When it comes to selecting an accountant, businesses have a few options. They can go with a large accounting business, use an online service, or work with a local business. Each of these choices has its own set of benefits and drawbacks.
The biggest benefit of working with a large accounting business is that they have the resources to handle any size business. They also have a team of experts who can provide specialised services, such as tax advice or financial planning. The downside of working with a large business is that they can be more expensive and less flexible than other options.
Online accounting services are a good choice for businesses that have a limited budget. They are often less expensive than hiring an hourly accountant or in-house accountant, and they can provide a wide range of services. The biggest drawback of using an online service is that it can be difficult to get personal attention from customer service representatives. There are also risks associated with entrusting sensitive financial data to an online service.
Local accountants fill the sweet spot. More personalised services than online accountants and value for money than large businesses. Plus a whole host of other benefits.
It should be highlighted that, as a Chartered Certified Oxfordshire-based accountancy business working with local Oxfordshire businesses, we have some bias. But we also have personal experience from more than 94 years working with local businesses, hearing their stories and learning how we, as a local business, fill a gap that other options don’t.
What Local Accountants Do Better Than The Rest
We’ve discussed the obvious: more hands-on customer service and more reasonable prices. This is reason enough for savvy businesses who want to get the most out of their services. But the benefits go far beyond those immediate wins.
1. They get to know your business
When you work with a local provider, they get to know your business inside and out. This means they can offer tailored advice that is specific to your business goals and needs.
These professional relationships also tend to be longer. The longer you work with an accountant, the more intimately they understand your business history and future plans. General accounting turns into a consultative business relationship that adds value unattainable through surface-level business relationships.
2. They understand the local market
Local businesses need to be aware of the specific challenges and opportunities that are available in their area. This is something that a local accountant will be well-versed in and can advise on.
For example, if your business is looking to expand, a local accounting business will know the best way to finance that growth. They will also be familiar with any grants or support that might be available in your area.
3. They can connect you with other local businesses
The vast majority of businesses rely on other businesses to some extent. Whether it’s finding a new supplier or partnering up on a joint venture, local businesses need to be able to rely on other local businesses.
A great accountant will have an extensive network of local business contacts and suppliers that they can introduce you to, helping you to find the right partners for your business.
4. They are invested in your success
Local accounting companies are more than just service providers. They’re also members of the community. This means they have a vested interest in seeing local businesses succeed. Not only is there a local pride, but there are reputations to uphold. It may sound crass, but local accountants will want to see you succeed because it reflects well on them and their business.
During the lockdowns, our team at The MGroup worked with local business leaders to run a Business Club Webinar Series to discuss the challenges and opportunities of the pandemic. Speakers gave advice, and the local community rallied behind the initiative to support each other in the face of adversity. This kind of service can not be replicated outside of the local environment.
5. They give back to the community
Especially in Oxfordshire, the local business sector has a proud reputation for giving back to the community. At The MGroup, we have participated in runs, cycles, wild drives across countries and innumerable other events to raise money for local charities including SeeSaw and SpecialEffect.
In-house we have put on free events to foster collaboration in the business community, and we regularly publish key updates on schemes affecting local businesses. Whether through not-for-profits initiatives or initiatives directly designed for our clients and the broader business community, The MGroup gives continually looks for ways to support the community that has supported us.
Customer Service and Value for Money Amplified
As demonstrated above, working with a local accountant gives a value that amplifies the initially obvious benefits. More in-depth advice and guidance can save or earn you considerable amounts. Insights on local initiatives could give your business a boost you may not have otherwise known was available. Contact with the local business community gives an opportunity to build supportive relationships that help to develop ideas or find future clients and customers.
The financial benefit of choosing local is hard to quantify. But it’s undeniably exponentially more beneficial than the other options.To get all the benefits of a local accounting business committed to your growth and the growth of the community, contact The MGroup to learn more about what we offer for you and your business.