As a business owner, you do it all. Do-it-yourself bookkeeping and accounting can help you through the early days of getting your business off the ground. But it takes away your time you could have spent on other revenue-focused duties.
Canadian business market has quite a diversity when it comes to small and medium entities. This is why we believe businesses of any size and stage benefit from expert accounting firms. Sourcing for an accountant for your business is a make-or-break process. You want an accountant who can help save you money and avoid potential issues with the CRA but can also provide useful insights for your business.
It can be frustrating as you sieve through the candidates to ensure that you get only the best. Business owners usually have trouble understanding exactly what an accountant or accounting firm can do for them. They are perceived to be as number crunchers instead a good accountant communicates what the numbers mean to owners.
To make things a bit easier for you, here are seven important questions you should ask any accountant or accounting firm you are thinking about hiring. So, shop around, interview accountants in Oakville to determine which one is the best fit for you and your business.
You want an accountant who has seen it all in the field. Hence experience is a crucial indicator of someone’s potential when sourcing for an accountant. Also you can go to an accounting firm. Ask about the experience with your type of business. Not all business types are handled the same from an accounting and tax perspective and having an accounting firm that understands your field is of great help. Accountants who work with the same industry and client types can do better in keeping on related news, laws, and trends.
Accountants bill their services differently. Accountants usually charge for the length of time the job takes. You should inquire about the fee structure before considering the services of an accountant or accounting firm in Oakville. Some accountants charge by the hour; others bill a flat rate. Ask how they charge their clients and the billing alternatives at your disposal. If you define your scope of work, it will help determine an appropriate fee structure that is conscious of your business needs.
Confidentiality is vital in this business as accountants are privy to sensitive financial information. This question assures whether the work styles of an accountant are compatible and establishes rapport. Considerations such as whether the accountant is focusing on cloud-based technologies, prefer face-to-face communication or support virtual work may all factor into your view.
Accountants will often outsource work to a third party. This does not raise a question on their quality of service, but you want to be sure they are forthright about who is doing the work. You do not want to honor a meeting in the future only to meet a stranger. In case you need to speak to someone about your finances, it will be difficult to communicate if you are not sure about whom you need to contact. It should be known to the accountant that you prefer familiarity as a basis for engaging their services.
Every interview you embark on should be geared towards growing your business. This question probes how the accountant perceives their role in your business. Visionary accountants can introduce accounting practices that steer your business to greater heights. A proactive accountant can help you grow your business. You only need to pay attention to the articulation of their thoughts on your business and the opportunities you are likely to capture from the market.
You do not pay to work with a snob. Ensure you can reach your accountant when you need to and will not be charged a ridiculous rate for a short conversation or out-of-hours advice. Do they cater only to appointments well in advance or do they respond to quick emails or other electronic modes of communication or even urgent texts? Also, enquire about their procedures to deal with any complaints.
Every tax season, businesses end up at odds trying to keep up with tax return requirements. Tax season becomes stressful as a result of not being able to timely plan and prepare in advance. That is why it is best to ask your accountant questions regarding their flexibility and ability to avoid last-minute rushes.
An accounting firm will help you gather tax-related documentation throughout the year in readiness for the tax season. Professional accountants keep a vigilant eye on changes in tax laws and procedures and proactively plan for them. They also do bookkeeping work almost everywhere.
Remember, the right accountant is not just a number cruncher, they are one of the most important collaborators in your business. Whether you have worked with a professional for years or it is your first meeting, make sure you know what questions to ask your accountant. Nothing beats an honest conversation with a potential accountant before hiring. Your business needs a competent yet trustworthy accountant with the capacity to handle your financial matters with the utmost professionalism.
If you are looking for an International Tax Accountant in Oakville, Hamilton, Toronto, Mississauga or anywhere in Canada, then feel free to reach out to Filing Taxes at 416-479-8532. Schedule your tax preparation appointment with us and take the first step towards proper management of your finances. Our professional personal tax accountants will make sure to get you the maximum tax refund on your personal tax return.
The information provided on this page is intended to provide general information. The information does not consider your personal situation and is not intended to be used without consultation from accounting and financial professionals. Salman Rundhawa and Filing Taxes will not be held liable for any problems that arise from the usage of the information provided on this page.