| Choosing the right accountant for your firm should be | | | | confusing pool to dive into, accountants do not all |
| at the very foundation of your business set-up; get it | | | | charge in a uniform way, making it hard to compare |
| right and the relationship you have with your | | | | like-for-like, many charge an hourly rate, still a very |
| accountant will be one of the longest business | | | | traditional way to charge but very hard to budget for, |
| relationships you'll ever enjoy. Get it wrong and you | | | | some will provide an estimate for the year, but do be |
| could be left feeling bitter and disenchanted with the | | | | aware that estimates are just that and as such are |
| whole profession. | | | | subject to change, others may advise a fixed fee, |
| Many people swear by recommendations from | | | | probably the most beneficial way to be charged as it |
| friends, family or business contacts and indeed this is | | | | allows for confident budgeting, but do ensure that the |
| still a vital source of new fees for many accountants; | | | | fixed fee is all inclusive as it is easy to believe your fee |
| the problem with this is that accountants are not a 'one | | | | was fixed only to receive an unexpected top-up bill for |
| size fits all' type of profession, and so Uncle Peter's | | | | extras at the end of the year. The safest thing to do is |
| perfect accountant is not necessarily going to work | | | | to get the fixed fee in writing with a clear quote |
| well for you; it is important therefore to do a bit of | | | | advising its all inclusive nature. If the accountant also |
| ground work, make a checklist, ask questions, explore | | | | offers a way of paying a monthly amount rather than |
| your options, and choose a practice that is right for | | | | a lump sum this is obviously of great benefit to the |
| your business. | | | | cash flow of your business. |
| Make sure that you choose a qualified accountant; any | | | | It is probably sensible to get more than one quote |
| one can call themselves an accountant but check that | | | | (unless you are very enamoured with the first |
| yours is a member of one of the main three | | | | accountant you speak to), but advisable to limit the |
| professional bodies: The Institute of Chartered | | | | number to three or four (unless you are completely |
| Accountants, The Association of Chartered Certified | | | | disenchanted with all that you've spoken to) because it |
| Accountants or The Chartered Institute of | | | | is very easy to become bogged down with a surfeit |
| Management Accountants; if things go wrong you'll | | | | of information. |
| have some redress through their professional | | | | Good accountants are not always necessarily good |
| association or institute. | | | | communicators and yet good communication between |
| Accountants come in all shapes and sizes, so choose | | | | you is essential for the relationship to work, so have a |
| carefully; it is important that your new accountant is | | | | chat with someone at the practice who knows what |
| appropriate to your needs. Be aware of what different | | | | they are doing and check that a point of contact and |
| accountants can and cannot provide for you; a | | | | or a 'who does what' list is something that they |
| one-man-band accountant for instance may be harder | | | | provide, as this shows that they care about keeping |
| to speak to as they are spread more thinly between | | | | you connected to what is going on. Another simple |
| clients, they may not be reachable when they go on | | | | sign that a practice is thinking of its clients is a focus on |
| holiday; a very large firm may be geared to servicing | | | | new technology, if an accountant is comfortable using |
| very large businesses and may have a less personal | | | | online facilities and email and utilises things such as |
| touch; think about what is important to you and your | | | | virtual signature systems, this can not only maximise |
| firm because your accountant will probably be your | | | | your security but free up your accountant's time |
| main business advisor and for small businesses in | | | | allowing them to concentrate on the real business of |
| particular may end up as a sort of unofficial finance | | | | saving you money. |
| director. | | | | Finally a few myths busted: |
| Once you have narrowed down your list and have | | | | It is not essential and in fact it is often |
| some appropriate, qualified accountants in your sights, | | | | counterproductive to have everything in the hands of |
| there are a few things to ask about when speaking to | | | | your accountant, small businesses benefit greatly from |
| a prospective accountant; most qualified accountants | | | | doing their own bookkeeping and it will certainly lower |
| should be able to get the basics right, the things they | | | | your fee. Locale is no indication of quality or |
| term 'compliance' work, filing documents correctly and | | | | convenience, an accountant being next door to your |
| on time, looking after payroll etc. but it has often been | | | | premises does not mean that they are necessarily |
| said that the difference between an average | | | | your only or best choice; today's information |
| accountant and a good accountant is that a good | | | | technology allows us to explore options further afield. If |
| accountant will also save you money, so it is important | | | | you are unhappy with your accountant it is easy and |
| to establish just how seriously each potential | | | | painless to change to another and there is absolutely |
| accountant takes their firm's tax advice; check that | | | | no good reason for remaining a client of an accountant |
| they keep up to date on tax issues as it is an area | | | | with whom you have lost confidence. Of course a |
| that changes very quickly and confirm that they keep | | | | good accountant alone is no guarantee of business |
| their clients abreast of tax information, perhaps with a | | | | success, but when you find an accountant that is right |
| monthly email. | | | | for you and your business you are at least starting as |
| On the subject of money, fees can be a very | | | | you mean to go on. Good Luck. |