That's a depends really. I would ask myself - do they have the experience for what i want them to do or do they have the ability to supplement that experience if they do not know the answer. I think it depends on the person.
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How to choose an accountant
- Thread starter DanMartin
- Start date
That's a depends really. I would ask myself - do they have the experience for what i want them to do or do they have the ability to supplement that experience if they do not know the answer. I think it depends on the person.
The first thing I'd check is that they have a practising certificate.
When a professionally qualified accountant, registered with one of the main Chartered bodies, completes their exams they have to complete a period of post qualification experience. This is to ensure amongst other things they have the practical knowledge and skills to support the things they learnt whilst studying. Only once they have this can they obtain a practising certificate.
Assuming they are able to practice (ie hold a Practising certificate) I would meet with them and see how you feel - could you work with them, do they inspire confidence, are they competant to do what you need, etc.
Ultimately its a personal decision - youth over experience, over to you
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The link below will take you to another post to guide business owners in the search for the right accountant for their business.
http://link4business.info/2008/06/finding-the-right-accountant/
http://link4business.info/2008/06/finding-the-right-accountant/
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F
frauke
It nice to see a mention of -
Then there are other non-Chartered bodies ...............
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Hi,
Thanks for the information that you have provided. It is important to select an accountant who is right for your business. A good accountant can be one of the most valuable professional advisors a business owner will hire. Discuss your accounting methods, computerized or otherwise, and what services you'll need so they can give you an accurate bid.
Thanks for the information that you have provided. It is important to select an accountant who is right for your business. A good accountant can be one of the most valuable professional advisors a business owner will hire. Discuss your accounting methods, computerized or otherwise, and what services you'll need so they can give you an accurate bid.
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I accept with information:Recommendations - offers some reassurance, but not always a good gauge. Qualifications - Not legally required but sensible to use a qualified accountant. Size of the accounting business - Small may save money, but do they have the right skills. Fees - Cheap is not always good - Fixed fees or variable Will a fixed fee cover all of your needs.
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My friend recommended another accountant by telling me he will take all my receipts/expenses and come back when its all been organized and I wont have to worry about it. To me time spent on new business and improving my skills is much better than saving a few hundred pounds and it taking me twice as long as someone who crunches numbers day in day out
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Hi, have not read all of the posts, so forgive me if this sounds like repeating what others are saying.
However, I recently had to go through this myself and in order to get the best out of things and keep costs down, I created a structure as follows:
Junior person to do basic data entry £12k per annum
Qualified (semi) at £20-25 per hour (going rate) coming in once to twice a week
Then a FULLY QUALIFIED Accountant to check everything over once a month, or once every other month. (upto £400 per Day)
Finally an Audit at the end of the year (due to the number of people also qualified involved this costs less)
Total cost to the business = Savings and I get what I need such as Managment Accounts on a monthly basis, P&L, Balance Sheet, Cash Flow etc
You can work out what you need from the above like a menu I guess, depends on how large or small your business is.
P.S Make sure you find an excellent Auditor! After all you need someone you can trust to make sure everything holds true!
A good firm to use, would be Rayner Essex in St Albans and in London, worked with them for some time now!
all the w's Rayneressex dot co dot uk I think!
However, I recently had to go through this myself and in order to get the best out of things and keep costs down, I created a structure as follows:
Junior person to do basic data entry £12k per annum
Qualified (semi) at £20-25 per hour (going rate) coming in once to twice a week
Then a FULLY QUALIFIED Accountant to check everything over once a month, or once every other month. (upto £400 per Day)
Finally an Audit at the end of the year (due to the number of people also qualified involved this costs less)
Total cost to the business = Savings and I get what I need such as Managment Accounts on a monthly basis, P&L, Balance Sheet, Cash Flow etc
You can work out what you need from the above like a menu I guess, depends on how large or small your business is.
P.S Make sure you find an excellent Auditor! After all you need someone you can trust to make sure everything holds true!
A good firm to use, would be Rayner Essex in St Albans and in London, worked with them for some time now!
all the w's Rayneressex dot co dot uk I think!
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1. You should contact at least 3 accountants and find out which one best meets your requirements and It is essential that your accountant must have relavent year of experience
2. How much does the accountant charge?
3. What are the various services provided by accountant - can they complete your self assessment returns, can they provide advice to save your taxes?
2. How much does the accountant charge?
3. What are the various services provided by accountant - can they complete your self assessment returns, can they provide advice to save your taxes?
