Choosing and working with your accountant

Who is this for?

This is for you if you want some guidance on how to choose an accountant to work with you in your Tourism & Hospitality business and how to make the most of them.

Note: The information contained herein is for guidance only and may change over time. You should always seek professional advice and support to ensure that it is most appropriate to you and your own individual circumstances.

Use this checklist to help you decide which accountant to choose:

1.           What are your qualifications?

 

2.          How long has your practice been trading?

 

3.          What experience do you have of the Tourism sector in NI?

 

4.         What experience do you have of businesses in the (Experience/Events/Accommodation/Hotel/ Hospitality etc.) area?

 

5.          What experience do you have of businesses of our size and stage of the business cycle?

 

6.         Who will look after our business on a day-to-day basis?

 

7.          How could you help us to develop our business?

 

8.         What (cloud) bookkeeping systems do you prefer or recommend (if any)?  Will you provide training?

 

9.         What are your estimated response times if we have a query?

 

10.    How long does it take for you to produce annual statutory accounts?

 

11.      Do you offer any additional services – e.g. inheritance tax planning, pension planning or payroll?

 

12.     Will your service be proactive or reactive about our accounting and tax affairs?  How?

 

13.     What fees do you charge?

 

14.    Do you charge a separate fee for taking us on as a client and setting us up?

 

15.     Do you charge annually or monthly/quarterly?

 

16.    How many face to face meetings with us included with your fee, are there each year?

 

17.     What do you require us to do for you?

 

18.    What extra do you charge for and how do you record and bill that?

 

A.          

Setting up a new company or registering for VAT?

 

B.          

Payroll?

 

C.          

VAT returns?

 

D.         

Self-assessment tax returns?

 

E.          

Companies House Returns?

 

F.           

Corporation tax or Partnership returns?

 

G.          

Periodic Management Accounts?

 

19.    How long does it take for you to issue an engagement letter?  Do you have a sample?

 

20.   Do you have professional indemnity cover, and can we see a copy of that?

 

21.     Can you provide other client names for testimonials?

 

 

Below we have provided this list in downloadable form.

Choosing an Accountant Checklist

Choosing an Accountant Checklist

PDF

 

Additional notes:

  • The above is not exhaustive and there may be other issues and/or questions you want to consider
  • Consider speaking to up to 3 accountants so you have a choice and something to compare
  • Consider seeking recommendations from friends or other businesses

Working with your accountant

After you have chosen your accountant, then here are some tips on how to get the most from them:

  • Keep your books in good order so that your tax and other returns can be completed easily
  • Prepare your records well in advance of when your tax returns are due so there are no last minute issues
  • Be prepared to deal promptly and accurately with any queries from your accountant
  • Make sure you complete a formal review of your annual accounts so that your accountant can discuss any issues that he/she has noticed in your accounts
  • Consider more regular phone/video or face to face meetings with your accountant (maybe quarterly) to discuss your trading performance including:
  1. Sales trends
  2. Gross & net profit
  3. Cash flow trends and forecasts
  4. Borrowing position (if applicable)

Note: that you will probably need to be operating a cloud-based bookkeeping system to access the information you need. Also, if you are familiar enough yourself with reading your financial accounts, you may be able to do this yourself or with someone else in your business and avoid possible extra charges.

  • Make sure that you get value for money – it is not so much about getting a cheap service but getting one that suits you and your business and you don’t mind paying for
  • Check when you do engage your accountant if it is included within your fee or extra – note that many accountants charge by the hour for extra work but that should be detailed in their Letter of Engagement to you
  • Remember that by having a cloud-based bookkeeping system, you will improve the quality of your financial records and you can give your accountant direct access to it. However not all accountants are familiar with the cloud systems and you may need to seek support from another source if you have any issues and that could cost you more.