Thinking of Switching? Top Questions to Ask Before Choosing Your Accountant
Choosing the right accountant is a crucial decision for any business. Whether you're a small start-up or an established company, the right accountant can make a significant difference in your financial health and business growth. If you're thinking of switching accountants, here are some top tips to ensure you make the best choice for your business and find the perfect fit.
Thinking of making the switch? Contact us today to discover how we can support your business's financial success.
1. What Services Do They Offer?
Before making a switch, it's essential to understand the range of services they can provide. Haines Watts offers a comprehensive suite of services beyond basic bookkeeping and tax preparation, including:
Audit and Assurance: Providing statutory audits and helping businesses understand their financial operations, identify risks, and improve best practices.
Tax Advisory: Offering corporate tax planning, international tax planning, and tax investigations to ensure compliance and optimize tax savings.
HR Outsourcing: Managing HR functions to free up your time to focus on core business activities.
Payroll Outsourcing: Handling payroll processes efficiently and accurately.
Management Accounts Assistance: Providing regular management accounts to give you a clearer picture of cash flow, profitability, and performance ratios.
R&D Tax Credits: Helping businesses claim R&D tax credits to encourage innovation.
International Tax: Navigating the complexities of international tax laws.
VAT Compliance: Ensuring compliance with VAT regulations and helping with customs duty.
A comprehensive service offering can save you time and money by consolidating your financial needs under one roof.
2. What Experience Do They Have in Your Industry?
Industry-specific expertise can be a game-changer. Ask potential accountants about their experience with businesses similar to yours or if they have access to data that will give you information about your competitors. An accountant familiar with your industry will understand the unique challenges and opportunities you face. One that has access to data on your industry competitors can provide insights and tailored advice that can help you stay competitive.
3. Do They Stay Updated on Current Legislation?
Tax laws and regulations are constantly changing. It's crucial to work with an accountant who stays current with these changes to ensure your business remains compliant and takes advantage of any new opportunities.
4. What Technology Do They Use?
In today's digital age, technology plays a vital role in accounting. Enquire about the digital accounting solutions and tools used. Modern accounting software can streamline processes, improve accuracy, and provide real-time financial insights. It's important that your accountant is tech-savvy and can leverage these tools to streamline your financial processes. Check what assistance and training they can provide on the most user-friendly software packages for businesses.
5. How Do They Communicate with Clients?
Effective communication is key to a successful accountant-client relationship. Ask about their preferred communication methods and how often you can expect updates. Whether it's through regular meetings, phone calls, or emails, ensure their communication style aligns with your preferences. A good accountant should be able to explain complex financial concepts in a way that you can understand, be jargon-free, and approachable.
6. What References or Case Studies Can Be Provided?
A reputable accountancy firm should be able to provide references or case studies from satisfied clients. These testimonials can give you insight into their reliability, expertise, and the quality of their services. Don't hesitate to reach out and ask existing clients about their experiences. You may also want to ask for referrals from your network, business colleagues, friends, or family members who have had positive experiences with their accountants. Online reviews and testimonials can also provide valuable insights.
7. What About Fees and Billing Structures?
Understanding their fees and billing structure is crucial to avoid any surprises. What style is right for you: hourly rates, fixed fees with monthly payment plans, or retainers? Choose a billing structure that aligns with your budget and strategic financial planning.
While cost is important, focus on the value and quality of service the accountant provides. You will want an accountant who builds a relationship with you and can provide the level of services you require as your business grows. An accountant who keeps lines of communication open with regular updates will ensure that there are no nasty surprises later on with fees.
8. What Is Their Approach to Problem-Solving?
Every business faces financial challenges at some point. Ask potential accountants about their approach to problem-solving and how they handle complex financial issues. A proactive and solution-oriented accountant can help you navigate challenges and find effective solutions.
9. Are They Proactive at Offering Advice?
Do they offer proactive advice, not only when asked? Most accountants offer good advice when asked, but fewer consider their clients’ best interest at all times. Ask how they will be proactive in offering advice when it is useful for you. Working together seamlessly will lead to more accurate financial insights and better decision-making for your business's future.
10. How Do They Support Business Growth?
Finally, consider how they can support your business growth. Beyond managing your finances, a good accountant should provide strategic advice and insights to help you achieve your business goals. Ask about their experience in helping businesses grow and how they can contribute to your long-term success.
Conclusion
By following these tips, you can find an accountant who will be a valuable partner in helping to manage your business's finances. Building a relationship with a trusted advisor can add value to the business and provide confidence that the company is well-positioned to move forward.
At Haines Watts, we are more than just accountants. We work with business owners, building trusted relationships because we know that the more we know your business, the more we can help make it better. We focus exclusively on owner-managed businesses. What’s more, all of our partners are owner-managers themselves, so we understand not just the numbers but the business issues that you face.
Switching accountants is a significant decision that can impact your business's financial health and growth. By asking these top questions, you can ensure you choose an accountant who meets your needs and supports your business objectives.
Changing Your Accountant: It’s Easier Than You Think
Changing your accountant can feel daunting, but it is surprisingly easier than you might imagine. While it's a significant decision that demands careful consideration and planning, the steps ahead are straightforward once you've made up your mind.
You will be sent a new engagement letter for agreement, approval, and signature. It will outline the terms and associated fees. Once signed and returned, we will handle all the necessary tasks on your behalf, including regarding requesting handover information and guiding you through the onboarding process.
Contact us today to learn how we can help your business thrive.
