First visit to accountant - what to ask !?

rolion

Hi all,

Going first time to a 'one hour' free meeting with an accountant.
Trying to setup my consultancy business,as a Sole Trader or LTD.

Tbh,not sure what to ask for in terms of business ,taxes,expenses and so on...

Looking for your advise,thanks in advance !

Trojan

Big difference in costs for sole trader vs LTD, so ask, based on your business plan/projected income, which they recommend you to go for.

Same for VAT registration.

Ask, if they're recommending LTD, if their prices for the company returns will include your personal taxation also - it should, for at least 1 director [you].

Also on costs, ask about bookkeeping and management accounts, and what is and isn't included (are you "on the clock" if you call about a tax question?).

If you go with them, remember that they deal with a lot of startup businesses, so ask for their constructive criticism of your business plan, and any other comments/suggestions.

I'm sure there's more but that's all I can think of off-hand

NathanKingerlee

Ask him or her to tell you how to keep it as simple and foolproof as possible. Also to come up with an accounting/business format and system that will cover you for as long as possible, so in six months or a year's time, you don't have to change accounting software, or change from a sole trader to a company... The kind of thing that you could really do without.

TheCostumeShop.ie: Ronan

Saw this thread and looked into my old notes on the last time I interview accounting firms, here's a short list of some of the questions at the time that we're asked:

• What computerized accounting systems are you familiar with?
• Do you have any specialties?
• How often do your clients get audited?
• Have you ever been convicted of a crime?
• Is the accountant participating in continuing education classes? If so who is likely to work on my account and where are they in their education process?
• What's your privacy policy? Will you share my tax information with any third-parties?
• How long, approximately, will it take to finish my taxes?
• Will the person I deal with change? Will I get a regular person to discuss my finances with?
• What makes a good accountant in your opinion?
• Have you ever been the accountant to someone being audited? What happens if I get audited?
• What are some of the common problems you’ve worked through with other companies in my business industry?
• What are some of the things I need to be aware of as my business grows?
• What are your fees?
• Is there a question I should have asked that I didn’t?

Accountants are a vitally important part of the team, I quized several firms for over an hour each before I found one that could work at the same level I was at. Stick firm to your meeting plan, If they hurry you, make you feel silly for asking any questions, tell you how to run your business in contradiction to how you see the business being run... just run the other way.

J.Ryan

Just an issue with some of your selected questions

TheCostumeShop.ie: Ronan wrote: »

.....

• How often do your clients get audited?
• Have you ever been convicted of a crime?
• Is the accountant participating in continuing education classes? If so who is likely to work on my account and where are they in their education process?
• What's your privacy policy? Will you share my tax information with any third-parties?
• Have you ever been the accountant to someone being audited? What happens if I get audited?

.....

- How often do your clients get audited?

If a firm has a number of long term construction clients, they are more likely to have dealt with a number of revenue audits, simply because Revenue focused on the construction industry over the last few years, it does not and should not reflect on the firm.


- Have you ever been convicted of a crime?

The professional bodies as that of the members prior to issuing an Audit/Practicing cert and at each renewal.


- Is the accountant participating in continuing education classes? If so who is likely to work on my account and where are they in their education process?

All accountants governed by a professional body have to partake in CPD, the annual hours are in the region of 35 hours at classes over the course of the year (It varies from body to body), The fact that someone is away from their desk for a day for a course is no different from them being away from their desk because they are on vacation or working on another client.

- What's your privacy policy? Will you share my tax information with any third-parties?

That would be against professional ethics, Accountants would communicate with the Revenue on the clients behalf, occasionly at the request of the client we would confirm their tax affairs with their bank.

- Have you ever been the accountant to someone being audited? What happens if I get audited?

This should be added to the first question I quoted (in my opinion) and it is a good question, I have had clients who did their own book-keeping get the Revenue letter in the post for a VAT audit, who expected me to deal with the revenue officals, for no fee (on work I didn't perform).

I can't speak for other firms, but if I do the work, I would not charge for a revenue audit (unless the client informed me that a disclosure was required). If the audit is to be carried out on books and records maintained by the client, then I would have to review the records prior to the audit, which is additional work, which therefore would be charged for.

Ladybird99

J.Ryan wrote: »

I can't speak for other firms, but if I do the work, I would not charge for a revenue audit

Slightly off topic I know. What would you do if your client was to be revenue audited almost certainly as a result of late VAT returns.eg, eighteen months filed together and several were refunds. This despite the fact that you have been asking for the paperwork and warning the client of the risks for best part of a year. Would you charge for the audit then?

