Top Accounting Firms in the UK (2024)
Large or small, among businesses accounting is an essential service for various reasons. Therefore, any business has to spend a good amount of money and time on the accounting department. While there are different approaches that a business may take for its accounting needs, it is always a good idea to go through all your options and make an informed decision that will give you the most benefits without costing your business too much money.
Most businesses hire an accounting firm that handles their business finances. So while you can focus on taking care of your important tasks and helping your company and sales grow, the accounting firm can take care of accounting needs and taxes.
List of 8 top accounting firms in the UK for small businesses
ihorizon Accountants
ihorizon Accountants, based in London, specializes in providing accounting and financial services for entrepreneurs and tech startups. They strive to be the go-to accounting firm for startup founders. Their focus is on aiding growth in the tech industry by being a leading authority in tech startup accounting.
With over eight years of experience supporting entrepreneurs and tech startups, they have built an impressive client portfolio and are becoming a prominent thought leader in the field of tech startup accounting.
ihorizon Accountants’ key services include:
1. Management reporting
2. Company Tax
3. Payroll
4. Bookkeeping and Management Accounts
Pearl Chartered Accountants
Pearl Chartered Accountants stands out as one of the top chartered accountancy firms in the UK. They have successfully assisted numerous freelancers, contractors, e-commerce businesses, and small to medium-sized companies to thrive. Their services encompass all facets of accounting, tax, and business growth strategies across various industries.
Being regulated by the ICAEW, one of the UK's leading accounting bodies, ensures that your accounts and taxes are managed by a skilled and reliable organization.
Pearl Chartered Accountants’ key services include:
1. Company accounts
2. Company formation
3. Payroll
4. Business and Tax advice
5. Bookkeeping
6. VAT
7. Software Integration
Green Oak Accountants
Green Oak Accountants are dedicated to working closely with their clients, focusing on meeting their unique needs to help them reach their goals. Their goal is to deliver outstanding customer service, ensuring commitment to compliance with laws and accounting standards.
As a well-established UK firm, they offer a range of services including accountancy, taxation, and business consulting.
Green Oak services include:
1. Accounts Preparation
2. Bookkeeping and Management Accounts
3. Business Start-ups
5. Payroll
6. Business Tax
7. Employment Tax
8. Personal Tax and Trust
9. VAT
Modern Accounting
Modern Accounting provides a comprehensive array of services, including regular bookkeeping, cash flow management, budgeting, advisory services, payroll, and tax guidance. They collaborate intimately with SMEs, offering accountancy, business growth, and tax planning solutions that are cost-effective and customized to individual requirements.
Modern Accounting provides:
1. Bookkeeping
2. Budgeting Analysis
4. Management Advisory
5. Payroll Services
6. Corporation Tax
7. Self Assessment
8. Company Secretarial Services
9. Management Accounts
10. Business planning
TAJ Accountants
TAJ Accountants provides customized bookkeeping services suited to your business's unique needs. They ensure accurate, current records for any business. Located in East London, their accountants handle tax returns for individuals, the self-employed, and companies.
They keep your tax obligations in check and work to reduce your tax by maximizing eligible benefits. Specializing in small business accounting, they use HMRC and Companies House-approved software, ensuring complete regulatory compliance.
TAJ Accountants provides:
1. Bookkeeping
2. Consultancy
3. VAT returns
4. Business startups
5. Taxation
3Wise Bears Accountants
3 Wise Bears, a team of Chartered Accountants based in London, specializes in assisting small businesses with financial growth and management. They serve a variety of sectors in London and nearby areas.
As a smaller firm, they offer tailored services to meet specific needs, making them a great choice for London's small businesses seeking hassle-free and clear accounting support. They also provide a smooth transition for those looking to switch accountants.
SJPR Accountants
SJPR Accountants are approachable and forward-thinking professionals. They operate in real-time, enabling clients to make informed decisions for their business promptly. With SJPR, there's no waiting for months to understand your VAT obligations and payment strategies. Additionally, they offer effective tax planning solutions tailored to the goals of your small business.
