Things to consider before trusting financial services in London
How can you trust that the financial services in London you’re considering will do what they say? As an entrepreneur or small business owner, you have enough on your plate without having to worry about someone taking advantage of your lack of knowledge or experience. Fortunately, there are some simple things you can look for when seeking out professionals to help with your finances in order to make sure you’re partnering with the right firm, one that will treat you with respect and integrity while helping you manage your money safely and securely.
If you’re looking for a new accountant, it’s important to remember that financial services are a business. Like any other business, London accountants want your business and will likely act in ways that encourage you to choose them. This means there are certain things you should consider before trusting financial services from an accountant. If they aren’t forthcoming with details or won’t return your calls when problems arise, it might be time to move on. It also helps if they have experience working with businesses like yours (rather than just CPAs) and ask questions about your company instead of simply assuming what you need (or showing up at your office without notice). Asking questions shows genuine interest; assuming shows a lack of it.
Background check
If you’re going to entrust your finances with an accountant, it’s important that you know who you’re dealing with. It makes sense, then, that a background check is crucial before hiring an accountant or any financial service. You might be surprised at what you find; even established firms have been known to hire former employees who were accused of fraud and/or convicted of white-collar crimes like insider trading. If your new financial advisor has a shady past (or something else seems off), trust your gut and move on it’s probably best for both parties. And if you want to run a quick search yourself, there are services out there that can help (just do some research).
Experience level
Any business or individual that is considering financial services from a London accountant has questions they need to be answered first. First, what level of expertise do they have? You can easily find out by checking their website, following them on social media or asking around within your own network. If you can’t find anything about them, it may be best to pass and move on. The second thing you should know is where they have worked before London accountants aren’t required to tell you where their clients come from but most will if asked directly. If none of their clients is local businesses then that may be a sign that something isn’t right with your chosen financial services in London accountants.
Security practices
Your finances should be as secure as your home, if not more so. Don’t just look for references; ask about security practices. A firm that values your data will be willing to disclose its protections for data storage and retrieval. They’ll also have a privacy policy that goes beyond a boilerplate statement of intent. Additionally, consider how long they retain files or backups. The longer they keep them and with proper protection, the better off you are should an attack on their system occur (and it will). Be sure they aren’t just storing them on a flash drive or otherwise accessible media; otherwise, you’re leaving yourself exposed to identity theft or worse. You may even want to invest in online backup services for important documents. That way, you can access them from anywhere.
Reputation
When it comes to financing, people put a lot of faith in their financial advisors. Their job is managing money, which can seem a bit mysterious. If you’re about to trust your money with an advisor for any reason (big purchase, major life changes), make sure you do some research on that person or company first. Do they have a good reputation? Are they licensed? These are two simple things you can find out before signing anything. So, if you’re looking for financial services in London and want someone who will put your interests first and act with integrity—you might want to look into these factors before handing over your hard-earned cash.
Do they have customer service?
If you’re looking for a reputable London accountant, customer service should be at or near the top of your list. You should work with someone who cares about your questions and will respond immediately whenever possible. If you have a question about something, always expect an answer back within 24 hours (or less). This can help ensure that any delays don’t happen or impact your business in any negative way. And, it might also give you peace of mind so that you can put things off when they need to be put off and not worry too much. Sometimes it’s hard not to obsess over small details; knowing that there is good customer service can make your life easier as a result.
Work with more than one person/firm if possible
Good accountants and financial advisers can help with more than just taxes; they can also be a valuable resource when it comes to business advice. If you’re looking for an accountant, don’t just focus on your taxes. Instead, look for someone who can provide comprehensive financial services, including bookkeeping and general advice for your business. Many small businesses hire both a bookkeeper and an accountant, but if that’s not possible (or affordable), make sure you’re comfortable with any overlap between your primary financial adviser and your bookkeeper. Having at least two separate people involved will also be useful if anything happens to one of them that way, you won’t have 100 per cent of your finances riding on one person or one firm.
Conclusion
Finding good financial services can be an important part of running a business or managing your personal finances. To make sure you’re using reliable and trustworthy London accountants, look for solid track records, impressive customer reviews, and transparent pricing plans. And if something doesn’t feel right find a new accountant. This isn’t to say that all accountants are bad people; rather, it means that not every accountant is a good fit for every situation. Your future financial health depends on making sure you have a London accountant who fits your personality and understands your business needs both now and down the road.
