As a Bristol-based business owner, making sure you partner with the right accounting firm for your needs is a crucial aspect of the financial health, compliance and ultimately the success of your business. When dipping your toe into the accounting market to research your options, the household names of the large/multi-national firms within the accounting industry can appear to be an attractive choice. They've got hundreds of employees at their disposal; they've been around since the beginning of time and they're a familiar name-drop when discussing your business with others.
Conversely, choosing to work with a local, smaller accountant based in Bristol has an abundance of unique benefits. This is especially true for Bristol-based SMEs, also known as small-to-medium sized enterprises (this could be a small to medium sized limited company or a sole trader for example). If you're a smaller sized business within Bristol, this applies to you. Read on to find out how, as we list our top 5 Bristol Accountant Benefits.
1) A profound understanding of the local business landscape
An accountant that has ‘boots on the ground' within Bristol is one of the most informed partners you could have as a small business owner. A local accountant will live and breathe the nuances of the Bristol business landscape every day. Crucially, that allows them to provide exceptional local knowledge to their customers. This would include access to their network of tried and tested local professionals – corporate law firms, HR, business coaches and marketing agencies to name but a few. Plus, you'll receive updates to local council regulations and regional growth opportunities such as grants and business support programmes.
2) A shared understanding of small business needs
Whatever stage you're at with your entrepreneurial journey, there's a lot to be said for working with like-minded businesses. If you're the owner of a small business that is based in and around Bristol, it's incredibly reassuring to know that you're working closely with an accountant that is of a similar profile to you. They will understand the challenges you face each day and can therefore tailor their services to meet your exact needs, rather than giving generic guidance. This allows you to make informed decisions using information that is relevant to you, ensuring you get the most out of your business finances.
3) An accessible, personalised and familiar service
In the life of a small business owner, every day will present both rewarding outcomes and more challenging ones to boot. Whichever side of the equation you're on at a given point in time, you need advice and help. In this scenario (which will occur regularly in small businesses - trust us on that), you must be able to access the right information quickly and be able to speak to someone who is familiar with you and your business. Local accounting firms, using their proximity with you as the customer and internally with their colleagues working on your account, are poised and ready for action when it comes to helping their customers at short notice. There is no interdepartmental delays or complex hierarchical structures to navigate – the expertise is ready and waiting.
4) A value investment in your accounting
Whilst it would be misleading of us to recommend anyone select their accountant on the basis of cost (or any other business buying decision for that matter), there is of course a consideration to make for people running small businesses without infinite budgets to play with. This mainly comes down to value-for-money and in part, pays tribute again to point 2 of this article regarding working with businesses that are similar to your own.
Making a value investment when choosing your accountant would be to consider the cost outlay in relation to your return on that investment. Arguably (and in the absence of exceptional circumstances), there is little need for a small business to employ the services of a multinational accounting firm – the cost of doing so will likely outweigh the benefits, in this context.
A smaller business will inherently possess a smaller budget. Therefore, working with a local Bristol accountant, specifically one that is registered with a professional membership body like the ICAEW (to ensure the highest service standards and technical competence) is most likely going to be a better match in terms of value for money. You get the level of expertise you need for a proportionate cost outlay.
5) Support local People in your Local Economy
It's the same argument as shopping locally for your groceries each week. Simply put, when you decide to invest your money in a smaller firm that's local to you, you are making a huge impact for the people who will be working with you. You're not covering the rent of a shiny London office, or paying dividends to shareholders – instead, you are directly contributing positively to the livelihoods of hard working people and their families.
In turn, your decision to spend locally helps to boost the Bristol economy and provide jobs to those who may need it the most. Your contribution will be sincerely valued.
Making the right choice for you
Within accounting, multi-nationals definitely have their place – it's impossible to ignore the fact that they dominate market share and have done so for decades. However, for the majority of small businesses in Bristol, the decision to partner with a local, like-minded accountancy firm offers the perfect balance of expertise, accessibility, empathy and value for money. You'll also benefit from working with someone that you know personally, who is truly invested in your success.
If you're ready to take a closer look at how a Bristol accountant can help you and your small business, contact us today. We'd be delighted to hear from you.
For all general accounting enquiries, please give us a call or fill out our enquiry form.