Financial Information
What should you ask a potential accountant for your business?
A lot of small businesses like to think they can handle everything in house, including taxes and accountancy. However it is usually better to hire a professional accountant to look after a company's finances allowing the owners of the business to concentrate on running the company.
Need an accountant to deal with your company's finances? Take some time to read our questions when choosing one.
A good, qualified accountant can save a business a lot of money which might otherwise have ended up needlessly paid to the taxman. Most important when looking for an accountant is Interview Several. You can start by asking suppliers, customers or business contacts if they know somebody good in your area that they can recommend. You will also find lots of ads on the Internet, in Yellow Pages or in your local paper but a personal recommendation is usually better.
It’s vital that an accountant understands the short, medium and long-term objectives of the business they are looking to represent, so outline any ideas you have for the future. For example if your company is planning to invest in new machinery, move into new premises or take on more employees, say so. By looking ahead and planning for possible eventualities, your accountant may be able to save you a lot of money.
So what questions should you look to get answered prior to signing up with an accountant?
What are your professional qualifications?
This may seem a little obvious but amazingly, anyone can call themselves an accountant and set up a practice – it’s not like becoming a doctor. Only consider someone with a recognised professional qualification, for example a member of the Institute of Chartered Accountants in England & Wales, the Institute of Chartered Accountants of Scotland, the Association of Chartered Certified Accountants, the Chartered Institute of Management Accountants or a Chartered Tax Adviser. This gives you some protection or at least an avenue of complaint if needed.
Can you give me the names of a couple of clients I can contact to ask about you?
Ask if you can speak to someone whose position is similar to your own. You will want to try to get the bottom of how good a service they have been getting, how responsive the accountant has been to their needs and what levels of advice they have received. Do, however, bear in mind that you will only ever be given happy customers as recommendations.
Will it be you who looks after me or someone else?
Some times an accountancy firm will bring out a senior member of the company to try and get you on board as a customer, however you should make sure you meet the partner who will actually deal with you on a day-to-day basis and not just a senior figure you will rarely if ever see again once you have been secured as a client. If more than one partner will be involved with you, ask to meet the others.
How long have you been in business?
Unless your affairs are extremely simple, you need someone with experience. Don’t just take their word for it, ask for evidence. Any experience of your particular industry would be highly beneficial also.
Need an accountant to deal with your company's finances? Take some time to read our questions when choosing one.
A good, qualified accountant can save a business a lot of money which might otherwise have ended up needlessly paid to the taxman. Most important when looking for an accountant is Interview Several. You can start by asking suppliers, customers or business contacts if they know somebody good in your area that they can recommend. You will also find lots of ads on the Internet, in Yellow Pages or in your local paper but a personal recommendation is usually better.
It’s vital that an accountant understands the short, medium and long-term objectives of the business they are looking to represent, so outline any ideas you have for the future. For example if your company is planning to invest in new machinery, move into new premises or take on more employees, say so. By looking ahead and planning for possible eventualities, your accountant may be able to save you a lot of money.
So what questions should you look to get answered prior to signing up with an accountant?
What are your professional qualifications?
This may seem a little obvious but amazingly, anyone can call themselves an accountant and set up a practice – it’s not like becoming a doctor. Only consider someone with a recognised professional qualification, for example a member of the Institute of Chartered Accountants in England & Wales, the Institute of Chartered Accountants of Scotland, the Association of Chartered Certified Accountants, the Chartered Institute of Management Accountants or a Chartered Tax Adviser. This gives you some protection or at least an avenue of complaint if needed.
Can you give me the names of a couple of clients I can contact to ask about you?
Ask if you can speak to someone whose position is similar to your own. You will want to try to get the bottom of how good a service they have been getting, how responsive the accountant has been to their needs and what levels of advice they have received. Do, however, bear in mind that you will only ever be given happy customers as recommendations.
Will it be you who looks after me or someone else?
Some times an accountancy firm will bring out a senior member of the company to try and get you on board as a customer, however you should make sure you meet the partner who will actually deal with you on a day-to-day basis and not just a senior figure you will rarely if ever see again once you have been secured as a client. If more than one partner will be involved with you, ask to meet the others.
How long have you been in business?
Unless your affairs are extremely simple, you need someone with experience. Don’t just take their word for it, ask for evidence. Any experience of your particular industry would be highly beneficial also.
