There are regulations and standards that business enterprises must follow to remain compliant and to increase their efficiency and credibility. And for strategic growth, it is essential to carry out accurate bookkeeping and analysis of financial statements.
By hiring an experienced personal or corporate accountant to handle these accounting solutions, you can avoid errors and ensure timely implementation. They can manage tax liability, complete internal audits, process payrolls, assist in the formation of policies and budget, along with keeping a tab on the assets, liabilities, revenues, and expenses of your business to maintain solvency and liquidity.
To keep your company compliant and accomplish the optimal use of resources, it’s essential that you find a qualified and competent professional. To simplify your search for a reliable professional, here’s a list of the top five things to look for when hiring a company accountant.
An accountant who has been practicing accounts for several years will have the knowledge of accounting rules and methods along with an understanding of the financial industry and Canada Revenue Agency. This will enable them to correct inaccurate bookkeeping, review company expenses and compare to previous years, and assist in the company’s financial planning.
Inaccurate bookkeeping and non-compliance with rules and regulations governing a business organization can leave your company open to penalties and even dissolution. It is crucial to hire an accountant who is a Chartered Professional Accountant (CPA).
3. Year-round access.
You want to be able to access your accountant at any time of the year and not just around the tax season or the end of the fiscal year. Before hiring an accountant, ask them questions regarding their availability to clients and the number of clients that they handle. An accountant with too many sub-contractors (not-employees) working for them will not be able to manage regular accounting duties.
International and large national CPA firms that offer accounting services charge a higher service fee as compared to the average fee charged by the local CPA accounting firms. When looking for an accountant, speak with several accounting firms and hire one that provides value for your money.
Your accountant should treat you and your business with respect and interest. They should be friendly and cooperative and welcome your questions at any time via telephone or email. You should never feel as if your accounting needs are “too small” or unimportant. Choose an accountant with the right attitude.