To the blog for small and medium sized business (SME) owners.

Monday, October 30, 2006

Your First Accountant

We joke about them, ridicule them, try to avoid them but in most cases they are one of the first professional people we turn to upon starting a business.We try to “hit the ground running”, but in the lonely and busy life of the business owner, there is always someone or some organisation that requires information and this holds us back.

We are not always qualified to, or want to, provide endless information or fill in forms ourselves, so we naturally turn to the professional.Who is this Professional in question?


The much maligned individual is the butt of many jokes, but choose the wrong one and the joke is no longer funny.

Making the right choice is essential. All owners of start up, small and medium sized businesses can AVOID the pitfalls in choosing the wrong accountant for their business. Make the wrong choice and the consequences may be catastrophic.

How do you choose the right accountant. The areas to consider when taking your decision include:

1 Making the Right Choice – the ProcessUnderstand the processHow do you start?
2 The Services Offered - Understand what services your accountant actually offers
3 The Contract, the Fees, the WorkUnderstand the costs
4 Service Level - Agree the contact arrangements and the frequency
5 Tax Planning Meeting - Ensure you organise a tax planning meeting BEFORE you year end
6 Fee Payment Schedule - Agree the basis on which the accountant will be paid
7 Changing Circumstances - Remember circumstances change - build flexibility into your agreement
8 Referred Services - Your Accountant should be a good referee
9 Non Accounting Services - What does your accountant offer?
10 Testimonials - Ask for references from satisfied clients
11 A Friend or foe?

Read the whole of Your First Accountant ebook for free and refer it to your friends and collegues.

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