Accounts and Audit Manager Michael Riazi helps freelancers and contractors find the advice they need. Last month Michael gave some great advice on how to find an accountant that is right for our freelance business – this month he gives us ten things we should ask on our first meeting.

Before you choose an accountant…

An accountant can offer your business help ranging from basic bookkeeping to specialist business advice. However, in order to get the best value for money there are things you should find out first.

Before you choose an accountant you should:

1. Ask about their qualifications – qualified accountants usually have the words “chartered” or “certified” attached to their title. They also usually belong to one of accountancy’s professional associations such as ICAEW, ICAS, ACCA, CIMA, ICAI or CIPFA.
2. Find out how many directors and partners there are in the practice.
3. Investigate whether they are experienced – especially whether they have experience in dealing with freelancers and contractors.
4. Assess whether they understand your business sector - and its needs.
5. Find out who will look after your business on a day-to-day basis – obtaining a managers name will enable you to direct your queries directly to them and they will cost less than a director or partner.
6. Ask about their estimated response times.
7. Ask whether the service you will receive will be proactive – e.g. whether they will remind you when you need to submit accounts, or send you updates on changes in tax law.
8. Find out what additional services they have – e.g. inheritance planning, advice on information systems or cashflow forecasting.
9. Ask whether the practice offers any specialist services for freelancers or contractors – e.g. advice on what is needed to create a start-up or small business, or helping freelancers plan for the future, deal with frozen pensions, etc.
10. Investigate their charges – and what they cover. Find out if a fixed fee can be arranged for the first 12 months

Once you’ve chosen an accountant

When you’ve assessed all the possible candidates and you’ve chosen an accountant that suits you, you will need to let them know that you’ve selected them and they will issue a letter of engagement. This letter will be the contract between you and your accountant and should detail:

1. your responsibilities
2. the accountant’s responsibilities
3. their fees and how they will be charged

You will also be required, under money laundering regulations, to identify yourself to your new accountants, this will be either:

1. your passport or photo drivers license
2. a utility bill with your name on and address or
3. national insurance card

They’ll make a copy of your identification details and keep them on file in their system.Once these processes have been completed you will hopefully have a long and pleasant dealing with your accountants.GOOD LUCK!

photo credit: billypalooza