As a company director, hiring the right accountant is a key business decision for an organisation and can make a huge difference to your company’s fortunes.
It can feel very stressful if you’re unhappy with your accountant, and so we have listed down some common problems company directors have with their accountants and which you may encounter yourself:
- The accountant charges too much: If you feel your accountant is over-charging you, it’s a good idea to check their fee policy. How much an accountant charges for his/her service is based on a number of factors:
- Business structure
- How your financial records are set up
- If in-house financial administration is carried out
Tip: Complete some basic financial administration tasks in-house and discuss a fixed-fee arrangement with your accountant so you know what exactly you are paying for.
- The accountant is not a business expert: Your accountant should be able to advise and assist on business issues and be your confidant. It shouldn’t just be about the numbers – they should be talking to you about strategy, exit planning and increasing shareholder value.
- The accountant has been negligent: If your accountant is not proactive and has failed to keep up with the latest tax changes, and offers poor advice or makes a mistake in calculating your tax liability, you might face financial penalties from HMRC. In this case, it is a good idea to review your relationship with your accountant.
- Not reducing tax liabilities: Reducing your tax liability is one of the main reasons for hiring a company accountant. If your accountant is not adding value in this way it could be due to a lack of understanding about the business, or the industry in which you operate. It might be worthwhile finding someone with more in-depth knowledge if they are unable to manage your tax liabilities.
- Not up-to-date with technology: In recent years, the accountancy profession has been reshaped by technology and companies often look to their accountants for guidance on which business software to choose. If your accountant is not up-to-date with technology and your business is forward-thinking, it would be worth asking your accountant if they have any plans to update their practice through new staff additions or training.
Luckily, Fusion score highly in all these areas. Our charging models are based on a predictable fixed monthly fee to help your cash flow, we have a team of business experts, we feature tax advisory and planning as a core strength and focus and have the technology, processes and systems of a corporate.