Finding the right accountant

Discussion in 'Accounts & Finance' started by James M 1975, Jun 13, 2020.

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  1. MyAccountantOnline

    MyAccountantOnline Full Member

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    Your checklist so far really should cover any decent accountant but do ask any accountant you contact to be sure.

    My advice is to decide how you want to work ie do you want a face to face relationship with an accountant or are you happy working online only, or do you want a mix of both. Once you've decided that contact a few accountants and see which you feel you'd like to work with.
     
    Posted: Jun 16, 2020 By: MyAccountantOnline Member since: Sep 24, 2008
    #21
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  2. gpietersz

    gpietersz Full Member

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    Out of curiosity, can you give me some examples. Banking and insurance are the obvious ones to me. ONn the other hand my experience (apart from trivialities like a little small business bookkeeping) is of looking at accounts, not preparing them.
     
    Posted: Jun 16, 2020 By: gpietersz Member since: Sep 10, 2019
    #22
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  3. MyAccountantOnline

    MyAccountantOnline Full Member

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    Yes agriculture is one very good one. I spent 10 years specialising in agricultural accounting and tax - the industry has unique tax rules such as farmers averaging relief. Dental and medical is another.

    To a lesser degree you'll find some businesses only use certain accounts for example I look after the accounts and tax for a lot of online businesses so am very familiar with accounting for PayPal, Stripe, and Amazon etc and you'll find some accountants barely ever deal with clients who use them so wont know what to look for when preparing the accounts or how to help a client account for them and select suitable bookkeeping software.
     
    Posted: Jun 16, 2020 By: MyAccountantOnline Member since: Sep 24, 2008
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  4. UK Contractor Accountant

    UK Contractor Accountant Verified Business ✔️

    5,491 1,029
    Property owners and agents
    • Residential property management companies
    • Travel and tourism
    • Franchising
    • Academies, Schools and Education
    • Medical professions
    • Legal professions
    • Entertainment
    • IT industry & Contractors (IR35)
     
    Posted: Jun 16, 2020 By: UK Contractor Accountant Member since: Sep 18, 2013
    #24
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  5. SteveHa

    SteveHa UKBF Legend

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    To address the points regarding PB membership, I am neither trained by, nor a member of any PB (the company I work for is, however, ICAEW regulated - I personally am not).

    I specialise in tax, and my qualifications for doing so are 20 years employment with HMRC, and 20 years in practice.

    I keep CPD up to date, and I know my limits (something that many qualifieds don't believe they have, despite evidence to the contrary).

    Sweeping statements that only qualified by a PB accountants are good accountants is not just plain wrong, but also highly insulting.
     
    Posted: Jun 16, 2020 By: SteveHa Member since: Jun 16, 2016
    #25
  6. gpietersz

    gpietersz Full Member

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    Why? What is so special about the accounting needs of franchising, for example? How are doctors or lawyers accounts different from any other service business? I know lawyers may have some additional complexities when dealing with client money but is that much of an issue or is there something else?
     
    Posted: Jun 16, 2020 By: gpietersz Member since: Sep 10, 2019
    #26
  7. atmosbob

    atmosbob UKBF Legend

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    The accounts might not be different but the loopholes and rules are. Barristers can spread earnings well into their retirement for instance. Farmers can have 'bad' years but creative freelancers cannot.
     
    Posted: Jun 16, 2020 By: atmosbob Member since: Oct 26, 2009
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  8. gpietersz

    gpietersz Full Member

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    So, mostly to do with tax rules?
     
    Posted: Jun 16, 2020 By: gpietersz Member since: Sep 10, 2019
    #28
  9. SteveHa

    SteveHa UKBF Legend

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    For Doctors there are pensions considerations, too (particularly GPs in practice) which are outside of the norm.
     
    Posted: Jun 16, 2020 By: SteveHa Member since: Jun 16, 2016
    #29
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  10. gpietersz

    gpietersz Full Member

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    So you are in fact included in the advice to stick to firms authorised for public practice by the professional bodies?
     
