Choosing an Accountant
What do you want from your accountant?
Sound advice, on things like - how to structure your business tax efficiently, what financial records you need to keep, which financial reports to use to run and manage your business as well as the more strategic business and succession planning advice you’ll need in times of growth.
Problem solving and spotting – someone’s who’s on your side when you face tough times and someone who’s interested enough in your business to alert you to potential pitfalls that may be around the corner due to changes in the law or economic conditions. They need to be someone who will give valuable advice and not sit on the fence.
Tax savings – your accountants should be advising you on opportunities to legitimately reduce your tax bill and maximise your earnings. You need to trust that the advice they give is well informed and based on the latest in tax planning best practice.
Practical - you want accountants who will:
- Give you clear instructions on what is expected from you and what is going to be done on your behalf.
- Provide a budget for the work.
- Arrange a pre year-end tax planning meeting which is the most important meeting of the year. More important than the annual accounts meeting in our view. The meeting should : Review likely tax liabilities before they fall due
- Detail specific strategies that will allow you to avoid those liabilities.
- If forecasts are available you can review expected cash flow, profitability and expected year end results. This is not such a problem in a growing economy but crucial in a downturn.
Pro-activity to provide the advice you need, even though you don’t know you need it yet!
And most importantly understand your business and financial issues and have the experience and ability to resolve them. This entails having a highly experienced team with a broad range of different experiences and abilities.
At least that’s what our clients tell us they want and value from us.
When choosing an accountant do check their experience, qualifications and membership of professional bodies as a matter of course, but also make sure you feel they are interested in your business, can provide the range and depth of advice you need and that they can explain complex financial and tax planning ideas in a way that you can fully understand.
Finding an accountant isn’t difficult, finding the right accountant for you can be.
To discuss how Parker Chartered Accountants and Financial Advisors can help call 0121 764 5161.