Hire an Accountant: The Essential Guide

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Managing business finances can be overwhelming. You have to deal with tax preparation, financial forecasting, regulatory compliance, and more. Add challenging economic conditions and changing regulations into the mix, and the task becomes even more daunting.

That’s why it’s crucial to have a competent accountant on your team. Their expertise is essential for maintaining your financial health and driving your business forward.

In this guide, we explore the benefits of hiring an accountant, the costs, and how to find the perfect match for your financial management needs. If you need help finding qualified accountant candidates, Tiger Finance is here to help.

What Is an Accountant?

An accountant is a professional trained in managing financial accounts, ensuring compliance with tax laws, and providing financial advice. Any business, from small startups to large corporations, can hire an accountant to help manage their finances. Individuals can also hire an accountant for taxes and other financial tasks, especially those with complex financial situations who will benefit from an accountant’s expertise.

Accountants are frequently mistaken for bookkeepers. Bookkeepers primarily record financial transactions, while accountants take a broader role by analysing these records, generating reports, and advising on financial strategy. Understanding the difference can help you decide what kind of financial professional fits your needs best.

Here are a few of the typical responsibilities of an accountant:

Benefits of Hiring an Accountant

Choosing to hire an accountant can transform the way your business operates, offering benefits that go beyond simple number crunching.

Expert Financial Advice

Accountants provide expert advice on how to handle financial matters, making them invaluable for strategic planning and decision-making. Their insights can help identify profitable opportunities and avoid financial risks, ensuring the long-term sustainability of your business.

Time Savings

Your accountant will handle all the complex, time-consuming financial management tasks. This saves you time, allowing you to instead focus on core business strategies and growth opportunities.

Compliance and Tax Efficiency

With ever-changing tax laws and compliance regulations, having an accountant ensures that your business adheres to all legal requirements. They can also improve your tax position, potentially saving you a substantial amount of money annually.

What to Look for in an Accountant

When hiring an accountant, you need to consider their qualifications, experience, and how they will fit into your company’s culture.

Skillset and Specialisation

The qualified accountant you hire should have a solid understanding of financial reporting and planning, risk management, tax preparation, and compliance. They should be specialised in either corporate finance, public sector finance, or personal finance, depending on your unique needs. You should look for someone with experience in successful strategic decision-making, ensuring that they can bring long-term financial benefits to your business.

Team Dynamics

Your accountant will need to work closely with other departments to gather, manage, and report on financial data. When recruiting an accountant, it’s important to assess their communication skills and ability to collaborate effectively with colleagues and management. You can do this by asking specific behavioural questions or checking their references to see how the candidate performed in team settings.

Accountancy Recruitment: Finding the Right Fit

Are you ready to recruit an accountant? Find out what you need to do to ensure you hire the best accountant for your company:

Know What You Need

Before you start the recruitment process, it’s essential to identify the specific skills and experiences that are crucial for your accountant. This clarity helps in targeting the right candidates and ensures that they can meet your business’s unique financial challenges.

Job Posting and Advertising

Crafting a clear and compelling job description and using the right channels to advertise your vacancy is crucial. It ensures that the position reaches a wide range of qualified candidates, increasing your chances of finding the perfect match.

Screening and Interviews

Screening CVs and conducting thorough interviews are critical steps in the recruitment process. These allow you to assess not only the technical skills and experience of the candidates but also their fit within your company culture.

How Do I Hire an Accountant?

We explain the steps you need to take to hire an accountant, plus how finance recruitment agencies like Tiger Finance can help:

Determine Your Budget

You first need to determine your budget for your accountant role. This will help you determine whether you need a permanent, contract, or temporary accounting professional, depending on what makes the most financial sense for your business.

At Tiger Finance, we’re here to assist you through every step of the accountant hiring process. If you’re unsure about what to budget for an accountant, check out our Finance and Accounting Salary and Benefits Review. This will help you set an accurate and competitive salary benchmark for your accountant role.

Evaluate Credentials and Experience

When hiring an accountant in the UK, it’s important to look for credentials such as ACCA (Association of Chartered Certified Accountants) or ACA (Associate Chartered Accountant) qualifications. An accountant candidate with these certifications indicates an expert level of training. Candidates with experience in your specific industry can also be beneficial as this means they will understand the unique challenges and opportunities your business may face.

