What questions should I ask a prospective accountant for my small business?
When hiring a prospective accountant for your small business, it's important to ask a range of questions to ensure they are the right fit for your specific needs. Here are some key questions to consider asking:
What is your experience with small businesses?
This will help you gauge whether the accountant has worked with businesses of a similar size and complexity to yours.
Are you familiar with the industry my business operates in?
Industry-specific knowledge can be valuable as different industries have unique accounting practices and regulations.
What services do you offer?
Clarify what specific accounting services they can provide, such as bookkeeping, tax preparation, financial reporting, and advisory services.
How do you stay updated with changing tax laws and regulations?
This will help ensure that the accountant stays current with the latest tax laws that could impact your business.
Can you provide references from other small business clients you've worked with?
Speaking to past clients can give you insights into the accountant's professionalism, communication, and the quality of their services.
How do you handle communication and client interactions?
Understand how often you can expect updates, how they prefer to communicate (email, phone calls, in-person meetings), and their availability for questions.
What software or tools do you use for accounting and bookkeeping?
It's important to know if their tools align with what you're using or planning to use for your business.
How do you customise your services for each client's unique needs?
Look for an accountant who tailors their approach to your business's specific financial situation and goals.
Do you have a service level guarantee?
This will help ensure that your expectations are met and that you will get responses to your queries etc in a time frame that is acceptable to you.
What are your fees and billing structure?
Clarify how they charge for their services (hourly, flat fee, retainer), and ask about any additional costs that might arise. Check out our blog post which pops the bonnet and how and why accountants charge.
Can you help with tax planning and minimising tax liabilities?
Tax planning can be crucial for small businesses. Enquire about their approach to optimising your tax strategy.
How do you handle conflicts of interest and confidentiality?
This question ensures that the accountant understands the importance of confidentiality and maintaining ethical standards.
What sets you apart from other accountants?
This question can give you insight into the accountant's strengths and what they believe distinguishes them from other professionals.
How do you approach helping businesses grow and make financially informed decisions?
A good accountant can provide valuable financial insights that can contribute to your business's growth and success.
Do you have experience with the accounting software/tools we use or plan to use?
If your business uses specific accounting software, it's important that the accountant is familiar with it.
What is your availability during peak times, such as January self assessment season?
You want to ensure the accountant can dedicate sufficient time to your needs, especially during busy periods.