How to choose Right Business Accountant?
A good accountant is an asset for a business from the beginning to all stages of a business. In the initial stages, a business accountant can develop your business plan, create bookkeeping systems, act as a financial advisor, compile your financial statements and provide effective tax management by filing annual tax returns. This allows business owners to focus on the important matter of running the business. As the business grows an accountant can help you to optimize the business’s operations so it becomes commercially effective as well as tax efficient, and help it grow by securing financing options.
A business accountant can save you more money than you spend on their services. Selecting the right accountant will be a huge benefit to your business, so it’s worth spending time on choosing the best one for your business. But how do you find the right business accountant for you and your business? Finding the right one can be tricky. Here are some things that need to consider to find the right business accountant.
First, you must determine your company requirements. You must have a clear idea of the tasks or obligations that you want the accounting firm to handle for your company before you hire them. A non-certified accountant or bookkeeper can be hired to assist you with the preparation of monthly financial statements, bookkeeping, and other related activities. However, CPA accountant often known as a Certified Practicing Accountant, is required when seeking tax planning advice, preparing tax returns, or having financial statements audited.
Make sure your required service and other specific needs are covered by the selected accountant. What services do they offer such as general accounting and bookkeeping, tax advice, and auditing? Investigate the kinds of accountants that the company employs. You’ll most likely require more than just annual tax advice. You will probably need them for year-long financial advice and guidance. If the accountant you’re speaking with does not provide these services, it’s time to move on.
Qualifications and Membership of Business Accountant
Enquire about their professional qualifications and membership in a recognized accounting association. If they are members of a professional association, the association will regulate them, so you can expect a high level of service.
First, decide the budget your business is able to spend on the accountants. Budget is important don’t choose an accountant purely on cost alone. A more experienced business accountant may not come at a cheap price, however, they can work faster and save you more money in the long run. At the beginning of the service make sure you are clear on fees and costs. Many accountants charge a fixed monthly fee or fixed fee for a particular service for their clients while others bill an hourly rate. Investigate an estimated annual charge based on the services you require. Discuss whether you can save money by doing some of the work yourself.
Just having an accountant is not enough. You want an accountant with extensive experience with businesses that are structured like yours. You want an accountant who understands your industry, and your industry’s unique needs and issues. Otherwise, they may be missing valuable tax deductions or giving you advice on your financials that isn’t based on your industry’s standards. You can always choose TASC accountants who have more than 35 years of experience in the accounting field.
Quality of Customer Service
You’ll need to agree on the level of service you’ll receive, so think about what you want, including how frequently and through what means you can contact your accountant. Check who will handle your business on a day-to-day basis. It is always better to have a one-point contact. If that person is reliable and consistent, it helps you to build a good relationship. You can always enquire about current clients or past clients of accountants to get a better idea.
Reputation in the Industry
Your accountant is an investment in the growth of your business. You can conduct an online search, but the results can be misleading and may not highlight a match for your business. Your professional network knows your business, so it’s a reliable way to find support for your unique business needs. You can conversations with your company’s connections and they can recommend reputable professionals.
Use of Accounting Software and Cloud computing
You should enquire about the software packages that they recommend to their clients in the small business sector. Some accountants may still be using outdated desktop accounting software in their practices. They have no desire to upgrade to the most recent online accounting systems. You want to invest in accounting software that will allow your company to grow over the next three to five years. You should also look for an accountant who can teach you how to use your software and help you set up your first chart of accounts. Xero , Myob and Quickbook are the latest accounting software used by TASC accountants.
The use of cloud computing is becoming increasingly popular among accountants. The reason for this is due to the numerous benefits that are available to them, such as the availability of their data from a remote location, protection of their data, the adaptability with which they can do their task, and electronic invoicing.
An accountant is an important figure in a business’s success. Every business owner must spend reasonable time selecting an accountant. Accountants can be selected based on the business requirement, qualifications, fees, customer service, and qualifications. Based on these factors you can always choose TASC accountants as your business accountant.