Looking for the right accountant? Take a look at this checklist
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A good accountant is more than just someone who handles your tax declaration. You want a knowledgeable partner, someone who expertly assists you with financial decisions.
To successfully find the right accountant, Bert Mesdom, Partner-Tax Consultant at accounting firm Actes, provides three key points to consider.
1. Is your accountant up-to-date with the legislation?
The best accountants are and remain experts in their field. Bert Mesdom offers a very concrete first tip: Ensure your accountant is up-to-date with the latest legislation.
“It’s incredible how quickly tax laws and VAT regulations change. As an accountant, you really need to regularly update your knowledge. So, if you’re looking for a new financial partner, first check if that person is aware of the latest updates.”
But how can you be absolutely sure your accountant knows the latest tricks of the trade? “If they are a member of the Institute for Tax Advisors & Accountants. Members are required to refresh their education regularly.”
Definitely ask about ITAA membership when considering a new accountant. If your potential financial partner is a member, you’re in good hands.
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2. Is your accountant insured for professional liability?
Professional liability insurance protects the accountant against liability for damages due to professional errors. If a mistake accidentally slips into the numbers, you know your accountant is insured and can cover any compensation claims.
When checking if your new accountant is insured … “Again, ensure they are a member of the ITAA. Then, they are also required to be insured for professional liability.”
Bert: “As an accounting firm, Actes is also a member of the ITAA. Our clients know this, and it gives them the assurance that we meet a range of obligations and quality standards. Think of it as a kind of ‘consumer protection’.
For some clients, the fact that we are sufficiently insured is an important aspect. It’s never our intention to make mistakes, but if something does go wrong and large (tax) amounts are involved, a good liability insurance is reassuring.”
Even you as a self-employed professional can benefit from the insurance. “Getting professional liability insurance is something I recommend to every self-employed. It gives you peace of mind if, for example, clients want to claim damages because of you, knowing there is insurance to cover it.”
3. Is your accountant your sparring partner?
“The accountant-client relationship goes beyond just sitting down over annual figures. It should be a relationship of trust. So, discuss future plans and ideas with your accountant. They are your first point of contact for tax and financial questions.”
Bert adds: “Inform us about financial plans. This way, we are prepared for any situation and don’t have to put out fires later. For example, if you sell your car, you might not know exactly how the VAT works. When asking us for advice beforehand, both parties are informed and don’t fall behind or make mistakes.”
He emphasizes the importance of personal contact. “Communicate openly. Especially about major decisions. You need to trust that you can turn to your accountant. A quick call to talk business means you get targeted advice and we are made aware of your plans.”
A good relationship with the person behind the accountant is just as important as the previous two criteria. Make sure you feel comfortable discussing financial matters and further business operations with them.
