Accountant Expectations

blue_cat_3

Hi all,

I became self-employed late last year and set up my own limited company. Since then, it's been going better than planned and I feel like I need better advice about tax etc.

I went with one of the big national accountancy firms, but I feel a little bit disappointed. If I have a query, they're quick to reply and usually helpful. However, I don't get any proactive advice - they don't alert me to something to reduce my tax liability, for example - I need to find out about it myself.

Is this an unrealistic expectation for an accountant, or am I missing out? I have a feeling a local accountant, who I can develop a relationship with, might be better as I need some more hand-holding as I'm new to this. Aside from it possible being the worst time of year to find a new accountant, I also don't have a clue how to go about it (I don't know anyone who can recommended someone locally, for example).

Thanks for your replies.

Pennywise

A long term relationship with a good accountant is obviously the answer.

The big firms are OK, but staff move very frequently and you're lucky to keep the same person for a few months, let alone several years, which is really needed to get a proper rapport and proactive advice.

Best is to get personal recommendations from other similar businesses who use an accountant, NOT from agencies or bank managers etc who only recommend to get a kick-back. If you don't know anyone, then you have to find one like you would any other service provider, by checking them out, talking to them, maybe meeting them, getting quotes etc., but please be aware that accountancy isn't a regulated profession, anyone can call themselves an accountant, so if you are looking blind, at least make sure that the firms are qualified and insured for your protection.

blue_cat_3

Thanks, that's what I thought - now I just need to find someone reliable!

macca1974

I had the same situation re setting up a ltd company this time last year. I must admit I didn't consider one of the big accountants as whilst I have great hopes for the business, I wouldn't expect it to ever be massive. I essentially googled "small business chartered accountants" and a list of about 7 came up in my medium sized town. I then spent a week or so meeting with each of them for a chat about what I was doing, what they could do, charges etc and picked the one that I felt the most comfortable with.

They are actually really good and pretty pro-active and because there is quite a lot of competition for cost effective accountants in the area, the fees aren't too bad either. Might be worth seeing if you can develop a local arrangement as you are likely to have one person looking after you (along with their support staff) and can actually build a relationship with them.

DigForVictory

Different business sectors can attract different accountants, but above all find one you get along with! Who will cheerfully unknot problems, who will do checkups ("is this best at this time" regularly), who help you when there are mad busy patches when paperwork might take a back seat?
They exist - find them!

DKLS

Took me while to find a decent accountant and build up a relationship with them, My first choice wasn't so good, that accountant is doing a 8yr stretch for embezzlement, but the second who resolved that mess is always available to run ideas by and sanity check what I want to do.