Business Wise by Andy Coote & Mindy Gibbins-Klein

Author:Andy Coote & Mindy Gibbins-Klein
Language: eng
Format: epub
ISBN: 9781784520526
Publisher: Ecademy Press

Questions to ask your prospective accountant

Your accountant can be a key asset to helping you fulfil your entrepreneurial ambitions. You can help ensure this happens by making an informed choice rather than leaving it to luck.

With this in mind you will want to meet at least three accountants before you decide who to appoint. Many, if not most, accountants will meet with you free of charge, as they also want to find out about their prospective clients. You may even be lucky and receive some advice during such a meeting but do not expect to get much for free!

If you have received a recommendation from someone who uses an accountant ask them about their experiences too and compare their answers with what the accountant says when you interview them.

What kind of creative business advice will you offer me? A good accountant should be able to demonstrate quick and creative business acumen. Ask the candidate to offer three quick ideas on how you might be able to save money right now. Ask them for three examples in which they offered useful business advice, beyond just tracking the numbers, to other clients.

How many other clients do you have like me? Imagine this scenario. You hire an accountant based on the assumption that they understand the basics of your business. Then, you find out that they’ve never had a client like you before. Avoid that possible disaster by asking the accountant about their clients. In asking about their clients, you will also want to understand how busy the accountant is and whether they have the time and resources to support you adequately.

How do you calculate your fees? Will the accountant guarantee that your fees will not exceed certain amounts that you agree upon up front? Can he offer you a fixed rate service at least in your first year? If charges will be set by reference to the time spent, an experienced accountant should still be able to provide a realistic estimate – by reference to other clients in a similar situation to you. If the candidate cannot provide such an estimate you need to consider whether they really have the necessary relevant experience to help you.

What hourly rates do you charge and how often do they change? Many accountants still charge solely by reference to the time that they spend on your affairs. Even those that offer set fees for certain services will often charge on a time basis when it comes to more complex areas of advice and other ad-hoc aspects of work. Make sure that you find out the hourly rate that the accountant charges and those of any staff or colleagues who might work on your affairs. You also want to know whether they recharge expenses they incur on your behalf at cost or whether they take a mark-up. Find out now whether a simple two-minute phone call or email will be charged to you by reference to a standard minimum amount of time. If that’s the case, run for the door.

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