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5 Tips on how to choose an Accountant

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A Google search will produce a list of hundreds to choose from, so how will know which one is right for you and your business?

According to SBA.Gov

An accountant can save you time and clear up much of the confusion you experience when it comes to managing your finances and taxes, but a trusted accountant can provide other benefits, too.

  • Act as a Trusted Advisor – More than just a tax preparer, an accountant can become a trusted advisor to your small business, helping you manage cash flow, plan for growth, assess risk, and keep your books in order.

  • Help Balance Business and Personal Needs – Many small businesses, particularly sole proprietors and startups, find that their business and personal finances are closely linked. A good accountant can help you make sound judgments beneficial to both.

Here are my top tips:

  1. Decide what services you need for example you might only need your accountant to prepare the year end accounts and tax returns and you might do the book keeping and payroll yourself? Or you might want help with Business Plans and raising finance?
  2. Ask about your accountants qualifications, CIMA Members in Practice are highly qualified, monitored by their Accounting Institute and carry appropriate levels of Professional Indemnity Insurance.
  3. Ask about their experience and knowledge of your type of business and industry sector, do they have references and testimonials?
  4. What if your accountant is sick or unable to do your work? do they have a continuity agreement in place with another accountant (all CIMA MiPs have these agreements)
  5. Ask about the fees and service levels, your accountant should provide you with a letter of engagement setting out what their fees are and the services they will provide.

 


4 Comments

  1. Lewis says:

    Thanks for every other informative web site. Where else could I am getting
    that kind of info written in such an ideal method?
    I have a challenge that I am just now working on, and I’ve been
    at the look out for such information.

  2. Maricruz says:

    Hello! Do you use Twitter? I’d like to follow you if that would be okay.

    I’m absolutely enjoying your blog and look forward to new updates.

  3. Great tips and couldn’t agree more- with these basics you shouldn’t have a problem finding yourself a decent accountant however would you agree that the majority of business owners go by recommendations? Makes it hard for any new accountant but I think being recommended an accountant by family, friends or business colleague is seen as something of real trust

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