Getting value from professional support.
WHAT THEY PROVIDE
- Compliance: filings, returns, statements
- Advice: structure, tax treatment, decisions
- Interpretation: what the numbers mean
WHAT MOST BUSINESSES USE THEM FOR
Compliance only.
WHY THAT IS A WASTE
The advice is where the value is.
WHAT TO ESTABLISH BEFORE ENGAGING
Their qualifications and registration Experience with businesses like yours What is included What it costs What you must provide
HOW TO VERIFY QUALIFICATIONS
The relevant professional body's register.
WHAT TO AGREE IN WRITING
Scope, fees, deadlines and responsibilities.
WHY RESPONSIBILITIES
Obligations are missed when each party assumes the other handled it.
WHAT YOU REMAIN RESPONSIBLE FOR
Your obligations, regardless of who performs them.
WHAT TO PROVIDE THEM
Complete records, promptly.
WHY
Late provision causes late filing, and you bear the penalty.
WHAT TO ASK THEM
What the numbers mean What you should be watching What you are doing that is costly What is coming that you should prepare for
WHY ASK EXPLICITLY
Many accountants provide only what is requested.
WHAT TO REQUEST
Monthly or quarterly management figures, not only annual statements.
WHY
Annual statements are history.
WHAT TO VERIFY
That filings were actually made.
WHAT TO RECONSIDER
An accountant who misses deadlines or cannot explain things.
