Deciding on the right chartered accountant North Wales or accountancy firm for your business, be it a big-hitting company with a high reputation (and more often than not, fees just as high…) or a smaller operation perhaps with only a single office is a very important decision, and one which will have a lasting impact on the financial success of your business.
Whether you go for a larger or a smaller accountant, you are extending quite a lot of trust to the individual as well as the organisation. To many people, their businesses are akin to their children, and there are a few things which should most certainly factor into your decision to trust someone with something so important.
The qualification that you are looking for in an accountant is ‘Chartered’ or on a business perspective, you’re looking for a company which is a ‘Chartered Certified Accountancy Practice’.
The reason for the importance of this is that while anyone can call themselves an ‘accountant’; you need to pass a difficult, professional qualification to call yourself chartered. You’ll want a professional, not someone which has decided to start calling themselves an accountant in the last year or so.
Chartered accountants or Chartered Certified by the passed the examinations set by the ICAEW (Institute of Chartered Accountants in England and Wales), or ACCA (Association of Chartered Certified Accountants). Check on the website that the company you’re scoping out has the ICAEW logo. This is often one of the very best ways, at a glance, to see that you’re dealing with a legitimate organisation. Resources like the Good Business Directory can help, too.
ICAEW’s professional and prestigious reputation hails on account of the fact that it is the largest accountancy body in all of the European Union, with over 125,000 members. ICAEW’s certificate is recognised worldwide as a reputable and valuable business qualification.
After successfully taking the examination, accountants then have the right to use the words ACA or FCA depending on the length of the membership and their experience.
Type of Firm
You should try to choose a type and size of accountancy firm which is going to right for your particular business. For example, if you are a large multinational corporation, you wouldn’t use a small regional business. An important factor is to remember that the firm you choose should be able to accommodate you as your business grows.
Whilst tax advice is the common everyday business of the firm, accountancy companies will offer a wide and varied and broad range of associated management functions and analysis.
Expertise aside for a second, you need to be able to see eye to eye with your accountant – simple as that. The clear reason for this is that you will be dealing with your account often and on important financial issues, so you need to be able to get on with them as problems are then less likely to arise. Don’t forget that they will be working as a part of your team; you need them to be working towards your company’s ultimate success.
A long time has passed since the time of ledgers and accounts done by hand. These days’ accountants rely on a wide variety of programmes and tools. You need to ensure that your chosen accountancy firm can accept the appropriate electronic documents into their system, and are readied to make the interchange of important documents as seamless as possible.
In the end it all comes down to that this which we all rely on most of all – the word of mouth. So make sure you look out for personal recommendation when selecting an accountant. Every time you go to a networking event, you’re almost certain to meet an accountant on the board, as they are aware that much of this business to business trade comes from meeting in person at these sorts of events. So ask professionals and trusted people for advice on a reliable accountant.