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Your should consider following things while choosing an accountant:
1. You should contact at least 3 accountants and find out which one best meets your requirements and It is essential that your accountant must have relavent year of experience
2. How much does the accountant charge?
3. What are the various services provided by accountant - can they complete your self assessment returns, can they provide advice to save your taxes?
1. You should contact at least 3 accountants and find out which one best meets your requirements and It is essential that your accountant must have relavent year of experience
2. How much does the accountant charge?
3. What are the various services provided by accountant - can they complete your self assessment returns, can they provide advice to save your taxes?
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This is going to sound a bit odd and does contradict some of the advice given but be wary when choosing an accountant based on personal recommendations.
To put it simply, a good accountant in the eyes of their clients will in many cases be the one the lets them pay the least tax, take the most out of the company, show the highest profits to the bank/investors etc. The accountant may not have the first idea of what he is doing and the work will not stand external scrutiny (EG HMRC) but his clients will think the sun shines out his arse if he talks a good game (at least until enquired into).
Contrast that with an accountant who advises against excessively risky "tax planning" and who more or less operates "by the book", whom unless they know better, certain clients may not think much of.
When getting recommendations, be sure to take into account how long that they have been using that accountant and how the advice received compares to others you have seen.
To put it simply, a good accountant in the eyes of their clients will in many cases be the one the lets them pay the least tax, take the most out of the company, show the highest profits to the bank/investors etc. The accountant may not have the first idea of what he is doing and the work will not stand external scrutiny (EG HMRC) but his clients will think the sun shines out his arse if he talks a good game (at least until enquired into).
Contrast that with an accountant who advises against excessively risky "tax planning" and who more or less operates "by the book", whom unless they know better, certain clients may not think much of.
When getting recommendations, be sure to take into account how long that they have been using that accountant and how the advice received compares to others you have seen.
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Great way to find them but I would recommend checking their credentials such as client testimonials.
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J
john11
Get recommendations from business associates or colleagues. Alternatively why not ask your bank manager or local business support groups in the area.
Once you have your recommendations and youve narrowed it down to a select few it is very important to check that the accountant is suitably qualified. They should also be a member of an accountancy body such as the Association of Chartered Accountants (ACCA) or the Institute of Chartered Accountants (ICC).
Once you have your recommendations and youve narrowed it down to a select few it is very important to check that the accountant is suitably qualified. They should also be a member of an accountancy body such as the Association of Chartered Accountants (ACCA) or the Institute of Chartered Accountants (ICC).
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- The Institute of Chartered Accountants in England and Wales (ICAEW)
- The Institute of Chartered Accountants of Scotland (ICAS)
- The Institute of Chartered Accountants in Ireland (ICAI)
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Hello All
Would like some general advice please. Have had the same accountants for the last three years. Feel like a very little fish in a big swish tank.
Its my partners business, very small one invoice a week sent out. I use Sage Instant Accounts. Year end is 31st March and paperwork sent over in 4 Lever arch files. When accounts sent back I get a list of adjustments to make and to be truthfull not always sure of what i'm meant to be doing !
My daughter passed her AAT Business Tax exam today and in discussion with her I think we are in dire need of some further advice on the tax situation, to be a partnership or be a limited company. Get the distinct feeling that we have been running the business the wrong way for the last ten years.
My question is should I have to ask for advice ? Or should the accountants offer advice regarding the best options for the business.
Would be grateful for your opinions.
Thankyou
Andrea
Would like some general advice please. Have had the same accountants for the last three years. Feel like a very little fish in a big swish tank.
Its my partners business, very small one invoice a week sent out. I use Sage Instant Accounts. Year end is 31st March and paperwork sent over in 4 Lever arch files. When accounts sent back I get a list of adjustments to make and to be truthfull not always sure of what i'm meant to be doing !
My daughter passed her AAT Business Tax exam today and in discussion with her I think we are in dire need of some further advice on the tax situation, to be a partnership or be a limited company. Get the distinct feeling that we have been running the business the wrong way for the last ten years.
My question is should I have to ask for advice ? Or should the accountants offer advice regarding the best options for the business.
Would be grateful for your opinions.
Thankyou
Andrea
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Hello Elaine
Thankyou for your reply. I am actually on my third accountant in 10 years. My first was a nice gentleman and i moved from him as wanted to use Sage. The next accountant advised me badly regarding a vehicle which came up during an enquiry and that cost another £3000 on the tax bill so lost my confidence there.
Feel embarrased about moving accountants again but I really do need some good advice and I have lots of questions that really need answering.
Thankyou once more for all the good advice you give too many on this forum.