J.Ryan

Ladybird99 wrote: »

Slightly off topic I know. What would you do if your client was to be revenue audited almost certainly as a result of late VAT returns.eg, eighteen months filed together and several were refunds. This despite the fact that you have been asking for the paperwork and warning the client of the risks for best part of a year. Would you charge for the audit then?

To avoid going off topic altogether I'll respond by PM

John368

I think you need to check out the accountant before going to him/her. Go by recommendation if you can. If you cannot, I suggest you go to a few. Be dipolmatic and respectful. Asking detailed questions, about the accountants history will upset most good and reputable accountants, so questions which amount to basically "are you a crook" will probably get you shown the door in a polite manner.

If an accountant mentions another client by name, then that is a sure fire way of knowing that confidentiality is not a priority of that accountant. I had a solicitor who discussed another client's business with me and I droppped him.

I think there are accountants who will promote themselves as an accountant who will save you lots of money on tax etc. Be very careful about those people. All accountants will see it as their duty to you as a client to ensure that you do not pay any more tax than you need to, so those that say that they can do more than that I would be supicious of.

John

J.Ryan

John368 wrote: »

I think you need to check out the accountant before going to him/her. Go by recommendation if you can. If you cannot, I suggest you go to a few. Be dipolmatic and respectful. Asking detailed questions, about the accountants history will upset most good and reputable accountants, so questions which amount to basically "are you a crook" will probably get you shown the door in a polite manner.

If an accountant mentions another client by name, then that is a sure fire way of knowing that confidentiality is not a priority of that accountant. I had a solicitor who discussed another client's business with me and I droppped him.

I think there are accountants who will promote themselves as an accountant who will save you lots of money on tax etc. Be very careful about those people. All accountants will see it as their duty to you as a client to ensure that you do not pay any more tax than you need to, so those that say that they can do more than that I would be supicious of.

John

Very well said

rolion

Good points from all of you,thanks very much,i'm much obliged !

I'm oscillating between a 'recommended friend' that can do it as a favor and a proper established company.Each one with plus and/or minus for each.

I'll double check with BAP advisors and see where is gonna get from there.
I think depends a lot on the amount of trade / turn-over i'm going to move around and for the beginning to be the cheaper option.

Regards...

J.Ryan

rolion wrote: »

.....I'm oscillating between a 'recommended friend' that can do it as a favor and a proper established company.Each one with plus and/or minus for each.......

If this is for the "brain pick" first consulation, that is fine, if its for the provision of accounting/auditing services, go with the firm that is charging you.


Just my opinion.

starfish30

Looking at this from an accountant customer point of view I can't see the problem with asking an accountant if they have ever been accused of a crime - surely this is something you would ask or have filled in on an application form if it was an employee, so why not when hiring an accountant? Also the professional bodies that check this at renewal etc. may only ban members for 5 - 10 years, so that does not ensure that the accountant never had a criminal record.

T-Square

Just an issue with some of your selected questions
- How often do your clients get audited?

If a firm has a number of long term construction clients, they are more likely to have dealt with a number of revenue audits, simply because Revenue focused on the construction industry over the last few years, it does not and should not reflect on the firm.

Theres a good reason why they are being audited, and the question is being asked because the account is/was working closely with the person being audited.

- Have you ever been convicted of a crime?

The professional bodies as that of the members prior to issuing an Audit/Practicing cert and at each renewal.

It is possible that an accontant has a few skeletons, that don't affect his/her professional qualifications, but would have a significance on my wanting to hire them.

- Is the accountant participating in continuing education classes? If so who is likely to work on my account and where are they in their education process?

All accountants governed by a professional body have to partake in CPD, the annual hours are in the region of 35 hours at classes over the course of the year (It varies from body to body), The fact that someone is away from their desk for a day for a course is no different from them being away from their desk because they are on vacation or working on another client.
The question is related to the common practice of presenting a seasoned professional when the new client appears at the door, and immediately handing of the actual paper load to some who is spending half his or her work in Griffith college trying to get their qualification.

- What's your privacy policy? Will you share my tax information with any third-parties?

That would be against professional ethics, Accountants would communicate with the Revenue on the clients behalf, occasionly at the request of the client we would confirm their tax affairs with their bank.

