8 Essential Questions to Ask Your Chartered Accountant
Choosing the right chartered accountant can make a significant difference to the financial management of your business.
A good accountant should do more than prepare accounts and submit tax returns. They should understand your business, help you meet your obligations and provide advice that supports better financial decisions.
At Thomas Nock Martin, we believe a successful accountant-client relationship should be built around expertise, communication and trust. Businesses should feel comfortable asking questions and understand the advice they receive.
Whether you are looking for a new accountant or reviewing your existing relationship, these eight questions can help you make an informed decision.
1. What Qualifications and Experience Do You Have?
Qualifications should be one of the first areas to consider when choosing a chartered accountant.
Professional qualifications demonstrate that an accountant has completed recognised training and must maintain appropriate professional standards.
However, qualifications are only part of the picture.
Practical experience is equally important. An accountant who understands businesses similar to yours may be better positioned to recognise common challenges and provide relevant advice.
At Thomas Nock Martin, we believe businesses should consider an accountant’s professional experience alongside their qualifications.
Useful questions include:
- How long have you been advising businesses?
- What professional qualifications does your team hold?
- Do you work with businesses similar to mine?
- What experience do you have with my type of business?
- How will your experience benefit my company?
The answers can help you understand whether the accountant has the expertise your business requires.
2. How Do You Approach Tax Planning?
Tax should not only be considered when a deadline approaches.
Effective tax planning advice should form part of the wider financial management of a business.
Therefore, ask a prospective accountant whether their approach is proactive or mainly focused on compliance.
At Thomas Nock Martin, we believe tax planning should consider the individual circumstances of each client.
Depending on the business, this may involve reviewing areas such as allowable expenses, corporation tax, VAT and other relevant tax obligations.
Regular communication is particularly important. Waiting until accounts are being prepared can mean some planning opportunities have already passed.
Ask how frequently your tax position will be reviewed and when your accountant will contact you about potential issues.
3. How Does Your Fee Structure Work?
Understanding fees before appointing an accountant helps prevent unexpected costs later.
Ask exactly what your quoted fee includes.
Depending on the accountancy services required, this could cover areas such as annual accounts, tax returns, bookkeeping, payroll or VAT support.
You should also establish whether additional advice is included or charged separately.
Questions worth asking include:
- Are fees fixed or based on time spent?
- Which services are included?
- Are there additional charges for meetings or advice?
- How often will invoices be issued?
- What could cause the fee to change?
At Thomas Nock Martin, we believe clarity around fees helps create a stronger and more transparent professional relationship.
4. How Do You Keep Up With Tax and Accounting Changes?
Tax legislation and reporting requirements change regularly.
Your accountant should therefore have processes for keeping their knowledge current.
Ask how the firm monitors changes from HMRC, Companies House and other relevant authorities.
Professional development is also important. Accountants should continually update their knowledge to ensure clients receive relevant and current advice.
Technology has also transformed modern business accountancy.
Digital accounting systems can improve record keeping, reporting and collaboration between businesses and their accountants.
Therefore, it is worth asking how your accountant uses technology and whether they can help you adopt suitable accounting systems.
5. How Will We Communicate?
Communication can have a major influence on your relationship with your accountant.
Before appointing a firm, establish how communication will work.
For example, ask whether meetings can take place by telephone, video call, email or face to face.
More importantly, determine how easily you can access advice when an important question arises.
Consider asking:
- Who will be our main contact?
- How quickly are enquiries normally answered?
- How frequently will our accounts or tax position be reviewed?
- Can we arrange meetings when required?
- Will you proactively contact us about important changes?
At Thomas Nock Martin, we believe accountancy advice is most valuable when clients can understand it and use it to make informed decisions.
6. Do You Work With Businesses Like Mine?
An accountant who understands your type of business may be able to provide more relevant support.
Different businesses face different financial and taxation challenges.
For example, a limited company may have very different requirements from a sole trader.
Likewise, an established company with employees, VAT obligations and significant turnover may require different support from a new business.
When comparing accountants for small businesses, ask about the types of clients the firm regularly supports.
This can help determine whether they understand the financial challenges and obligations businesses like yours commonly encounter.
7. What Accountancy Services Can You Provide?
Your requirements may change as your business develops.
Therefore, it is worth understanding what support your accountant can provide beyond your immediate requirements.
Depending on the firm and your circumstances, this could include support with:
- Annual accounts
- Taxation
- VAT
- Payroll
- Bookkeeping
- Business planning
- Financial reporting
At Thomas Nock Martin, we believe accountancy should provide businesses with greater financial clarity rather than simply dealing with statutory deadlines.
When choosing an accountant, consider both what your business needs today and what it may require in the future.
Having the right professional relationship in place can make it easier to obtain advice when circumstances change.
8. Can You Provide Evidence of Your Experience?
Before making a final decision, ask about the firm’s experience and reputation.
Client testimonials and examples of long-standing client relationships can help demonstrate the quality of service a firm provides.
You can also ask how the accountant has supported businesses facing circumstances similar to yours.
The purpose is not simply to hear success stories.
Instead, you are trying to understand how the accountant approaches problems, communicates with clients and delivers practical advice.
A professional accountant should be comfortable explaining how their experience could benefit your business.
Choosing the Right Chartered Accountant for Your Business
Choosing a chartered accountant should involve more than comparing prices.
The right relationship can provide valuable support with tax compliance, financial management and important business decisions.
Look for professional expertise, relevant experience, transparent fees and clear communication.
Most importantly, choose an accountant who takes time to understand your business and its requirements.
At Thomas Nock Martin, our experienced team provides professional accountancy services and tax planning advice to businesses and individuals. We focus on building long-term client relationships based on practical advice, expertise and personal service.
If you are considering changing accountants or would like professional advice about your business finances, contact Thomas Nock Martin to discuss how our team can help.
Frequently Asked Questions
How do I choose the right chartered accountant for my business?
Look for relevant qualifications, practical experience, transparent fees and strong communication. You should also establish whether the accountant regularly works with businesses similar to yours. Speaking directly with the firm before appointing them can help determine whether they are the right fit.
How much does a chartered accountant cost for a small business?
The cost depends on the services your business requires and the complexity of its financial affairs. Rather than choosing solely on price, ask exactly what is included. Thomas Nock Martin can discuss your requirements and provide appropriate information about the accountancy services available.
Can a chartered accountant help reduce my business tax?
A chartered accountant can review your circumstances and identify legitimate tax planning opportunities while helping you remain compliant with HMRC requirements. Effective tax planning advice should be tailored to the individual business rather than based on a standard approach.
Should I change accountants if I am not receiving proactive advice?
If your current accountant provides limited communication or advice, it may be worth reviewing the relationship. Businesses should understand what support they are receiving and whether it meets their needs. Contact Thomas Nock Martin if you would like to discuss your accountancy requirements and whether changing accountants may be appropriate.
Can Thomas Nock Martin provide accountancy services for my business?
Thomas Nock Martin provides professional accountancy and taxation support for businesses and individuals. The appropriate services will depend on your circumstances and requirements. Contact our team to discuss your business and find out how Thomas Nock Martin can support you.
