How To Choose The Best Accountant

best accountantsYou are looking at all the top accounting firms potentially suitable for your business; you may have just started up, grown to a sufficient size to require professional advice or it is time to change from your current accountant.

  • What criteria do you use to choose the best accountant?
  • How do you make sure the accountant is the most appropriate for your business?
  • How do you find them?

Here are some tips to help you find your way:

Understand Your Requirements

Before contacting any prospective accounting firms, reflect upon what you actually require. Do you need bookkeeping, accounting, tax advice, business planning, company or personal accounts etc? Split these in what you need immediately, and what you would like to have. Then ensure that the accountants you select provide your required services.

Locating The Right Accountant

Personal referrals from current clients are often the best way to a good accountant, as the client will have experienced the level of expertise, quality of service and charging policies. Therefore, ask your friends, associates in similar businesses or bank manager for recommendations.

Expertise Of The Accounting Practise

Some accounting practises specialise in specific sectors, however, many small local practices take on a variety of clients. If you require specialist advice, for example regarding CIS or exports, ask them if they have previous experience in the area, if they need to get up to speed in a particular area make sure they aren’t learning on your time. Ensure that your accountant is qualified, they may be a Chartered Accountant, Chartered Certified Accountant or Chartered Management Accountant.

How Much Should You Pay

Ensure that the practice gives you clear price indications in advance, check if they offer fixed fees for standard services, how much are their hourly rates for additional work and what are their payment terms, for example do they offer payment via monthly retainers? You will find that prices between practices vary massively, sometimes you are indeed paying for greater expertise, but sometimes you may be contributing to their deluxe offices, so don’t be afraid to ask for quotes from a few accountants.

The Right Fit

If you have selected the right accountant you may be working with them for 20+ years, in your initial meeting with them (which most will offer for free), consider the following: do you find it easy to talk with them and do they explain things clearly; are they IT friendly, i.e use email, online systems (if you are at the cutting edge of IT and they are still completing tax returns manually may not be the best fit); do they commit to a service level e.g. time taken to return phone calls emails etc.

Summary

If you find the right accountant they can easily become invaluable to your business; by helping you to structure your business most effectively, be as tax efficient as possible and help you implement the right tools to manage your business financially.

2016-10-23T16:31:36+00:00 December 1st, 2011|Business Advice|1 Comment

About the Author:

Nicky Larkin
Nicky Goringe Larkin is a Chartered Management Accountant who founded Goringe Accountants Ltd. - British Accountancy Awards 2013 Runners Up and awarded 'Highly Commended' accolade. Nicky is also Chair of the regional Federation of Small Businesses (FSB) as she is passionate about ensuring that Small Business issues are heard at the local and national level.
  • Jayson Fox

    This gem of a blog talks about definite ways of tracing out an adept accountant. In the form of some brief but crucial pointers the author has placed her tips for those who have newly started out a business but know not how to find out the best accountant. I am being one of the business owner, looking for a competent Accountant in London and the aforementioned have made my job half-done. Thanks a lot!