Accountant Selection

L

LouthMan

Guest
Hi Guys

I am in the process of opening a large startup with 6 people in total. I am speaking to a number of Accountants, what questions should i ask to ensure they are the best and proactive ? Any advice would be appreciated.

Thanks
 
Ask them how many businesses they work for and if any of them are in your sector. Good luck with the start up, watch the cash-flow!
 
Most businesses that fail do so because of cash flow issues. Do everything you can to minimise your fixed overheads at the start. If you don't have a financial background then don't be afraid to get an accountant involved in the business, just make sure that he or she is as hungry for success as you are. The other think you will need as you grow, and not as many people think of this, is a good solicitor.
 
What advice can a good solicitor offer when i grow
?
 
LouthMan said:
What advice can a good solicitor offer when i grow
?
Click to expand...

It's not so much general advice, but as soon as you start signing leases and supplier agreements and the like, you'll need access to a good commercial solicitor.

Beware though: in my experience, solicitors are about the worst of the professions when it comes to generating work for themselves.....

I apreciate this is a completely biased, unscientific claim, but I'm not the only one to hold that particular prejudice!
 
A good idea may be to offer a share in business to a (retired with lots of experience) accountant with certain preconditions applied.

If their money was involved they would be more interested in the success of company.

Than's my plan for future employment inwhen i'm retired
 

Good idea, it didn't do Martin Naughton any harm when he set up Glen Dimplex. Mind you it didn't do Lochlann Quinn (the accountant in question) any harm when he sold up his 26% for an estimated €200 million!
 
ang1170 said:
Beware though: in my experience, solicitors are about the worst of the professions when it comes to generating work for themselves.....
Click to expand...

What does this mean?

If you have a good relationship with your solicitor it means that you will have someone to pick up the phone to when you need advice fast. You would be surprised how often you will avail of this ( if my phone calls are anything to go by).
 
I agree, if my solicitor billed me for phone calls I'd owe him a fortune. It's a very important relationship, even if it's just to reassure you that you are correct about something.
 
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