At Tiger Finance, we can assist you in evaluating the credentials and experience of potential candidates. We have access to a broad network of highly qualified and vetted accountants. Our team of specialist recruiters can guide you through the process of matching the right credentials and experience with your specific business needs.

Onboarding and Training

Once you have chosen your accountant, proper onboarding and training are essential to integrate them into your business smoothly. This ensures they understand your business processes and financial practices, setting them up for success in their new role.

Tiger Finance is committed to creating a long-lasting relationship with each of our clients. That means we don’t stop once we have sourced you a candidate. Whether we help you with accountant recruitment or hiring a financial planner, we will provide aftercare to ensure you are always supported while you integrate your new member into your team.

Cost to Hire an Accountant

The average salary for an accountant in the UK can range between £45,000 to £55,000, but this depends on various factors.

Fee Structures

Accountants can be compensated through various fee structures, including salaries, hourly rates, fixed fees, or a retainer basis. The fees they charge will depend on whether it is corporate finance recruitment, public sector recruitment, or personal finance recruitment, impacting the nature of the work and the level of expertise required.

Cost vs. Value

Hiring an accountant can seem costly, but it’s important to consider the value they bring. An experienced accountant can save your business money in the long run through efficient tax strategies and financial management. This can quickly outweigh the expense of your accountant.

Negotiating Terms

Negotiating terms with an accountant helps control costs by agreeing on a fee structure that fits your budget. It ensures that the scope of services is clearly defined, preventing overcharges for unnecessary services. This flexibility allows for adjustments in services and fees based on your business’s changing needs.

Tips for Successful Accountancy Recruitment

It can be frustrating to go through a lengthy recruitment process only to discover that the accountant you’ve hired isn’t the right fit for your business. To avoid this, we have some tips to ensure your accountant recruitment is a success:

Networking

Networking can be a powerful way to enhance your accountant recruitment process. By attending industry seminars or engaging on platforms like LinkedIn, you can connect with qualified accountants. These networks provide access to a broader pool of talent and increase your chances of finding the right fit for your company.

Continuous Learning and Development

Highlighting continuous learning and development in your company can attract top accountants who value career growth. This emphasis on professional advancement makes your business more appealing to skilled candidates looking for long-term opportunities, helping attract high-quality talent.

Performance Reviews and Feedback

Performance reviews and feedback from your current accounting team can help refine your recruitment process. These insights can help you identify the skills and personal qualities that suit your company, helping you tailor job descriptions and selection criteria. Feedback can also reveal skill gaps in your team, ensuring you focus on candidates who can fill these specific needs. You can also use this step if you’re looking for how to recruit a finance director.

Why Tiger Finance?

Tiger Finance specialises in recruiting best-in-class accountants. Our recruiters have extensive experience and deep market understanding to ensure that we fill your roles with top financial talent. We’ve worked with SMEs to large corporations, offering tailored recruitment solutions that meet the unique needs of your business.

Hire an Accountant with Tiger Finance

Hire a perfectly matched accountant with Tiger Finance. Our expert recruiters have an extensive network and sourcing tools to find the best candidates for your needs. Whether you’re looking for a contract-based or permanent accountant, our accountancy recruitment service is ready to meet your requirements.

Get in touch today to kickstart your accountant recruitment.

FAQs

How much does it cost to employ an accountant?

The cost of employing an accountant can vary widely depending on their experience, the complexity of tasks, and your location. Hiring an accountant involves either a salary for a full-time position, hourly rates, or fixed fees.

Is there a need to hire an accountant?

Most businesses and certain individuals will benefit from hiring an accountant. Accountants can ensure compliance with tax laws, enhance financial decision-making, and improve cost efficiency.

How to hire an accountant in the UK?

To hire an accountant in the UK, you should define your financial needs, prepare a detailed job description, and conduct thorough interviews to ensure candidates fit the role and your organisation. Finance recruitment agencies like Tiger Finance are here to help you hire the right accountant for your needs.

At what salary should you hire an accountant?

The salary for an accountant in the UK can range significantly based on factors such as location, experience, and the specific industry. On average, the salary for an accountant can range between £45,000 to £55,000.

Author Beverley Barbarash Tiger Recruitment Team
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