Discussion
Whats the measure of a good accountants firm?
Currently in a business that was set up around 8 years ago. Went to 2/3 local firms back then and picked the one that was fairly priced and the easiest to deal with at the time.
I'm not necessarily sure they are the right company for us now. They have been bought out by another company, stuff seems to take absolutely ages to do and communication can be poor.
Got me thinking how do I establish what a good firm is. Whats a mesaure of a good firm. Not looking for the cheapest out there.
Business turnover now will exceed 20m per year and not sure if just the local firm that answered our call years ago are right for the business, particularly when its none of the staff we dealt with prior.
Currently in a business that was set up around 8 years ago. Went to 2/3 local firms back then and picked the one that was fairly priced and the easiest to deal with at the time.
I'm not necessarily sure they are the right company for us now. They have been bought out by another company, stuff seems to take absolutely ages to do and communication can be poor.
Got me thinking how do I establish what a good firm is. Whats a mesaure of a good firm. Not looking for the cheapest out there.
Business turnover now will exceed 20m per year and not sure if just the local firm that answered our call years ago are right for the business, particularly when its none of the staff we dealt with prior.
How were they before the takeover?
If you were happy with the earlier version of the firm that might provide you with a benchmark for assessing what you want from an accountant.
It's not unusual for a takeover to fundamentally change the nature of a firm. I've seen it happen numerous times.
If you were happy with the earlier version of the firm that might provide you with a benchmark for assessing what you want from an accountant.
It's not unusual for a takeover to fundamentally change the nature of a firm. I've seen it happen numerous times.
You need to factor in a £20m turnover business may have complications some firms can't deal with. Things you should look for:
- Experience with similar businesses
- Good reputation
- Relationship will include plenty of partner time
- Named contacts for other services
- 24 hour response to calls/emails
- Ideally timetabling work and agreed timescales for completion
- Good communication of changes to laws/regulations- marketing and calls
- Availability to provide advice or 3rd party advice on specialist services that may be required
- Expectation to get on well (acceptable?) with the partner ie not abrasive etc
We look to take clients from the medium/large accountancy firms as we find they provide a shockingly bad service generally for businesses up to around £20m turnover. It's mainly the relationships, contact, response to queries and work timetabling that they find so refreshing.
- Experience with similar businesses
- Good reputation
- Relationship will include plenty of partner time
- Named contacts for other services
- 24 hour response to calls/emails
- Ideally timetabling work and agreed timescales for completion
- Good communication of changes to laws/regulations- marketing and calls
- Availability to provide advice or 3rd party advice on specialist services that may be required
- Expectation to get on well (acceptable?) with the partner ie not abrasive etc
We look to take clients from the medium/large accountancy firms as we find they provide a shockingly bad service generally for businesses up to around £20m turnover. It's mainly the relationships, contact, response to queries and work timetabling that they find so refreshing.
MaxFromage said:
As Eric mentioned, takeovers can affect matters. I'm yet to see a firm improve after a takeover. Usually a lower level of experience is applied across the board.
My experience too. One of the first things that happen when a firm is taken over by another, is a mass exodus of the clients of the firm that was taken over.For us, I think the accountants outgrew us! We'd been with the same firm for 20+ years, one of the partners was a friend of the founder. We're ~£1mil turnover, but the accountancy practice became a behemoth to the point it appears less interested in small businesses.
Recently moved to a chap who already did my own little ltd co, but they've just merged with another and got a fancy new HQ so will see how it goes!
Recently moved to a chap who already did my own little ltd co, but they've just merged with another and got a fancy new HQ so will see how it goes!
Eric Mc said:
My experience too. One of the first things that happen when a firm is taken over by another, is a mass exodus of the clients of the firm that was taken over.
And staff, as the new owners introduce policies and practices that not everyone is happy with. Shortage of staff across the industry, and more work overall it seems, means people are less keen on hanging around.Recruitment agencies are still however telling us that it is difficult to get people to move in general (firms that have not been subject to buyout/takeover) due to Covid uncertainty - once the impact of the pandemic eventually dissipates and folk are much happier to look around it could get very interesting.
For selecting new advisers, I'd go with the above suggestions at looking at firms acting for competitors/similar size/type to your own plus recommendations from other business owners of comparable organisations. Ability of them to be proactive in terms of tax mitigation and succession planning are key, as well as having specialist expertise in areas that may be relevant to you (eg VAT, R&D, payroll tax, FCA etc) now or in the future. Having all services available "under one roof" can save time in getting matters resolved.
IMO I think you would still have to go in with the view that the advisers you pick now may be bought out themselves in 5-10 years time when everything could change again.
thanks for the advice to those who have replied and actually raised a few questions as to what do I want out of them and whats going to be important for me.
I think its something if we find the right firm should be good for 3/5 years before reviewing again.
I dont feel there is much advice given and we do the vast majority of the work, that then takes absolutely ages to compile to the point one of my credit lines is close to being frozen due to their delays.
Pretty poor and pretty unacceptable at this point.
I think its something if we find the right firm should be good for 3/5 years before reviewing again.
I dont feel there is much advice given and we do the vast majority of the work, that then takes absolutely ages to compile to the point one of my credit lines is close to being frozen due to their delays.
Pretty poor and pretty unacceptable at this point.
Competence is important but responsiveness is incredibly important too. My business is a fraction of the size of yours but if I send the partner at the mid sized firm I deal with a question I pretty much always get a response the same day. I have a separate book keeper, both use the same software so seems to work well between them.
At that sort of level I would have thought advice around capital allowances and r&d tax credit would be important. Higher fees may pay for themselves?
At that sort of level I would have thought advice around capital allowances and r&d tax credit would be important. Higher fees may pay for themselves?
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