How to Choose an Accountant for Your Startup in Ireland4 min read
When you’re starting a business, it’s important to have the right people around you. The accountant is one of those people!
While there are a number of financial services available, not all accountants are created equal – and some may even be downright harmful for your startup in Ireland. To help you figure out which accountant is right for your business, here are some steps that will help you choose wisely:
What to Look For in an Accountant
You should look for an accountant who:
- Knows the tax rules in Ireland. This may seem obvious, but it’s important to make sure your accountant understands how taxes work in Ireland. It’s also important to find someone who is familiar with the accounting software they use, so they’ll be able to do their job efficiently and accurately.
- Understands your business. An ideal accountant will not only know how to handle taxation in Ireland, but also understand your specific industry and be able to provide guidance on how best to run your startup legally and effectively from a financial standpoint.
- Is reliable and trustworthy. Your business relationships are hugely important; you want someone who will be there when you need them—and that goes for accountants as well as anyone else involved in running your company! Remember that an accountant must sign off on all tax returns (even if an employee does most of the actual work), so it’s crucial that you feel comfortable working together long-term.
Check Out Their Qualifications
You should have an accountant with the right qualifications. The best accountants have taken a degree in accounting and also completed their final exams. They are most likely to be members of ACCA, ICAEW, or CIPFA.
Accountants who work in Ireland must be registered with the Revenue Commissioners (Irish Revenue) and they must also have professional indemnity insurance which covers their work practices. You can check if an accountant is qualified by asking them for references from previous clients or checking their registration details on the Irish Company Registration Office website.
How Much Will It Cost?
The costs of using an accountant will vary depending on the size of your business, but you can get an estimate by looking at the accountant’s website. You can also ask for a free consultation or quote to have an idea of what it might cost.
See What Other People Have to Say
- Ask for recommendations from other people. If you ask around, you’ll likely hear about the best accountants in your area. You may also learn that there are several good ones, but one stands out as being particularly knowledgeable about startups or small businesses in general.
- Check reviews online. You might be able to find reviews of an accountant’s services on sites like Yelp or Google Reviews—or even a blog post by someone who has worked with an accountant before!
- Check their social media presence. Online reviews aren’t the only thing you can check out when it comes to finding out more information about an accounting firm; they tend to have active social media presence too!
What You Need to Prepare Ahead of Time
You should have a list of questions ready to ask your accountant, such as:
- What is the difference between an audit and a review?
- What services will you provide? (Accounting, tax preparation, bookkeeping)
- How much experience do you have in helping startups?
- Who are some clients or customers I can speak to about your work?
When to Hire an Accountant
Hiring an accountant is something that you should consider doing when your startup has a year’s worth of financial information, or when you’re ready to file your taxes.
In the early stages, it’s important to keep track of all expenses and income on your own because the numbers will help you make decisions about your business. If you do not have a solid understanding of what comes in and goes out each month, then hiring an accountant is probably not worth the money at this stage.
Make Sure Your Accountant Is Accustomed to the Type of Accounting Your Startup Requires
It’s important to find an accountant that understands your industry—and the types of accounting that are required for your business. Accountants have varying specialties, so it’s essential to choose one who has experience dealing with companies like yours. For instance, if you are in real estate, you may want to work with an accounting firm that has experience in property management, such as SCK accountants.
If you’re unsure of how to find the right accountant for your startup, consider these questions:
- Does this person specialize in my industry?
- How long has this person been practicing their specialty?
- Are they familiar with my industry’s accounting standards and tax laws?
As you can see, there are many things to consider when hiring an accountant. But don’t worry—we hope we’ve made the process a little easier for you with our tips and recommendations. Remember that this is a relationship between you and your accountant, so take some time to find someone who will be able to understand your business goals, keep them in mind as they work with you on this project together, and ultimately help grow your business!