Concise tips to choose accountants wisely to work with you on your business.
It is important to obtain couple of quotes from different accounting firms to compare the prices so that you are aware of the market rate and avoid being overcharged. Usually, accountants firm charge their clients by the hour. They will provide you with a quote based on the nature of your business assignment.
Ask the accountants:
- How many people would be involved in your company’s affairs?
- What are their charging rate?
- How often they will issue an invoice to you? monthly or as and when they complete your assignment.
- Do they give credit terms, say 30 days from invoice date?
- Would they communicate with you if they foresee the work involved is going to exceed the original quote given? You do not want to be quoted a fee of £1200 then being given a final invoice of £2000 to pay.
Some accountants firm offer fixed fee accounts packages to limited companies. If you are just starting up your business it is best to go for fixed fee accounting package as you know exactly how to pay your accountants. Usually, your accountants would also take care of your confirmation statement filing with Companies House.
Accountant’s response time
Ask the accountants what is their response time within the firm? for example, they would reply to clients in 24 hours is their practice norm.
Would they be anyone else that you could contact if you could not get hold of the person in charge of your assignments?
Accountants’ specialist areas in business
Find out the accountants’ core competency. For example, if you have questions involving international tax affairs, would they be able to handle or how would they able to assist you to get the result?
The size of the accountants’ firm
Ideally, small to medium-sized accountants are suitable for small to medium-sized businesses.
Large companies are best to go for the big accountancy firms like PWC, KPMG, Deloitte and Ernst & Young and many more.
The attitude of Accountant in charge of your company affairs
It is very important that you have a rapport with the accountant that you would be regularly dealing with. Whether you feel comfortable with the person or with the way he/she handles your assignment.
Let take an example, if you are an impulsive person and you like to get things done fast, you would not be compatible to work with an accountant that has an attitude of managing its clients’ affairs on strictly first in first out basis.
If you are a positive thinking person, you may find it frustrating to work with an overly prudent accountant who comes across almost negatives.
We believe in when there is a will, there will be a way in achieving whatever we want in business and in life. In other words, we can make the impossible possible. Choose your accountants wisely is the way to forward.