Choosing an accountant & a Virtual Finance Director Presented by Peter Burke B.SC (Econ) FCCA

An Accountant-Hard requirements What should you look for? Qualification with a recognised professional body of accountants, preferably one recognised under Companies Act 2006. Training - theory tested by examination (x14) - must study an ethics theory module - must obtain a minimum of 3 years FCCA supervised practical experience

Hard requirements (cont.) Subject to ACCA Monitoring visit once every 4 years. Must have Professional Indemnity Insurance adequate for risk levels involved Must study a minimum of 42 hours Continuing Professional Development (CPD) per year

Soft requirements Certification by ‘cloud’ software vendors (eg Xero, QBOL, SageOne etc.) Spread sheet skills Should offer a Fee protection policy in case of an HMRC enquiry Back up resources – access to experts in specific areas of tax where legislation is complex and subject to regular changes (eg. VAT and pension arrangements).

Virtual FD (finance director) What should you expect? Importance of the ‘cloud’ to enhance the relationship and what you get (requires up to date information and dual access to that information) Virtual FD is not a bookkeeper, but …..ask for advice NOW Organises/prepares all the basic ‘stuff’ Can prepare/supervise monthly Management accounts

Virtual FD (cont.) It’s all about the advice- ask for a ‘deal’ on advice across the year. They have the knowledge and are good at analysis, so use them (eg. Pre registration claims for VAT). Cost/benefit analysis- is it worth it? Business plans and forecasts (only if he’s a good KISSer) Don’t be misled by immediacy.