How To Find A Great Accountant

You may think this article a little disingenuous, would you find an impartial post about finding an accountant on an accountancy company’s website? Well, I hope so. Because ultimately our job as accountants is to do the best for our clients, and therefore giving independent advice is essential.

Finding An Accountant: Are They A Qualified?

Did you know that in the UK anyone can call themselves an accountant, whether they have qualifications or not? Saying you’re a “professional” accountant or “tax expert” doesn’t mean anything either. There are three main professional qualifications that are awarded by professional bodies, these are:

• ACCA – Association of Chartered Certified Accountants – offers the ACCA Qualification, which focuses on business issues.
• ACA – The Associate Chartered Accountant – the professional qualification from the Institute of Chartered Accountants in England & Wales (ICAEW).
• CIMA – The Chartered Institute of Management Accountants Professional Qualification in Management Accounting – specialises in accounting for business.

Look for the term “chartered accountant” or “certified accountant”, and then the professional body they are registered with. As you can see some of these bodies award more specialist qualifications, for example CIMA, and therefore when looking for an accountant you need to find one who has relevant qualifications and experience for your business needs.

Here at Black & White we are Chartered Certified Accountants regulated by ACCA, which focuses on business accountancy issues. Accountants who are registered with a professional body, are not only qualified but they also have to maintain their skills and knowledge through continued professional development (CPD). This means that they are update with changes to legislation, development of ethical practices and HMRC. They also have to have professional indemnity insurance in place and, should you not be happy with the service you receive, the professional body are responsible for the regulation and the discipline of its members.

Look For An Accountant With Relevant Experience

Having identified accountancy companies who have the appropriate qualifications and are members of a professional body, we would advise you to find out whether they have any practical experience in your sector or with your particular business model.

Business start-ups have very different accounting needs to large corporations, and so it makes sense to use a company who understand your requirements. This will also have an implication on cost. For example accountants who work with self-employed individuals will appreciate that you may not want to outsource all your accounting needs in the interest of saving money, and will help you to achieve a balance.

Cloud Accounting

To this end it is also worth seeing whether an accountancy firm have embraced cloud accounting. Software like Xero enables accountant and businesses to have instant access to the accounts, and allows both parties to collaborate on them. This can save both time and money.

Talk To Them About Fees

Typically accountancy fees are either a fixed fee, variable or a combination of the two. It is very important to have a conversation about fees from the offset and to find an accountant who offers the ideal financial package for you. This also includes payment terms. The good news is accountancy fees are tax deductible!

Be Specific About What You Want

When speaking to a potential accountant about your business and finances, be really clear on what you hope to achieve. Are you just looking for someone to do your tax returns, or do you want financial advice too? Any reputable accountant will be transparent about the level of their services and whether they can provide what you are looking for.

Get Recommendations!

Finally, a great way to find an accountant is to ask for recommendations, particularly if you are looking for a local firm. Speak to friends and family, or ask other business owners in your area and find out what their experience has been. You can also ask the accountant for testimonials and recommendations; we’re always happy to provide these, give us a call if you like!