    Posted: Jun 16, 2020 By: gpietersz Member since: Sep 10, 2019
    #30
  11. SteveHa

    SteveHa UKBF Legend

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    My point was, even though the firm is regulated, no-one has any evidence that I have the appropriate credentials personally to do what I do, other than 40 years of experience.

    And I have worked for unregulated firms in the past. That didn't change either my ability or my ethics.
     
    Posted: Jun 16, 2020 By: SteveHa Member since: Jun 16, 2016
    #31
  12. Helpful Johnny

    Helpful Johnny UKBF Regular

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    If you need to ask the question you have no experience in franchising so maybe not make sweeping statements that you don't have knowledge about..
     
    Posted: Jun 16, 2020 By: Helpful Johnny Member since: Dec 28, 2018
    #32
  13. gpietersz

    gpietersz Full Member

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    Yes, but the firm is responsible for your work - there is someone the professional body can punish.


    Fine for someone who can verify your abilities (like the firm you currently work for).


    No, but it did change how accountable the firm the customer used to hire you is.
     
    Posted: Jun 16, 2020 By: gpietersz Member since: Sep 10, 2019
    #33
  14. gpietersz

    gpietersz Full Member

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    What sweeping statement? I asked a question because I want to know the answer. That is about as far from a sweeping statement as you can get.
     
    Posted: Jun 16, 2020 By: gpietersz Member since: Sep 10, 2019
    #34
  15. Ian J

    Ian J Factoring Specialist Verified Business ✔️
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    You might want to think about changing your user name :D
     
    Posted: Jun 16, 2020 By: Ian J Member since: Nov 6, 2004
    #35
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  16. Helpful Johnny

    Helpful Johnny UKBF Regular

    158 41
    Gladly - how?
     
    Posted: Jun 16, 2020 By: Helpful Johnny Member since: Dec 28, 2018
    #36
  17. Helpful Johnny

    Helpful Johnny UKBF Regular

    158 41
    A question can be rhetorically asked to imply a statement.. but who cares, ask a franchising specialist accountant and find out for yourself. https://www.thebfa.org/affiliate-directory/ filter by accountancy.
     
    Posted: Jun 16, 2020 By: Helpful Johnny Member since: Dec 28, 2018
    #37
  18. Rawlinson Pryde

    Rawlinson Pryde UKBF Regular

    157 39
    However your firm is regulated, the firm who employ you put their name at risk (In the press and the bodies) and their professional indemnity (PI) insurance, so I am sure they therefore ensure the proper safeguards are taken with your training (paying for courses and resources) and CPD requirements. You also have the network of other people in your firm with differing experience.

    You will rarely hear about an unregulated firm being in trouble but that is because they are unregulated so other than a criminal activity there is no reporting. They may also not have the PI cover.

    When we pick up new work from other firms we generally find that those who are not with a regulated firm contain way more issues than a regulated firm.

    For example recently a picked up from an unregulated firm that hadn’t done P11Ds for a health benefit, when queried with them, they said they were not aware of it, despite having a separate line on the profit and loss. They couldn’t produce a fixed asset schedule or other trivial items.

    Some of the unregulated firms are also formed after a regulated person has been struck off from their professional bodies for their criminal or dodgy practices.
     
    Posted: Jun 16, 2020 By: Rawlinson Pryde Member since: May 9, 2020
    #38
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  19. SteveHa

    SteveHa UKBF Legend

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    I agree it happens, much like the new client we picked up from an ICAEW firm that had been handled so bad we are still trying to sort it out.

    As I said, regulated is not the gold standard for competent.
     
    Posted: Jun 17, 2020 By: SteveHa Member since: Jun 16, 2016
    #39
  20. Deepshikha Gupta

    Deepshikha Gupta UKBF Newcomer

    4 0
    Either you can search nearby accountant or you can hire virtual accountant for your business.
    If you like, you can choose our service acobloom and get a free trial.
     
    Posted: Jun 17, 2020 By: Deepshikha Gupta Member since: Jun 8, 2020
    #40
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