choosing an accountant
Choosing the right accountant for your business can be tricky. If you have not worked with one before how do you tell which will be best for you? If you are looking for a new accountant then maybe you have been disappointed by past experience? Here we offer a step-by-step approach to help you make the right decision.
By-the-way, we would love the opportunity to tell more about the services we offer and our approach to working with businesses like yours. If you would like to talk, call us on 01273 88-22-00 or click the 'Like to talk' box and we will call you back. And see what our clients have to say about us.
step one
Set down your priorities. Decide what will be important to you and your business in terms of both the services you will need and the way in which you would like those services delivered. The question below will help you with this.
step two
Do a little desk research. Have a look on the internet to see what accountants are saying about themselves and which ones appear focused on businesses like yours. We suggest you select at least three to gather more information.
step three
Call them with your initial questions to establish whether it is worth spending more time meeting with them. Use our suggested areas of questioning and keep notes using the decision making template (see final section).
step four
The meetings should be at their offices so you get a 'feel' for their operations. Again, use our suggested areas of questioning and keep notes using the decision making template below. If you come away from the meeting needing any further clarification, take time to call and get all the answers you need.
step five
Review answers from each accountant, in each of the questioning areas. You may want to rate the answers to reflect your priorities. From this, you should be in a position to make your decision.
questions to ask
The following are key areas that most business owners will want to explore, in addition to your specific concerns.
communication
As one of your closest advisors it is important that communication with you is clear. The free meeting with your prospective accountant will show you whether he or she can explain technical and, sometimes, complex matters in a simple and practical manner. Advice you receive should leave you in a good position to make the important decisions you face day-to-day.
technical competence
The least you should expect is that your chosen accountant has the necessary training and experience your business needs. Anyone can call themselves an accountant, so find out what qualifications they hold. Only accountants authorised by a reputable organisation guarantee to meet ethical, professional and technical standards. Explain your needs and check they have experience, particularly in specialist areas such as tax planning, corporate finance, mergers and acquisitions, at the right level for your business.
business understanding
When you discuss your business with a potential accountant try to judge whether or not they have a good understanding of the nature of your business. Ask if they have worked with similar businesses in the past and see if the can provide examples.
responsive/proactive
There are key deadlines for your business to meet, often with penalties if you fail to meet them. So, what will your prospective accountants do to help you?
And beyond the deadlines, what are they doing to proactively support their business clients?
accessibility
When you have a question you will want to be able to speak to an expert within a reasonable timeframe. How do they manage this and what kind of response time can you expect?
fees
The level of fees must be affordable for your business. Any accountant should be prepared to give you a quotation; either guaranteed, or estimated, depending upon the circumstances. Specify the services you wish for so that the quotations you receive can easily be compared and include such things as regular meetings or telephone calls if you think you will need these. You will also want to know the hourly rates for any services that cannot be quoted in advance.
decision making matrix
We recommend you choose three accountants to meet with. To help you evaluate the responses here is a simple template with the key areas to explore. Click this link to download a copy (PDF format).
