Choose an accountant: Talking Retail's how to guide

Your accountant is vital to your business - so choose him with care.

From dealing with PAYE and VAT through to preparing accounts and statutory returns you need a good accountant to help reduce your tax bill.

If you choose poorly you may find that your business suffers because someone is keeping you ill informed of any penalties that you might incur.


Here are some steps to help you choose the right accountant:


Ask friends and colleagues for the name of their accountant. Get their views on the practice they use.

If no-one can recommend an accountant you could turn to the several organisations (listed here) that exist to regulate the accountancy profession.

The main two are the Institute of Chartered Accountants in England and Wales (ICAEW) and the Chartered Association of Certified Accountants (CA).

For Scotland and Ireland, there are two separate but associated bodies to the ICAEW - the Institute of Chartered Accountants of Scotland (ICAS) and the Institute of Chartered Accountants of Ireland (ICAI).

The Yellow Pages and Thomson Local Directories also publish lists of accountants.

Make sure that the person you go to is professionally qualified.

The members of all of the organisations listed here are professionally qualified and are bound to uphold the business ethics their organisations maintain.

You should prepare a shortlist with a minimum of two and a maximum of six practices that you want to call. Make a note of those things you want an accountant for.

Once you have your shortlist call the practices to see if they can handle your business and ask about the areas they specialise in.

Arrange an appointment if the practice seems promising. Check to see if there are any charges for the initial meeting.

Also ask if the person you are seeing will be your accountant.

With each appointment you will need to find out if the practice has any experience with your type of business.

The organisations mentioned publish free guides that give practical advice on how accountants can offer expert guidance.

If you should have a problem telephone the organisation that your accountant belongs to first before formalising a complaint.

Remember choosing an accountant is like choosing anything else your business needs -it is only another service that you are buying. Only in this case if you are not careful, a poor choice might destroy your business.


Useful Addresses


The Institute of Chartered Accountants in England and Wales,
PO Box 433, Chartered Accountant Hall, Moorgate Place, London. EC2P 2BJ Telephone: 020 7920 8100. Complaints to: Professional Conduct Department.

The Institute of Chartered Accountants in England and Wales,
Gloucester House, 399 Silbury Boulevard, Central Milton Keynes. MK9 2HL. Telephone 01908 248100.

The Institute of Chartered Accountants in Scotland,
27 Queen Street, Edinburgh, EH2 1LA Telephone 0131 225 5673. Complaints to: Dr Tom McMorrell at the above address.

The Chartered Association of Certified Accountants,
29 Lincolns Inns Field, London WC2A 3EE. Telephone 020 7242-6855


POINTS TO REMEMBER
A good accountant will be able to help you manage and control your business's finances. But you should guard against giving anyone sole control over the company cheque book.

Beware of an accountant who suggests giving him access to your money.

Before committing yourself check on the billing arrangements. Some firms will want you to pay on a monthly basis, others may do the work and then bill you when your accounts are produced.

Check to see how the bill is worked out - ask for the firm's hourly rate and an itemised bill. You might find it useful to ask a set of questions at each meeting so that you can compare the results. For example, what is their minimum charge for audits? And will they give you any help on how to keep your bill down?