Choosing the right accountant for your business
So every good business needs an accountant. That should be – every business needs a GOOD Accountant, but how can you tell who’s good and who’s not? I’m going to take a brief look at how you can go about choosing the right one for your business:
1. Get recommendations from business associates or colleagues. Alternatively why not ask your bank manager or local business support groups in the area.
2. Once you have your recommendations and you’ve 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).
3. It’s important that the accountant has experience in working with the business field that you operate in. So you should ask what how many businesses of a similar size they work with and whether or not they have experience working in your business sector.
4. Setup a meeting to discuss the needs of your business and supply him/her with a copy of your business plan and details of the areas in which you want them involved. This can be anything from business advice to financial reporting and tax auditing work.
5. How much does the accountant charge and can you afford it? It is also worth checking if there are fixed fees for annual audits and when these fees should be paid.
Despite the points mentioned above it is also that the accountant you will be working with makes you feel comfortable and at ease. So probably the most important question to ask yourself once you’ve taken the above into consideration is – Do you feel comfortable enough with this person to discuss your business and any problems you may face?
In addition to this I would also continuously price compare between your existing accountant and what other firms offer to ensure you are getting value for money – but that’s just common sense.
For more business related help and advice check out the following:
How to write a business plan – 10 top tips
How to choose the right accountant
Tips on choosing the right accounting software for your business
Photo by Michelle Meiklejohn
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