Loughborough

Brighton Accountants Knill James

One Bell Lane, Lewes, East Sussex, BN7 1JU

Phone:

Description:Accountancy firm in Lewes near Brighton, not Loughborough

Website:Brighton Accountants Knill James

Found in category: Loughborough Accountants, Loughborough Accounting Services, Loughborough Bookkeeping and Accounting Services

Choosing An Accountant

Choosing an accountant for your business has been likened to choosing a dentist. You know that you want one who will make things as pain free as is humanly practicable, however the reality of the position is that you be aware if you have made an inaccurate decision until it is too late.

If you run a small company or business, making the correct choice is singularly important as from the start the accountant is probably going to be your only professional advisor.

Not only will they deal with the preparation of your company's accounts, they should also be in a position and experienced in helping you adhere with legislation, help raise finance, assist in managing growth and even collaborate with setting prices and those important profit margins.

The good news is when it comes to choosing an accountant is that there are a few key steps you can take to accentuate your chances of finding an accountant who fulfils your needs.

Foremost, ensure that the people you are considering are members of one of the three main bodies that represent these professionals. The professional bodies being:

• The Institute of Chartered Accountants
• The Association of Chartered Certified Accountants
• The Chartered Institute of Management Accountants

Many people do not realise that anyone can call himself an accountant. You don't been any accountancy qualifications to do this let alone being a member of a chartered body. Whilst there may be some very competent unqualified accountants our there, by choosing someone who has gained professional chartered status you know that you are employing the services of someone who has demonstrated competency in his field of study.

You will also want to determine if your potential accountancy firm has previous experience dealing with companies or organisation with a similar size to yours. By doing this you will have the services of someone who is intimately aware of the problems, complications and obstacles you may to face. They should also be advantageously aware of any tax breaks that are available.

The next stage is to meet your potential accountants in person and establish which you feel comfortable with.

When you go to interview your potential accountants there are certain questions that you should ask all of them to ensure that you are going to be receiving best value for money. It is recommended that you ask the following:

1. ask them about their formal qualifications (they should be a member of one of the professional bodies)
2. establish how many partners and juniors there are in the practice
3. interrogate them on their experience in positively helping businesses of a similar size and at a similar position of growth to yours
4. scrutinize if they have a comprehension of your business sector and its needs
5. establish who will look after your business on a daily basis
6. find out about their typical response times to queries
7. question if the service you will receive will be proactive - e.g. if they will give you reminders when you need to submit accounts, or if they will send you updates on changes in tax law
8. look into further services they offer e.g. inheritance planning, exit strategies or advice on information systems
9. establish if the accountancy practice offers any other special services which would advantageous to your business - e.g. trade comparison assessments or stock-market listing
10. finally investigate their charges and what they cover – make sure there are no surprises

Once you have decided on which accountant to choose it is important to manage the relationship with your accountant so that you both benefit.

The business terms of the relationship with your accountant are usually set out in the letter of engagement issued to you by your accountant. These are normally based on standard forms, but read carefully nevertheless. In addition you should have the expectation that the accountant will assist you to manage and develop your business.

In order to get the most out of your accountant you should have regular contact with them. When you do meet them make sure that you have plenty of time set aside so that you can have in depth discussion on your business and options available. You should do this well in advance of your financial year end as part of your ongoing tax planning.

Typical problems arising in the relationship are conspicuous by any of following:

• being difficult to get in contact with
• not providing information
• unexpected increases in fees

If you see any of these occurring it is better to act sooner rather than later and address the issue in a friendly but professional way.

It is of the utmost importance to have a thriving relationship with your accountant. In order to achieve that there are several things which you can do:

• keep to agreed deadlines
• inform your accountant of changes to your business quickly
• discuss major concerns such as the tax implications of the amounts you take out as drawings, salary or dividend with your accountant

Regularly Review Your Relationship with your accountant

The needs of any business are in constant flux and a good professional accountant should be able to adapt with you. However, maybe every 4 or 5 years it can make good business sense to ask:

1. Am I getting value for money?
2. Is my accountant easy to contact?
3. Does my accountancy firm still full fill my needs?

If you find yourself answering no to any of these questions then you should contemplate further on the possibility of changing an accountant so that you can use the services of another who is more suited to you and your business.

Making complaints to your accountant

If you think your accountant has made a mistake the first thing you should do is to speak to them about it and the grounds for your concerns. If this does not resolve the situation you could escalate the complaint to their professional body (one of the reasons for choosing a chartered accountant). These bodies are not in the position of granting you compensation for any financial loss that you may have incurred and if this is your aim you will need to speak to a lawyer or other legal professional.