If you’re like many business owners, you’ve probably been with the same accounting or business advisory firm for a while, simply because the thought of changing seems difficult.
Staying with the same provider can often seem like the easier option, but you could also be missing out on tailored advice and new ideas from a different firm that could help you move to the next level of growth.
So, exactly what should you expect from Baker Tilly Isle of Man?
The hallmark of our firm can be divided into several major spheres: outstanding audit, tax, and accountancy services, abundantly supported by an extensive business advisory resource provided by experts in their field.
Audit, tax, and accountancy services
Your accountant should add value to your business rather than merely recording historical transactions and lodging returns. Depending on the size and type of your business, your needs may vary. If you’re simply looking for a standard service level, you should still expect, as a minimum:
- Regular and prompt communication throughout the year, demonstrating a real interest in your company.
- A qualified, experienced, and forward-looking team, up to date with the latest developments in accounting, finance and business.
- Timely audit and financial statement preparation.
- Tax advice, including tax-effective structure and tax concessions.
On-time tax returns, including preparation and lodgement.
Business advisory resource
These are the additional benefits that should be offered by a truly adept and professional firm able to extend both accounting and advisory services:
- Regular review of your accounting and other business systems and controls, and advice on keeping them up to date using the latest technology.
- Identification of business risk and advice on managing it.
- Budgeting and forecasting advice and assistance.
- Growth strategies tailored to your business – design and help with implementation.
- Advice on doing business internationally, via the firm’s overseas network.
Wealth management and succession planning, securing the future of your organisation, its senior members, and their families.
Operational approach and core values
Finally, you should expect to be provided with details about operational methods, and what the service provider’s own vision and values are to ensure that they align with those of your organisation:
- Name of the senior personal contact, plus their qualifications and professional association memberships.
- Expected frequency of contact, and the forms of communication used.
- Accounting software platform(s) used and/or recommended by the firm.
- The firm’s values and goals, ideally formally stated and available online.
A great business advisory and accountancy firm will have the flexibility to meet the needs of businesses of all sizes, so that as its clients grow, they can access more extensive assistance without having to switch to a different firm.
So don’t be afraid to have either a relatively modest or a truly ambitious checklist of needs. It’s your best way of getting the exact level of service you need.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
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