Choosing an accountant
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Choosing an accountant

Choosing the right accountant can be the difference between business success and failure - that's why you should also use a Chartered Accountant. The below information should put you on the right track to finding a trusted business advisory to partner with.

Tips for choosing an accountant

  • Look for compatibility – do your research into the firm, their values and their people. The important factor is to look for a practice or individual that you can relate to.
  • Be clear about the services and support that you require.
  • Ask the firm if they have other clients that are similar to yours - you're well within your right to ask for references.
  • Get recommendations
  • Ask for details around the fee structure so there are no surprises.
  • Always choose a Chartered Accountant – you can find one in your area on our member directory.

What should you expect from your accountant?

If you have been clear with what you require then you should expect timely, relevant and insightful advice.

In addition, a member from an NZICA adheres to the Code of Ethics. This sets out the professional and ethical expectations of members. Under the Code, all members must:

  • be straightforward, honest and sincere in their approach to professional work
  • be impartial, intellectually honest and free from conflicts of interest
  • have a high standard of competence and complete all professional obligations with due care and in a timely manner
  • carry out all work in accordance with the relevant technical and professional standards
  • conduct themselves in a manner consistent with the good reputation of the profession
  • respect their client's confidentiality
  • be independent in the general sense of the word.

You have the right to expect these qualities in any Chartered Accountant.

Qualifications: are they important?

Absolutely - choosing a Chartered Accountant (CA) assures you of the following:

  • membership of the New Zealand Institute of Chartered Accountants
  • a requirement to undertake mandatory professional development training
  • adherence to our code of ethics and professional standards and therefore they are subject to our disciplinary procedures
  • 7-years of training to achieve the designation
  • assurance that NZICA will review the practice of the CA in public practice.

You wouldn’t choose a doctor without checking they were qualified – the same applies to the accounting profession. 

Big or small accounting firm?

The important factor here is to look for a practice or individual that you can relate to. If you are a firm focussed on sustainability then we recommend seeking out a firm that shares the same values.

Should start-up owners use an accountant from the outset?

It is our view that the most important hires you’ll make as a business owner are your accountant and lawyer. Make the right choice and these people will become your right hand as you make important and life changing decisions.

We saw this hold true most poignantly in Christchurch after the recent earthquakes – our members were the first call of many businesses dealing with the challenges of insurance company forms and business interruption. 

Fees: Fixed or hourly, and how much?

A Chartered Accountant (CA) will provide an estimate of fees at the beginning of an engagement. A CA will also provide a letter of engagement setting out the respective responsibilities of the client and the CA.

You can also request a CA to provide the basis of charging.