The help of a qualified accountant can be valuable to your small company. A skilled bookkeeper will do an excellent work of maintaining records, but to understand the tax legislation and get the financial guidance you need to manage and develop your business, you require an accountant.
While we usually connect accountants with taxes, having you up-to-date of tax reforms and preparing your taxes are not the only assistance a qualified accountant renders.
There are many to consider when running the business perhaps you are looking to incorporate your trade, or you have the option to borrow or buy a commercial property, a qualified accountant will guide you how these operations will impact your taxes so if you do not have an accountant with you, its time for you to hire one! But it’s wise to do proper research and take your time to search for expert accountants that will service your business the best.
How to Contract a Qualified Accountant
One of the best ways is to ask for references, especially from other businesses who are in similar trade. There is a sound probability that you will get some good leads through referrals. Other sources could be searching the yellow pages to get information on accounting companies.
You can call these companies, and ask for details on the accountants and can specifically discuss your business tax requirements. Note down all this information and prepare a list of proposed accountants.
2) Call the three or four accountants you’ve picked and request to explain their duties.
It is an excellent time to ask for the qualification of the accountant(such as having a CA, CPA, or CGA) and how long they have been part of the accounting firm. You can verify the details with professional groups to confirm the qualification and make sure there are no disciplinary actions against the account.
Use this first contact report to pick two or three accountants to question.
3) Prepare a list of questions for the accountants.
Make sure you ask all questions that matter to your business and do not be shy in learning more about all the billing methods and how will you be charged for the services. Will they bill you for consultation on the phone or email as well?
Make sure you ask them regarding their accessibility as you may need to reach out to them at all times. You can also bring your previous returns to discuss with the accountant and what fees you should expect to pay for similar tax filings.
4) Selection of Accountant
It is crucial for you to select an accountant who holds the experience to deal with tax matters that are relevant to your business. For instance, if most of your business is through online sales, you need an accountant who understands online business taxation. Similarly, if your business is primarily concerned with international trade, you need an accountant who has the experience to deal with tax reforms of doing business with different countries.
5) Have a face to face meeting with the accountant
Never hire a professional over phone or email correspondence. Meet with the accountants and discuss all the possibilities face to face. Not only you will be able to assess the accountant qualifications but also understand a bit about his personality and will you get along with him or not. You will have a long term relation with your accountant, so it is necessary to have a level of comfort and understanding with the account to take things further.
An account is not only a person who will prepare your tax return he could very well be a financial advisor behind your decisions and can help you with financial tactics and strategies that will contribute in the growth of your business. A good account will give you the confidence to make significant financial decisions, all within the proper and required regulatory provisions.