Getting an accountant for the first time: advice

MushyPeas

I've been freelance for a few years, part-time, but now I'm full time I've decided to get an accountant. I've done some research but still feel a bit none the wiser and strangely slightly scared and intimidated by the thought!

I've done my homework, read up on other websites about questions to ask accountants, but thought I'd come on and ask the MSErs what you would recommend when sourcing a good accountant?

So far I have done the following:
- asked friends / family (no recommendations)
- ripped out local Yellow Pages and emailed a number of companies asking:
- their standard fees
- whether they have experience in my business sectors
- turn around time

Anything else I should be asking?

Thanks in advance

MP

WHA

Don't restrict yourself to local accountants. Do you really need to "meet" them? You may "like" to meet them at first, but once you're up and running, the chances of "needing" a meeting are very slim. There are loads of accountants on the web who do everything by phone/email without problems.

You need to talk to at least 3 accountants - don't just concentrate on costs and timings - they need to talk your language and you must be comfortable with them.

If you are going for a small firm, make sure that your affairs are simple enough for them to cope. Don't go to a one-man general practice and then expect them to know all about trading/tax in other countries for example!

If you are going for a larger firm, find out who will actually be doing the work - you may only ever meet a senior partner the first time and then be passed off with a succession of junior staff afterwards.

Personally, I don't think Yellow Pages is a good representation - I'd search the internet for both local accountants and on-line accountants. If you are in a City then you would probably find an on-line accountant far cheaper as they may well be based in a cheaper part of the country.

MushyPeas

Thanks for your advice WHA, it's really helpful to know what other people think! I'll do a search online and see if I can find some online accountants. I'm based most of the week in a large city so you're right, I could go anywhere. I guess because I'm knew at this there might be some comfort in knowing I can go and meet the person.

What you said about them knowing my area of business is really important, especially as I work in two different areas. It will be interesting to see what respnonses I get to my initial enquiries.

Thanks again

cheerfulcat

Here's a very good place to start; the Chartered Institute of Taxation.

Bordera

cheerfulcat wrote:

Here's a very good place to start; the Chartered Institute of Taxation.

Seconded, Chartered Institute of Taxation (Ciot) members have to work very, very hard to get their qualifications.

If you need your accounts and 2006 tax return completing you would be better finding an accountant sooner rather than later.

richt71

I had an accountant my dad recommended but he retired last year so I had to find a new one. I wanted a small one man band one (that was my choice). I rang about half a dozen in my local area. All but 1 offered to meet me for an intial free consultation. I did this and found the one I liked and went with him. Obviously I checked all had the correct qualifications.

MushyPeas

Thanks for your advice cheerful cat (about to click on the link), Bordera and richt71. I found this following website advice quite useful with a section on 'questions to ask'.

http://www.businesslink.gov.uk/bdotg/action/detail?r.l3=1073963622&r.l2=1073858948&r.l1=1073858790&r.s=sc&type=RESOURCES&itemId=1073791726

As you suggested richt71 I'm going to have an initial free consultation and then make my decision. And yes, Bordera, I know I have to get my skates on!

Thanks again.

mustafa_say_ving

Hi there Mushy ,

A good accountant is worth their weight in gold ( mine certainly is! )With regard to accountancy fees, I'd certainly advise you to look for someone who can offer you a yearly fee with everything all in i.e. any meetings or phone calls with him/her . I pay a yearly fee ( split up over 12 months ) I do all basic accounting duties myself ( VAT returns, payroll etc.) I use sage for this purpose and have found it an easy to use and informative programme. My accountant does everything else ( End of year, director's books etc)

MushyPeas

Hi mustafa thanks for your advice. I'll ask about yearly fees, good top tip!

BTW, welcome to MSE

mustafa_say_ving

You're welcome Mushy and thanks for the warm welcome too .

It's also worth noting with a yearly fee structure most (good ) accountants should be able to structure the package they offer you to your specific needs . Quite a few of the accountants I saw before going with my current accountant were able to do this for me . So it's well worth thinking about what you need before going .

The accountant I went with in the end had experience in my business sector but for me one of the most important factors was his communication skills (eg always phoned back when he said he would and sends out regular updates pertaining to allsorts of tax savings ) the great thing is he's only a phone call away and I never worry thinking " how much is this going to cost me "

MushyPeas

Hiya mustafa. Glad you feel welcomed, this website is fantastic

I'll ask about the yearly fee structure, thanks. I'll aslo ask how they keep clients up to date about tax savings etc. The accountant is only for my personal accounts as a self-employed person and at the moment I'm receving quotes of between £150-£250 per set of accounts. But I think you're right, I do like the idea of getting regular tax updates and it is important for me to know I can keep in regular contact with them.