Why Choose to Work with an Accountancy Firm over an Individual Accountant?
Business owners have several options when it comes to managing their financial affairs. One of the most critical choices you can make is to hire an accountant. But, with so many options available, how do you decide who to work with? Should you choose an accountancy firm or an individual accountant? Although both can provide valuable financial services, there are some significant differences between the two.
This article will explore why working with an accountancy firm may be the best choice for your business. We'll highlight the benefits of collaborating with a firm of experienced finance and business professionals over working with an individual accountant.
Access to a team of experts
One of the most significant benefits of hiring an accountancy firm is the access to a team of professionals rather than relying on the capabilities of a single person. Working with a team of experts ensures you're getting quality service underpinned by best practices. A team of business and finance professionals with individual areas of niche expertise can bring diverse experience and knowledge to your business and help you navigate complex areas such as taxation and legacy planning.
More resources available
Accountancy firms can provide more resources than individual accountants because they have a larger pool of resources to draw from. Accountancy companies have several people working on your account, meaning that your needs are consistently met, enabling them to consult with specialist internal teams who can provide broader insights and better analysis.
More extensive accountancy and financial advisory organisations also have the buying power to invest in better tax compliance and planning software, which in turn can benefit your business.
Variety of services
Hiring a firm to handle your corporate financial affairs provides access to various services beyond bookkeeping. Accountancy firms offer services that deal with everything from tax preparation to audits, employee payroll, financial strategy, etc. You can also get expert advice to help you grow and optimise your business. Working with a reputable accountancy firm can streamline your financial affairs by eliminating the need for multiple service providers.
Professional support and continuity
Working with a reputable accountancy firm provides business owners with a professional support system that offers continuity. If an individual accountant is taken ill, is on holiday, or needs to take time out, your business may be impacted. This also means that if your primary contact at the firm moves on, somebody equally qualified and versed in your history can oversee and manage your business's finances.
Value for money
Finally, hiring an accountancy firm tends to give you more value for your money than hiring an individual accountant. A good firm will have the experience and expertise to handle a broad range of financial issues that can come up in a fast-paced business environment and offer access to industry-leading software and insights.
Why Choose to Work with an Accountancy Firm?
In conclusion, there are many good reasons to choose to work with an accountancy firm over an individual accountant. In the end, working with an accountancy firm gives business owners the confidence and peace of mind to keep their finances in order. If you're looking for a reliable financial partner for your business, consider partnering with an accountancy firm like WR Partners today.