwhelming. So, here’s some advice to keep in mind.

  • Use Google, Social Media, and review websites to look at testimonies from previous customers. 
  • Ask similar businesses to yours who they would recommend. 
  • Look out for “Certified” or “Chartered.” 
  • Be wary of hyperboles. Some may claim to be the “Best accountant in London.” But, there is no “London Accountancy Award.”