Sigma Accounting:

Sigma Accounting specialises in providing accountancy and business advisory services to owner managed businesses based on the Isle of Man.

For an informal discussion about how we can help you with the accountancy requirements of your business please contact us.

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SIGMA accounting

Sigma Accounting is registered in the Isle of Man (number 023280B)

and is a member of the ICAEW Practice Assurance Scheme.

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Choosing an accountant:

Before choosing an accountant, you should consider the size and complexity of your business - your business may be small, but if the systems and organisation are complex then you will need an adviser who is able to assist with more than basic bookkeeping. Or you might need someone who understands a particular type of business. You should also consider what other services your business may need from an accountant.

It's best to start looking for an accountant well before you need to use one, to give yourself enough time to make an informed decision.

It is recommended that you look for someone who has professional accounting qualifications. Anyone can call themselves an accountant or bookkeeper even if they don't have any professional qualifications, but qualified accountants usually have the word 'chartered' attached to their title, indicating that their professional body was incorporated by Royal Charter.

The Institute of Chartered Accountants in England and Wales, of which Sigma Accounting is a member firm, stipulates that their members are required to hold a Practising Certificate and Professional Indemnity Insurance if they offer professional services to the public. Members are also required to be part of the Institute’s Practice Assurance scheme, which demonstrates their commitment to quality assurance, and upholding and developing the highest professional standards. Follow this link for more details of the ICAEW requirements.

Accountancy is a complex area and there are many accountants to choose from. Some offer general services such as bookkeeping or preparing draft accounts, while others can offer guidance on specific business issues. You may wish to seek advice or recommendations from business associates, your bank or lawyer, or from professional or trade associations - particularly if you're looking for an accountant that specialises in your industry or is particularly suited to the size of your business.

Choosing the right accountant for your business

You should speak directly to each accountant on your shortlist. Ideally, the relationship you have with your accountant will be long term, so it is important to consider their:

o Experience – do they have experience in your sector and of businesses of a similar size? Can they deal with your business' specific needs?

o Costs and charges – how will they charge you; will they charge you for every hour of their time that you use or do they offer a fixed fee service?

o Size and personnel – how many partners do they have and who would look after your business? Sometimes smaller accountancy practices suit smaller businesses.

o Additional services - can they offer specialist business advice or help beyond basic accountancy services?

Once you have chosen your accountant they should issue a letter of engagement, if they don’t then you should ask for one. This letter is important as it acts as the contract between you and your accountant and should detail:

o your responsibilities

o the accountant's responsibilities

o their fees and how they will be charged