Andrea
Thankyou for your reply. I am actually on my third accountant in 10 years. My first was a nice gentleman and i moved from him as wanted to use Sage. The next accountant advised me badly regarding a vehicle which came up during an enquiry and that cost another £3000 on the tax bill so lost my confidence there.
Feel embarrased about moving accountants again but I really do need some good advice and I have lots of questions that really need answering.
Thankyou once more for all the good advice you give too many on this forum.
Andrea
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Hello Elaine
Thankyou for your reply. I am actually on my third accountant in 10 years. My first was a nice gentleman and i moved from him as wanted to use Sage. The next accountant advised me badly regarding a vehicle which came up during an enquiry and that cost another £3000 on the tax bill so lost my confidence there.
Feel embarrased about moving accountants again but I really do need some good advice and I have lots of questions that really need answering.
Thankyou once more for all the good advice you give too many on this forum.
Andrea
Thankyou for your reply. I am actually on my third accountant in 10 years. My first was a nice gentleman and i moved from him as wanted to use Sage. The next accountant advised me badly regarding a vehicle which came up during an enquiry and that cost another £3000 on the tax bill so lost my confidence there.
Feel embarrased about moving accountants again but I really do need some good advice and I have lots of questions that really need answering.
Thankyou once more for all the good advice you give too many on this forum.
Andrea
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Heh, I'm on my 4th in 5 years.
First accountant has a flashy ad in the local business directory. Didn;t know his arse from his elbow.
Couple of months later moved to a national company - not much personal help and got fined by HMRC for late filing of something. Apparently the accountants had sent a general letter to clients telling them to file. Needed more personal care.
A few months after tried Joy and Co - http://www.joyandco.co.uk/ - gave me precisely the sort of personal care I felt I needed from an accountant. I just wanted to dump everything in someone else's lap, so they could re-assure me everything was taken care of, and the big bad man at HMRC would not come chasing me about anything not done but should have been - and that's precisely what she did.
Stay with Joy for a few years, but finally moved to a local accountants about a year ago, simply to lay foundations for moving into local offices and using local services for book keeping and accounts. No problems with the company and happy to keep things local - not in offices yet, but nearly am, and especially glad did the preparatory work before things get hectic with the move.
Simply 2c.
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Hi Brian
Thankyou for your reply.
Had a meeting last Friday with the accountants for 2 hours in the new very smart designer offices. Felt very out of place and am obviously very small fry compared to some of the names listed on the wall.
Went in with questions and came out 2 hours later none the wiser. Cannot actually recall what was decided. Last question they asked me was am I able to pay as per normal !. Sat in the car park and had a cry in frustration.
Made up my mind though and after reading your reply and Elaines advise its been confirmed its time to move on. This years accounts end 31st March once they have been prepared and finalised will certainly be moving to somebody who is prepared to help listen and advise.
Andrea
Thankyou for your reply.
Had a meeting last Friday with the accountants for 2 hours in the new very smart designer offices. Felt very out of place and am obviously very small fry compared to some of the names listed on the wall.
Went in with questions and came out 2 hours later none the wiser. Cannot actually recall what was decided. Last question they asked me was am I able to pay as per normal !. Sat in the car park and had a cry in frustration.
Made up my mind though and after reading your reply and Elaines advise its been confirmed its time to move on. This years accounts end 31st March once they have been prepared and finalised will certainly be moving to somebody who is prepared to help listen and advise.
Andrea
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If your accountant doesn't listen then how do you know you have been the right advice for your circs!
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Why wait. Change now and don't look back. A client/accountant relationship is deeply personal. If you don't feel like you are talking to an old friend you have known for years the chemistry is wrong.
Ring around a few local accountants and have a chat with them, not the secretary's, not the staff, the main one and trust your gut instincts. When you find one you feel may be ok go and see them and if they answer your questions simply in language you understand, and if they are sympathetic to why your are changing accountants and the current one made you upset with their attitude without judging or slagging off that firm, give them a go.
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Hello Ray
Many thanks for your constructive posting. A little apprehensive about moving till the latest set of accounts are completed as in the previous move all the paperwork was held up for a considerable amount of time.
Feel alot more confident now on making the move.
Thanks to one and all who have given me a guidance and help.
Andrea :redface:
Many thanks for your constructive posting. A little apprehensive about moving till the latest set of accounts are completed as in the previous move all the paperwork was held up for a considerable amount of time.
Feel alot more confident now on making the move.
Thanks to one and all who have given me a guidance and help.
Andrea :redface:
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Andrea, I don't know if it's of any help, but something I did when picking out a local accountant in my new area was to set out a potentially complicated tax issue affecting my business (ie, director of two different sized companies and how to bring them together).
