Looking for a match made in heaven? Tips for choosing the right accountant

Every contractor should love their accountant. Why? I hear you asking. Well, firstly they love doing the thing you hate: your tax return, secondly, they can save you money, and thirdly, they can help your business grow and become successful.

If you have fallen out of love with your accountant and are looking for a new one, or, you are looking to engage the services of an accountant for the first time, then ask yourself the following questions:

What do I need an accountant for?

Think carefully about what you want the accountant to do for you. If you are new to contracting and are looking to operate via a Limited Company, choose a firm of accountants who can set this up for you. There is quite often a charge for this, but some firms will do this free of charge as a way of enticing you to sign up to their services.
You might already be operating via a Limited Company but are finding that you need guidance in other areas, for instance, you might be wondering if you need to be VAT registered, or you are unsure if you are working in or outside of IR35.

Decide what you want the accountant to do for you, and clearly communicate this to them when you are enquiring about their services. If they can not help you with this, look for somebody who can.

What type of relationship am I comfortable with?

Do you want to be able to go and see your accountant and discuss things face to face? Or, are you comfortable dealing with them over the phone and by email? If you prefer face to face meetings, it is pointless choosing a firm who is situated miles away from you.

If you are comfortable dealing with them by phone and email, check out how easy they are to get hold of. Call their offices and see how quickly they answer the phone or drop them an email and see how long they take to respond.

It is worth asking who you will be dealing with and if you will get to speak to the same person each time. You ideally should have one person who oversees your account. Some larger firms of accountants operate via a call centre system and your call or email will be allocated to the next available consultant.

How easy are they to use?

There has been a big shift in the last few years with accountants moving to online systems. These web or cloud based systems are popular because of their ease of use and accessibility. Ask if you will you be shown how to use it and what aftercare support is provided. You don’t want to sign up to it and then discover when something goes wrong, that you are left on your own to sort it out.

How much do they charge? 

Fees vary from firm to firm. Do a comparison of your selected firms (seek recommendations from others) and list out their fees and what they include and don’t include. This will help narrow down the search.

Do they know what they are talking about?

We have saved the most important to last, ‘How experienced is the accountant in the contractor market?’ Look on their website and find out details about the partners and account managers. Note what professional bodies they belong to.

Ask for examples of the type of enquiries they are experienced in dealing with (this type of information is often included in the firms welcome pack). Most, accountants now have a page on their website showcasing client testimonials. Have a read through and see what people have to say.

The best way to find an accountant is through personal recommendations. Speak to other contractors, explain what you need the accountant to do for you and ask who they would recommend you use.

At Cogent, we pride ourselves on the personal relationships we build with our clients. That is why many of them have been with us for a long time. They know, they can pick up the phone and speak to somebody who knows them personally and who understands their business. If you are looking for an accountant, give us a call today on 020 8952 2234. 

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