Seven Tips for Choosing a Good Accountant
So how do you choose which firm of accountant to partner with in your local area? Accountants offer many different services from bookkeeping and payroll to taxation planning and specialist business advice. To ensure you get the best value for money there are things you should find out first.
1. Experience Does the accountant have experience in working within your particular business sector and do they work with businesses of a similar size, turnover? Qualified accountants in the UK will be members of the Institute of Chartered Accountants (ICAEW), the Association of Certified Chartered Accountants (ACCA), or the Chartered Institute of Management Accountants (CIMA)). It is possible for anyone can call themselves an accountant or bookkeeper, even if they have no qualifications. If an unqualified accountants is naughty and breaks the law then you / your company would be liable.
2. Charges How are the charges calculated? Is there an average fee and what do their average charges cover? Are they scaled and do they offer all-in fees? Do they charge for an initial consultation (this is not normal – and may be worth avoiding)? Do they start the clock ticking when you call them?
3. Specialist Accountant vs General Accountant Do you need an accountant for a specific set of tasks, eg as a Taxation Specialist, for Corporate Finance or Corporate Recovery? If so, it is worth finding a specialist in that particular field. General Accountants can give a certain level of help but the chances are the specialist would produce better results. Conversely, if you require a standard service, choose a general accountant over a specialist.
4. Style of Service What size of accountancy practice you want to work with? Smaller accountancy firms will give you a one-to-one, personalised service. A Top 50 or Top 4 service will be more ‘institutionalised’, where you maybe deal with a larger team who can provide a larger range of services (and rarely deal with a senior partner) – such as associated with medium or large practices.
5. Pro-active vs Reactive Generally if your accountant remains in touch with you throughout the whole year (rather than just making contact at year-end time), then they may help your business move forward, grow, diversify, save / make you money etc. By leaving everything until the year end leave no time for effective tax planning. What additional services does your potential accountant offer? Are these services relevant to your business? A pro-active service is likely to cost more.
6. Personnel Who will look after your business on a day-to-day basis? Meet with this person to make sure you get on. Will it be a partner or a junior and are they appropriately qualified?
7. Efficiency What response times do they work to? How quickly can they turn your accounts around? What Accountancy Software packages do they use? You should get a feel as to how efficient the firm is at the meeting.
Finally … You can change accountant at anytime of the year, although it may be more inconvenient (and you may be subject to your annual fee still) to change just before your year-end. The best time to change is just after your last years accounts have been finalised.
Want to find out more about Accountants in Cornwall, then visit CJ Simmons’s site on how to choose the best Accountant in Cornwall for your needs.
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