Top Tips for Choosing a Company 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.

Experience Does your accountant have direct experience with other businesses in your business sector? Are they currently working with similar businesses of a similar size, turnover, style etc. Are they appropriately qualified (ie members of the Institute of Chartered Accountants (ICAEW), the Association of Certified Chartered Accountants (ACCA), or the Chartered Institute of Management Accountants (CIMA))? Remember – anybody could set them selves up and call themselves an accountant or bookkeeper, even if they have zero qualifications. Bear in mind that if an unqualified accountants breaks the law then you would be liable.

2. Charges How does the accountant calculate their charges (one off, all in fee / hourly / by the minute)? What is their average clients fee? What services do their charges cover, what do you have to pay extra for? Do they charge for an initial consultation (this would ring an alarm bell if they do)? Do they start the clock ticking when you pick up the phone to them (many do)?

3. Specialist vs General Accountants Do you require an accountant to carry out specific tasks, eg for Management Accounts, for Corporate Finance, for Outsourcing or as a Taxation Specialist? If so, it is worth finding a specialist in the particular field required. General Accountants can probably give you a certain level of help but a specialist is more likely to give you better results.

4. Style of Service What size of accountancy practice you require. Do you want a one-to-one, personal service with a smaller accountancy firm? Or do you require or a more ‘institutionalised’, ‘Top 50′ or ‘Top 4′ style of service, where you maybe deal with a larger team who can provide a larger range of services – such as associated with medium or large practices.

5. Pro-active vs Reactive Good accountants stay in touch with you through out the year, not just making contact at the year-end? What additional services do they offer? Are these services relevant to you? A pro-active service may cost more, but if the accountant is sharp, he or she may provide the catalyst to move your business forward, grow, diversify, save / make you money etc. By leaving everything until the year end leave no time for effective tax planning, for example.

6. Personnel Who will look after your business on a day-to-day basis? Will it be a partner, a junior or apprentice? Usually smaller practices suit smaller businesses.

7. Efficiency How quickly can they turn your accounts around – are the accounts carried out in house or outsourced (many outsource now to India)? What Accountancy Software packages do they use? You will have an idea by now on how efficient the firm is.

It is possible to change accountant at any time, although it could well be easier (and you may be subject to your annual fee still) to change just before your financial 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.