7 Questions to make sure you don’t regret taking on that new Accountant

5 Dec

7 questions to secure an Accountant who will help your business.

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One of the most important members of your small business team is your Accountant. The financial reports, the tax returns, paye, vat returns, etc’ etc’ need to be produced on time and 100% correct.

Whats more..

Advise on compliance issues and tax efficiencies are two more activities you will rely on your accountant to provide and keep you up to date with.

So, needless to say finding a good accountant is rather important. The answers to the following questions should help you identify someone who can do a good job for you.

 

1.    What accounting qualifications and experience do you have ?   (You can call yourself an Accountant without having any professional qualifications, you may find someone with the right experience even without the qualifications)

2.     Do you have Professional Indemnity Insurance ? (this covers the accountant in the case of claims of loss through negligence)

3.     Examples of tax saving strategies employed for other clients and results achieved.

4.     How do you communicate with clients and how accessible are you to them? (I always like pro- active people to work with and those I can get in touch with quickly, what about you?)

5.     What is your fee structure? (Find out the detail, tax planning advice would require a more experienced person than filling in a tax return, how will they charge for quick requests that may only take 5 minutes to complete?)

6.     What “back up” do you have for the computer data you hold and also for the person who will be dealing with my account?

7. What is your attitude to the production of monthly profit and loss statements and managment data? (I believe that your accountant should be your biggest ally in the production of a monthly dashboard of management information so they need to agree it is vital)

So now you have a good checklist of questions a final thought is to appoint someone whose business is a similar size to your own, and always, always ask for references.

Found this tip useful? Great!  there are more in my “7 Finance Essentials” book to help small business owners make informed decisions to grow profit and stability. Click here to learn more.

Steve Shaw helps owners of SME’s in Berkshire, Surrey and Hampshire to develop themselves and grow their businesses. Your commitment deserves results that make a difference. To find out more, click here.


 

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