How to find the perfect accountant for your salon

Some parts of your business are best left to the experts – and looking after your accounts is one of them. Your accountant is probably the most important business partner you’ll have – and if you find a good one, the relationship could last as long as you’re in business. A qualified accountant can help before you even start trading, deciding for example, whether it’s best to set up as a sole trader, a partnership or a limited company and the tax implications of this. An accountant will also know which records you have to keep and when your accounts need to be filed with the relevant authorities at the right time. A good accountant should also be able to offer you more practical business advice such as setting financial targets, cost cutting, improving your profitability as well as helping you decide when, and if, to expand. They should be in tune with your business ambitions and help you to manage growth successfully and minimise your business tax burden.

Key Considerations

• Find an accountant before you need to use one
• Choose someone you can work with and trust
• Make sure you are comfortable with your accountant's experience and charges
• Visit three or four accountants to find the right one for you
• Make sure you get a letter of engagement that details you and your accountants responsibilies
.
• Don't be afraid to change your accountant if it doesn't work out.

Questions To Ask A Prospective Accountant

1. How the practice can help you develop your business. Try to assess what they know about the hairdressing sector and its needs
2. What qualifications they have
3. How many partners there are in the practice and who will look after you on a regular basis
4. Whether they are experienced in dealing with other businesses of a similar size and at a similar stage of growth to yours
5. What services you will be charged for and what they cover – find out if a fixed fee can be arranged for the first 12 months. Most will charge on a time basis
6. The level of access you will be given to the data held about your business
7. Take your business plan and other useful information about your salon to the meeting. A good accountant should want to know as much about you as you do about them
8. Whether the service you will receive will be proactive – whether they will remind you when you need to submit accounts, or send you updates on changes in tax law
9. If they offer any additional services such as inheritance tax planning or advice on information systems
10. For references. A good accountant should be happy to pass on names of clients for you to take up references.

Source: http://www.businesslink.gov.uk

Useful Contacts

• Institute of Chartered Accountants in England and Wales (ICAEW) – advice on finding a chartered accountant, including how one could act as a non-executive director of your business
• Association of Chartered Certified Accountants (ACCA) – a list of members and advice on choosing an accountant
• Chartered Institute of Management Accountants (CIMA)