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Professional accountants and management consultants
practice as sole practitioners, in association or in partnership.
Your choice will depend on the nature of the work required
and the costs for the professional's time. Another important
factor is the type and size of the engagement.
Many practitioners specialize in specific areas of professional
practice or certain industries or size of businesses, which
may offer economies of scale to potential clients. In any
event, all professional accountants and management consultants,
to some extent, have experience in accounting, auditing, finance
management and business matters inter alia and they adhere
to a code of ethics, which is enforced pursuant to the charter
of their professional association and/or institute.
The selection process can be made through simple recommendations
by business associates or through inquiries of other professionals
of different disciplines or assessment of the practitioner(s),
during personal contact with that person.
When the list has been narrowed down to a few candidates,
several initial inquiries must be made, namely:
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Ascertain if the practice or firm is taking new clients;
- Determine whether the practice or firm is capable of
performing the required work within the prescribed time
frame;
- Ascertain the basis for fees and in particular hourly
rates
for different levels of staff;
- Ascertain if there is a nominal fee policy and in particular
as it applies to an initial interview; and
- On arrival at the professional's office, assess the
helpfulness of the receptionist and the promptness of
the practitioner(s), in order to determine whether you
could be comfortable in such a setting.
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Once in conversation with the professional, it is paramount
to consider the following fundamental issues:
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Does the professional have experience with your type
of business?
- After describing your immediate needs, does the professional
make comments and suggestions that indicate an understanding
of your type of business?
- Will the practitioner(s) do the work personally or will
a staff member perform the duties? In some instances
the practitioner(s) with whom you speak may only review
the work performed and present it to you.
- Will the practitioner(s) under consideration give you
references of current clients in a similar or related
line of business? Check these references as to whether
the professional is accessible, meets deadlines and
does the work within cost estimates.
- Is the practitioner(s) open to the use of specialists?
A practitioner(s) should be willing to seek outside
advice (from other professionals of different disciplines)
if warranted by your business affairs and circumstances.
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Choosing a professional accountant and/or management consultant
is a major business decision. This professional is one of your
most important business advisors who should become an integral
part of your business. This person must be someone in whom you
can confide without any concern about confidentiality. The advice
and recommendations of the professional must be understood by
you in order for implementation (where applicable) of the appropriate
corrective measures. In short, your professional accountant
and/or management consultant is someone of devoted duty and
industry with which you must develop a solid relationship based
on mutual trust. |