Professional ethics aren't legally binding, is it possible to get a signature on a contract stating that the clients information won't be shared with 3rd parties? Ethics aren't legally binding

T-Square

John368 wrote: »

I think you need to check out the accountant before going to him/her. Go by recommendation if you can. If you cannot, I suggest you go to a few. Be dipolmatic and respectful. Asking detailed questions, about the accountants history will upset most good and reputable accountants, so questions which amount to basically "are you a crook" will probably get you shown the door in a polite manner.

If you politely/diplomatically ask questions and the accountant gets in a snot and shows you the door, consider yourself lucky!

TheCostumeShop.ie: Ronan

Hey all,

I appreciate that some of the questions above aren't super friendly or could cause offense... as I said its what I used when I was interviewing accountants. I have my reasons for asking some people have they every been committed of a crime (or sometimes have they any history of drug or alcohol related problems), it's very very rarely cause they look like they are a criminal / druggie. Throwing difficult questions during an interview and seeing their reaction can show a good insight to how they will cope under questioning.

Also my style is similar to that of a 4 year old - I ask why a lot. So its important for me to deal with someone who is open to explaining themselves and their thought process. So asking them do they participate in ongoing education, If i get a one word answer then that's not the guy for me. Its a leading question to see if they'll explain themselves. Obviously tone and pauses are important.

Box lifters in my warehouse have "ongoing education" every two years about how to lift a cardboard box. Frankly its a waste of time. I was more interested in my accountants interest in some tech things non related to being an accountant, cause it shows the overlap.

The real point is not all accountants are equal, one medium sized firms senior partner missed my meeting / interview because he was in the pub during lunch break and didn't make it back on time. His assistant was silly enough to admit it, I don't want either on my team. Hiring an accountant needs just as much attention as taking on staff and if your being nice to them, everyone tends to be nice back. So I feel theirs nothing wrong in politely pushing a few buttons and asking a few difficult questions to see if their the right fit.

J.Ryan

TheCostumeShop.ie: Ronan wrote: »

Hey all,

I appreciate that some of the questions above aren't super friendly or could cause offense... as I said its what I used when I was interviewing accountants. I have my reasons for asking some people have they every been committed of a crime (or sometimes have they any history of drug or alcohol related problems), it's very very rarely cause they look like they are a criminal / druggie. Throwing difficult questions during an interview and seeing their reaction can show a good insight to how they will cope under questioning.

Also my style is similar to that of a 4 year old - I ask why a lot. So its important for me to deal with someone who is open to explaining themselves and their thought process. So asking them do they participate in ongoing education, If i get a one word answer then that's not the guy for me. Its a leading question to see if they'll explain themselves. Obviously tone and pauses are important.

Box lifters in my warehouse have "ongoing education" every two years about how to lift a cardboard box. Frankly its a waste of time. I was more interested in my accountants interest in some tech things non related to being an accountant, cause it shows the overlap.

The real point is not all accountants are equal, one medium sized firms senior partner missed my meeting / interview because he was in the pub during lunch break and didn't make it back on time. His assistant was silly enough to admit it, I don't want either on my team. Hiring an accountant needs just as much attention as taking on staff and if your being nice to them, everyone tends to be nice back. So I feel theirs nothing wrong in politely pushing a few buttons and asking a few difficult questions to see if their the right fit.

Nothing wrong with asking why questions, once it is to gain an understanding, to do it to get a reaction, well, no point in talking about that.

Wow somebody having lunch in a pub, did you ask was it a nice cavery, does the fact that you assume anyone entering a pub has a drinking problem, could that be a reflection on you (or your friends/family) and not them?

Missing the meeting is an issue I'd agree with you on, by the way.

J.Ryan

starfish30 wrote: »

Looking at this from an accountant customer point of view I can't see the problem with asking an accountant if they have ever been accused of a crime - surely this is something you would ask or have filled in on an application form if it was an employee, so why not when hiring an accountant? Also the professional bodies that check this at renewal etc. may only ban members for 5 - 10 years, so that does not ensure that the accountant never had a criminal record.

Reasonable arguement, why not amend the question to;

Has your institute ever disclipined you?, I'd consider that a fairer question.

TheCostumeShop.ie: Ronan

J.Ryan wrote: »

Wow somebody having lunch in a pub, did you ask was it a nice cavery....

Missing the meeting is an issue I'd agree with you on, by the way.