A couple of people were not sure on an immediate answer, but talked salesy - their costs, fees, and stayed focused on what I would need to pay them (even though they knew almost nothing about my business or invoicing volume, so how could they know what to charge?).
The geeky* one screwed his face up, trying and come up with some immediate thoughts, suggested they'd research the details later, and didn't even mention pricing at this point because he was focused on the technical problem, as opposed to the money he could make.
I moved accounts to the geeky one.
* geek - someone who understands technical stuff specialist in their area and can solve problems relating to this - as opposed to someone more interested in sales, who isn't really sure of the technical stuff
A couple of people were not sure on an immediate answer, but talked salesy - their costs, fees, and stayed focused on what I would need to pay them (even though they knew almost nothing about my business or invoicing volume, so how could they know what to charge?).
The geeky* one screwed his face up, trying and come up with some immediate thoughts, suggested they'd research the details later, and didn't even mention pricing at this point because he was focused on the technical problem, as opposed to the money he could make.
I moved accounts to the geeky one.
* geek - someone who understands technical stuff specialist in their area and can solve problems relating to this - as opposed to someone more interested in sales, who isn't really sure of the technical stuff
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i appreciate some great reviews here...i think It's important to select an accountant who's right for your business. Speak directly to everyone on your shortlist, discuss their experience and services and outline your business needs. Ideally the relationship you have with your accountant will be long-term, so these are important considerations.
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This thread is fascinating!
I am a sole practitioner Chartered Accountant and most of my clients have come to me through recommendation/referral, which I take as a great compliment (I've been going 2 years now).
For me, the client/accountant relationship is one of the most important relationships you'll ever have. If you don't feel like you can ask questions and get answers (even if it's not what you want to hear), then it's probably not the right person.
I start my initial prospective client meetings by saying "if either of us doesn't feel right about this, then we can both walk away with no obligation or issue".
Fees are obviously important, but I like to think that my clients get added value rather than just the production line completion of accounts/tax returns.
I have also won new clients from larger firms due to the loss of the personal touch they felt with a bigger firm, i.e. different person doing their accounts each year, can't get to talk to their tax adviser etc. etc.. The frustration of a poor relationship with your accountant can be detrimental to the business.
Someone has mentioned the feeling of talking to a friend when talking to your accountant, and I think that this is a great point. You should feel at ease when talking to your accountant, and I'm horrified that someone left a meeting with their accountant and ended up in tears!
My advice - DON'T use the Yellow Pages. Use the firms listings on the websites of the professional bodies, e.g. icaew.com (at least you'll get someone who's appropriately qualified and insured). Get an initial meeting (ideally free and no obligation) and see how you get on. Meet a few different firms if it helps, but spend some time finding the right person. It's one of the most important relationships you'll have!
I am a sole practitioner Chartered Accountant and most of my clients have come to me through recommendation/referral, which I take as a great compliment (I've been going 2 years now).
For me, the client/accountant relationship is one of the most important relationships you'll ever have. If you don't feel like you can ask questions and get answers (even if it's not what you want to hear), then it's probably not the right person.
I start my initial prospective client meetings by saying "if either of us doesn't feel right about this, then we can both walk away with no obligation or issue".
Fees are obviously important, but I like to think that my clients get added value rather than just the production line completion of accounts/tax returns.
I have also won new clients from larger firms due to the loss of the personal touch they felt with a bigger firm, i.e. different person doing their accounts each year, can't get to talk to their tax adviser etc. etc.. The frustration of a poor relationship with your accountant can be detrimental to the business.
Someone has mentioned the feeling of talking to a friend when talking to your accountant, and I think that this is a great point. You should feel at ease when talking to your accountant, and I'm horrified that someone left a meeting with their accountant and ended up in tears!
My advice - DON'T use the Yellow Pages. Use the firms listings on the websites of the professional bodies, e.g. icaew.com (at least you'll get someone who's appropriately qualified and insured). Get an initial meeting (ideally free and no obligation) and see how you get on. Meet a few different firms if it helps, but spend some time finding the right person. It's one of the most important relationships you'll have!
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D
Deleted member 59730
Recommendations aren't everything unless the accountant has experience of your type of business. Many years ago I was recommended to an accountant by several people. I then had a major problem because he could not conceive that my business trips to Nigeria were 100% business related and 100% reimbursed by my clients via my invoices to them. He actually told the IR that I was on holiday in Nigeria when the reality was I was doing a very arduous assignment for Volkswagen working 7 day weeks for the whole trip.
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