The good, the bad and the bean counter
Choosing the right accountant should be like choosing a new business partner. With a new government in place, we are already seeing significant changes with more likely to follow in the next Budget on Wednesday 30th October 2024.
Obtaining the right accountant for you, is the difference between where you are now with your business, where you want to be and how fast you want to get there.
A “Fred in the Shed” is well versed in performing reactively like a bean counter for annual compliance requirements such as annual accounts and corporation tax returns. There should not be any surprises to you, as to what Fred is going to file after your business year end concerning the finances of your business.
If your fears in business are for example but not limited to, lack of confidence over having consistent financial control of your business, cash flow and predicting tax (with a view to then mitigating it through legitimate tax planning), the need for the right accountant answers the value question to your business.
Suggested considerations to get you thinking about choosing the right accountant for you:
· Learn to use and trust your intuition
Ascertain quickly using your “gut feel” in the first meeting (and if needed have several meetings), as to whether you like them, can work with them and that you can in time trust them. Afterall, trust is earned and eventually they will hold a position of trust as an adviser which you will naturally lean on for advice and guidance.
· Are they tech savvy?
Technology is constantly improving how business is done. HMRC continue to implement more digitalisation with filing requirements, therefore it is imperative that your accountant remains up to date in this area of influence.
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· Don’t forget the sales fundamentals of need and solution
Define and then agree the deliverables that you want your accountant to perform. The clearer they are the easier it is to review continuously, as well as agree on the value that the accountant pitches for those services. Also, don’t forget that your needs can change over the course of the relationship. If services need to be increased or scaled back, have the conversation, communicate clearly the changes that you need and agree a revised price.
· Experience
There’s quite a difference between an accountant and a business adviser. A lot of accountants’ project themselves as both. Question their experiences to ensure that it matches the deliverables that you are looking for.
· Qualifications
Unfortunately, there are a lot of “Fred in the Sheds” out there that are not qualified but style themselves as an accountant. Don’t be afraid to ask about an accountant’s qualifications. A qualified accountant is mandatorily required to perform a minimum amount of Continuous Professional Development (CPD) to stay technically up to date. To obtain qualification in the first place, takes years of studying to pass technically demanding exams and gaining an appropriate level of practical experience.
As an accountant and business adviser myself, I am commercially savage and tax savvy. Combining the two approaches produces interesting reactions and powerful results.
What do you value the most from your/ an accountant? I would be interested to know.