I never implied he had a drinking problem, he was "out celebrating" an employees departure (let go)... but regardless of why he was missing the meeting, the point is the reason I was sitting in his waiting room for 45 mins instead of running my own business and his staff didn't care enough about the firm to even try to cover for him. That told me all i needed to know about his business. He was loosing staff and optionally loosing a new client.

Also as an accountant said here, he'd have no problem with the questions about if they had a criminal record or a history of drug / alcohol abuse, you can't tell me all in the professions are saints! I get asked it every time I take a long haul flight if I have a criminal record. I don't see why someone should have issue with asking a question which does have a direct effect on their ability to preform a job. I always ask a potential employee in an interview the same question and not once has anyone taken offense. Occasionally one or two have said yes.

J.Ryan

TheCostumeShop.ie: Ronan wrote: »

.... the point is the reason I was sitting in his waiting room for 45 mins instead of running my own business and his staff didn't care enough about the firm to even try to cover for him. That told me all i needed to know about his business. He was loosing staff and optionally loosing a new client.

As I said, there is no excuse for missing an appointment, I agreed with you on that point.

TheCostumeShop.ie: Ronan wrote: »

Also as an accountant said here, he'd have no problem with the questions about if they had a criminal record or a history of drug / alcohol abuse, you can't tell me all in the professions are saints! I get asked it every time I take a long haul flight if I have a criminal record. I don't see why someone should have issue with asking a question which does have a direct effect on their ability to preform a job.

I missed that, who was it, I've looked again, maybe I'm just missing it.

TheCostumeShop.ie: Ronan wrote: »

I always ask a potential employee in an interview the same question and not once has anyone taken offense. Occasionally one or two have said yes.

How many people actually take offense at an interview, I had a friend have an interview in an accountants office today, where the interviewer was making anti-women comments.

TheCostumeShop.ie: Ronan

@starfish30 is an accountant I reckon from reading his post.

I think by the body language you know instantly if someone takes offense. Then again it comes down to tone and the way you phrase the questions, it's not like its said in an aggressive manner. Surely you'd want to know who your getting into bed with if your share intimate company financials and growth plans.

J.Ryan

TheCostumeShop.ie: Ronan wrote: »

@starfish30 is an accountant I reckon from reading his post.

starfish30 wrote: »

Looking at this from an accountant customer point of view .......

I read that as looking at it from a clients point of view

TheCostumeShop.ie: Ronan wrote: »

I think by the body language you know instantly if someone takes offense. Then again it comes down to tone and the way you phrase the questions, it's not like its said in an aggressive manner. Surely you'd want to know who your getting into bed with if your share intimate company financials and growth plans.

I would be offended by being asked that question, if any accoutant (IMO) was asked if they had a criminal record and then was still willing to work for that client, I'd actually be wondering if they needed the money more than they needed their professional integrity, I know which I place more value on, even the Revenue give a presumption of honesty.


I suggested a question that I feel is less offensive a few posts up.



Think about something, how often do you (or your loved ones) get in a taxi or on a bus, without asking the driver if they have a drink or drug problem, surely you value your (or their) life above a set of books and records, yet who do you question.

TheCostumeShop.ie: Ronan

Your possibly right, anyway none of the accountants I interviewed batted an eye lid at the question. Most we're surprised I was so thorough, but thats me with everything about my businesses.

Do you get offended every time you fill in the form on a plane after the long haul flight though?

To answer your question though, no I wouldn't ask the bus driver if he had a drug or drink problem because I don't interview them before I get on. I'd make the best estimation I could if they we're affecting his short term ability to do his job. But if there was a smell of booze coming from the drivers seat I'd wait for the next one. Even if he had innocently washed his clothes in beer, no benefit of the doubt would be given. If I was hiring a driver to bring my mum / niece around on a regular basis then yes I would definitely ask the question.

I don't see the difference between the big companies that wont hire a staff member without going through a criminal record check and hiring an accountant. They will be a vital part of your ability to succeed, maybe the make or break factor.

Either way I wouldn't work well with someone so easily offended as I'd spend you day walking on egg shells, trying not to offend them. It's just a question not an accusation, it's phrased nicely and there's no reason why someone should be offended.

Also its not that people with a conviction can't be reformed and be great at their job, I just like to make my decisions knowing all the facts. Having an accountants qualification doesn't make them saints or prove their have never been convicted of a crime. If I asked a solicitor that, maybe you'd be on to something and the pitch forks would come out.