Once you have decided that perhaps the services of an accountant might be necessary, how do you go about it? There are many accountants, from Chartered Accountants to Chartered Certified Accountants, Chartered Management Accountants, Financial Accountants, Tax Accountants, Accounting Technicians, and others, including some who just call themselves Accountants. Most will have letters after their names. And then there is an array of Consultants, whether Financial, Legal or other Consultants who also offer their services in the field.
The problem can be two-fold in that
Firstly: The word “Accountant” is not a legally defined term as is “Solicitor” or “Architect” or “Civil Engineer” – these people must have passed their Institute exams to be able to trade using these descriptions. However anyone can call themselves an “Accountant” and set up in business offering accountancy services. Some indication of expertise however can be gained from confirming that an Accountant has also passed exams in the subject. This is most normally done by describing themselves as “Members of an Institute” or “of an Association” but even here you have to be careful. In the UK the two most recognised Accountancy qualifications are
– the Institute of Chartered Accountants in England and Wales (ICAEW) whose members have qualified as an Associate of said Institute and who remain Members. They use the initials ACA, or after spending time in the profession maintaining levels of professional training, they can become a Fellow of the Institute and use the initials FCA, and
– the Association of Chartered Certified Accountants (ACCA) whose members have qualified as a member of said Institute and who remain Members. They use the initials ACCA, or after spending time in the profession maintaining levels of professional training, they can become a Fellow of the Institute and use the initials FCCA.
There are others. Anyone calling themselves Tax Accountants can have gone on from gaining these above qualifications and passed more specialised Taxation exams.
In all such cases trading or advertising as a Chartered or Chartered Certified Accountant is a legally protected term. Individuals who describe themselves as such must be members of ICAEW or ACCA and if they carry out public practice engagements, must comply with additional regulations such as holding a practising certificate, carrying liability insurance and submitting to inspections. Once you have selected an accountant that you want to see, it might pay you to check their qualifications are real.
Secondly: Accountancy practices can differ enormously in size. There are those practices who deal across the world with governments and huge businesses charging huge fees for so doing. Even “medium size” firms most often found across city centres can deal with larger companies and with the very rich. We have known individuals who choose such firms for their affairs. In general these firms will have large numbers of partners and many staff in specialised departments dealing with the many and varied questions that you might be asking. With these you may find it more difficult as an individual to gain their attention or to ensure continuity of staff dealing with your affairs. Also your charges may tend to be higher.
Then there are the smaller “neighbourhood” accountants often based around the suburbs of towns and cities. West – Chartered Accountants is one of these, with our base largely covering Knowle, Dorridge and Solihull and the surrounding areas, although we do have clients further afield. It is our view that accountants such as WEST survive by offering the added value of personal service from your High Street, and without the overhead of a city centre office. If we consider that your affairs need the capabilities of a larger accountants or to specialists in a particular area we will tell you or maybe refer you to one known to us. We do not take fees for such recommendations, preferring to rely more on how our clients fared with the recommendation.
That said, in accountancy, as in every sphere of life, there are good firms of accountants and bad firms of accountants, there are good accountants and there are bad accountants. And there are undoubtedly plenty of others somewhere in between who can provide an excellent service depending upon what you require of them.
So how do you choose? Appointing the right accountant for you, at the right level, is important. It can be difficult, but your choice is not irrevocable – you can easily change your mind later if things do not work out.
– Recommendation is often a good start. Prior knowledge can always be good if it is gained from someone you trust or who has experience of their own.
– if you are referred by another professional you may want to check whether this is a personal recommendation or whether they will receive a fee if you sign up.
– Getting on with your accountant is a good idea. You should be happy to discuss things with them without fear of either ridicule or a subsequent huge bill. All fees should be made clear up front.
– Most accountants offer a free initial consultation lasting an hour or so. WEST do this. Perhaps you should select a shortlist of people to see, and take them up on this to see who you are comfortable with.
– Consider how far you are prepared to travel for questions or to deliver or collect documents.
Please give us a call on: 01564 230 104
