There are many types of accountancy practice, so how do you choose the right accountant for you. Therefore choosing the right accountant is critical as the wrong choice will be costly. Advances in technology and automation have changed the services provided by many accountancy practices.
Choose the right accountant – types of firm
General practice – traditional accountancy firm
Traditional accountancy practices typically offering basic compliance services. These firms often vary in skill set and quality of service. As a result and as the accountancy world advances these firms may struggle to survive. They are seen as stuck in the past and not progressive enough.
Digital firms typically leverage technology to provide accountancy services to their clients and will typically focus much more on advisory services such as forecasting, cash-flow management, non-exec director services and tax. This is a fairly new type of firm and is constantly evolving as the technology in the sector changes.
Boutique Advisory firm
This type of firm typically offers specialist advice in a small number of areas, such as:
- R&D Tax claims
- Capital allowances
- Mergers and Acquisitions
Primotax is a forward-thinking digital accounting and specialist tax practice. Our mission is to help our clients grow using our expertise in tax and technology.
If you would like to see how accountancy services should be delivered in today’s modern age please contact us.
Top 10 and Big 4
Finally the big boys. Usually a multiple office firm employing specialists in several different areas. Often will provide regulated services such as audit. Usually this type of firm is used by multinational businesses. Their prices may be prohibitive to smaller businesses.
The largest accountancy firms with a global reach, they typically service large business. These firms employ and train specialists in all areas of accounting, audit, legal services and tax. Expect to pay high fees and don’t be too surprised if your only contact is with someone quite junior.
What to look for when choosing the right accountant
- Qualifications and recognised regulatory body membership (ICAEW, CIOT etc)
- Does the firm offer specialist services in the areas that are important to you e.g. tax, financing?
- Delivery, this is a common downfall of many accountancy firms. They take on new clients and fail to deliver in a suitable time frame. Ensure you ask about their delivery methods and typical timelines.
- Ask how long your statutory accounts should take. A good digital practice should be able to deliver these within 3-4 months of the year end.
Firstly, if you accountant leaves everything until the last minute the information is useless as it will be too far out of date.
Secondly, many businesses think that they must stick to one firm of accountants. if the practice you use doesn’t offer the services you need, find a firm that does and use them for that purpose.
Finally and most impotantly, tf your accountant doesn’t offer the quality of service, you require it’ s time to change accountants.
t: 01293 301986