IFAC: How to choose an account

Even the smallest businesses today expect their accountants to do more than simply manage their accounts and complete their tax returns. For many business owners, their accountant is their most trusted advisor.

When choosing an accountant, it is important to find someone who understands your business, is familiar with the rules and regulations that apply in your industry, and knows how to manage the specific factors that affect your profitability.

So, what should you look for when choosing your accountant?

• Location: Zoom or no Zoom; you need to be able to meet your accountant face-to-face at times, so try to find someone in your own area.

• Clients: Experience dealing with clients in your sector.
• Team: Do they have a team that would continue to support you if your accountant becomes ill or unable to work?

• Services: Look for additional services like HR, payroll, and company secretarial support. These services can save you time and money, ensuring you keep up to date and compliant.

• Business advice: It’s important to find an accountant who can provide proactive advice that will add value to your business.

• Technology: New technologies like cloud accounting and payroll platforms make it easier for you to have 24/7 access to information about your business. Check that your accountant supports these platforms and understands how to help you use them so that you have up-to-date information available when making decisions.

• Management reports: Can they provide regular management reports to help you identify problems and manage your cash flow effectively?

• Transaction support: Check that your accountant provides specialist transaction support services that are relevant in your sector — from acquiring assets like premises or pieces of land to forming partnerships and buying or selling parts of a business.
• Financial planning: Help to manage your personal finances effectively, highlighting investment opportunities and ways to protect your family assets in addition to retirement planning.

A good working relationship with your accountant will strengthen your business, so take time to reassure yourself that the person you choose is a good fit for your business and that they have an experienced team who can continue to support your business if needed.

For more information or to see how ifac can help you and your business, contact Eugene Higgins in our Limerick office on 061 337 833 or visit www.ifac.ie

Caption: Eugene Higgins from our Limerick office

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