Changing Accountant Checklist
Changing an accountant is a critical business decision and you need to find one who matches your needs, who you feel comfortable with, who you can trust and who will agree fees with you in advance.The right one can get you out of a mess or keep you from getting into one,make your life easier and be a great sounding board for key financial decisions. The wrong one could get you into trouble with the Revenue Commissioners or steer your business vehicle off course which could take many years and much treasure to correct.
You might find the following comprehensive checklist useful:
1. View their Website
See how pro-active they are and what they offer to clients. If they have a poor website what does that say about the service you are likely to receive?
2. Guarantees
What guarantees do they provide? If they don’t provide any is it likely they will not meet their promises and commitments given to you? Guarantees for you are essential.
3. Service Culture
Do they have a commitment to client service? Are they passionate about their own business and your business? Do they excel at serving people? You will be assured of getting the right information at the right time to manage your business effectively from an accountant with a modern service culture.
4. Quick Response
Make an enquiry and see how quickly they respond. If they don’t call or act fast now when trying to get your business, what will they be like later?
5. Network
Do they have a great network of contacts and clients who can help you grow your business? Will they introduce you to them?
6. Qualified
Is your accountant qualified and a registered auditor? You do not have to be an accountant to offer accountancy services and this can prove costly to you. Who do you complain to if you deal with an unqualified accountant and is the apparent savings in fees worth the risk? Years of study, qualification, experience and post qualification education will result in quality advice. The Chartered Accountancy qualification, recognised worldwide as the premier brand, ensures standards are upheld through a programme of practice review.
7. Will They Visit You
Why do you have to waste time travelling and finding parking when they are trying to get your business? Will they visit you for an initial no charge consultation?
8. Listen and Understand
Get accountants who will listen to what you are saying, who understand your requirements and do not hide behind accounting jargon. Do you feel comfortable with them?
9. Commercial Awareness
Talk to them about your business and your ideas and see how commercial they are. Do they understand your business?
10. Provide Ideas
Ask them what ideas they have for you to increase profits,improve productivity,trim costs and reduce taxes. You want accountants who will pro-actively come up with ideas to grow your business.
11. Services
Find out if they offer all the services (especially tax saving advice) you need and are likely to need in the future. With a smaller firm you may not have access to the expertise you need and you may not see the forest for the trees i.e you may miss the bigger picture. If a firm offers the full range of services you require within their practice you can also benefit by lower fees and by having a single point of contact for your business administration needs.
12. Fixed Fees
Make sure you get an agreed fee wherever possible for your work. You should not buy professional services on the basis of the cheapest fee. Would you choose a brain surgeon based on his fee? Skills and the ability to deliver the desired result should be far more important. Good quality advice will save you money. What work can you do to save the accountant’s time and your money? Will the fixed fees cover all meetings and telephone calls? Can you pay fees monthly to help your cash flow?
13. Fixed deadlines
Can you agree fixed deadline dates by when work will be completed and get them guaranteed?
14. Email
Do ask if they communicate by email as it speeds up service and saves time and fees.
15. Who Will You Deal With?
Is the personal contact of a smaller firm important to you? With larger firms you may be assigned to junior staff and not get the personal attention you deserve. You may not get what or who you think you want. Find out who your team in the firm will be or will you be passed around many people.
16. Call Whenever You Need
Get accountants who you can call whenever you need help and advice, without fear of being charged every time you make a brief phone call.
17. Professional Indemnity Insurance
Do they have insurance cover in the event that poor advice results in losses to you? If they don’t you will be reliant on them personally to make good any losses. Insurance cover will give you peace of mind.
18. Reputation
Does the firm have a good name and provide proactive advice and recommendations? Real value to you means superior service, a forward-thinking attitude and a relationship you can rely on.
19. Relationship Fit
Evaluate your accountant as a person and as an adviser. Will you get along? Do you share a similar outlook? Is there trust between you? Will they get along with your work colleagues and other advisers? Do you think they will care about you on a business and personal level?
20. Meetings
Make sure you prepare for any meetings you have with them and let them know beforehand what you want answers to.
21. Value
Will they provide real value to you? Ultimately that’s the most important consideration.
22. Sales Pitches
Do you want someone who specialises in accounting, tax and business advisory services or someone who will try and sell you insurance and pension products? Will there be a conflict of interest in the relationship?
23. Conflict of Interest
Find out if they act for any of your direct competition. How will this conflict be handled?
24. Listen or Talk ?
Do they listen to you or mostly talk at you? You want accountants who take a real interest in you and your business, your plans for the future and takes action on what you need when you need it. If they don’t, you have to change accountants. Charles Darwin said that it is the most responsive to change that survives.
Related articles:
15 Reasons to Change Accountants
Preparing to Change Accountant
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NEXT STEP:
Please call Seamus Parfrey today on 021-4310266 to help you with this important decision whether or not you are considering using Parfrey Murphy so he can help you in arriving at the right decision for you. Also view our unconditional 100% risk free guarantee and service promises.