SJPR Accountants' key services include:
1. Bookkeeping
2. Accounting
3. Payroll services
4. Tax planning
5. Finance and Business consulting
Makesworth Accountants
Makesworth, a prize-winning firm of chartered certified accountants, is dedicated to delivering top-notch accounting services. Beyond that, Makesworth Accountants also provides various services and events designed to initiate and support the growth of your business.
Makesworth’s services include:
1. Bookkeeping and management
2. Value Added Tax
3. Cloud Accounting and support
4. Payroll support
5. Tax planning
6. Year-end accounts
7. Business planning
Haines Watts
Haines Watts offers more than just everyday accounting. They help you with common challenges, including business planning and growth support. They can also act as a reliable advisor who understands your goals and knows your business well.
Their services include:
1. Management Reports.
2. Services for Maintaining Financial Records.
3. Review and Verification Services.
4. Tax Consultation for UK and Overseas.
5. Handling and Advice on Value Added Tax (VAT).
6. Strategies for Business Growth.
7. Planning and Safeguarding Wealth
What An Accounting Firm Does And Why is it Important for Your Business
Among the many services that an accounting firm offers, is auditing and accounting for your business. To track your profit and losses, such firms can produce your financial records as well as provide consultancy on your overall financial health.
When you can understand how to break even and what your cash flow needs may be, you will be able to do long-term planning such as buying additional machinery or upgrading your infrastructure.
Accounting firms create audits by reviewing financial records as well as evaluating the procedures and controls that are implemented to guarantee accurate record-keeping. They ensure that policies are followed and that your financial strategies align with and support your business objectives efficiently.
One important service happens to be doing your tax services. The accountant at the firm can help you determine a new tax code to make sure your financial reports are in adherence to the current IRS regulations. They also help you understand your company’s tax liability as well and make sure your papers meet the filing requirements and deadlines.
Pro Tip: Use Convert My Bank Statement, to convert PDF bank Statements to Excel or CSV.
Select the Accounting Firm for Your Small Business
Whether you need tax advice, or your business needs complete accountancy services, choosing the right accounting firm is of utmost importance.
- Understanding your business requirements: When it comes to hiring an accounting firm, you first need to figure out what kind of services you will need from them. If your requirements are up to just handling monthly financial records and basic bookkeeping, then a regular accountant is more than enough. However if your needs surpass these, and you require someone to handle services such as tax planning, prepare your tax returns, and check your financial statements details, then you will need a certified public accountant.
- Seek small business experience: Large accounting firms tend to charge lump sum fees compared to what mid-sized firms will charge you. If you have a small business then it might be more beneficial and cost-efficient as mid-sized firms can give you the attention and details you may require that big firms may overlook.
- Fees: Considering fees is crucial – the charges of your accounting firm must align with your business or personal budget. Most firms collect their fees in two different methods, either a fixed rate or per hour. It completely depends on the firm on how they calculate the overall amount charged.
- Find Out What Accounting Software They Use: While choosing an accountant, you will want to know what software they are recommending to their small customers. You may find an accountant who is still using the old methods that may not suit your needs and may refuse to change to the latest accounting solutions.
- The Choice Between Hiring an Accountant or a CPA Firm: Many small businesses start as small and manage their finances. With modern times it has become easier for business owners to do their own bookkeeping with tools such as Convert My Bank Statement. However, after a certain time, you may need to hire a professional or a team of professionals to handle your payroll, and tax responsibilities, and the charges of your accounting firm must align and accounting. So while choosing between CPA or accounting firms, you may want to consider the scale of your business.
- Variety of Accounting Services Offered: It is always a good idea to pick an accounting firm that can offer you a variety of services, especially, the ones you may need such as auditing, cash flow analysis, and succession planning. These types of firms can offer you more than just your tax returns, they can also give you financial advice.
Conclusion
Having an accounting firm as part of your business is incredibly important. It's essential to select a firm that's not just experienced and dependable, but also available whenever you need support. A good firm does more than just handle your finances; it also provides valuable business advice to aid in your planning and growth strategies.
By managing intricate financial tasks and giving practical business insights, a proficient accounting firm can play a significant role in your company's growth, ultimately leading to cost savings both now and in the future. Making the right choice for your accounting firm, guided by these considerations, can significantly lower the risk of a poor decision for your small business.
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