Every business owner knows that tax laws come with a new twist with the passing of each year. It can be a real challenge to make profitable financial decisions if you are unfamiliar with the new tax law and do not understand how it works. The truth is, hiring a CPA accounting firm in Toronto is always a good idea if you desire to take your business to greater heights. Not only are these Toronto accountants familiar with new tax laws, but they are also capable of offering financial advice, developing budgets, and helping you set financial goals that will benefit your business in the long run. But there are certain things that you need to consider when choosing Toronto bookkeepers. Here are some of them.
1. Qualification
You need to find out the degrees and professional certification or training that the accountant has before you make your hiring decision. You need to know that not all Toronto accountants perform the kind of services you may need in the future. Some financial services require licensing and if your CPA does not have a license, you will need to hire another professional soon. Instead of exposing your financial records to different CPAs, why not choose one that has the qualification that you will require both now and in the future.
2. Fees
Bookkeeping service Toronto rates vary from one firm to another. Some firms charge by the minute and others charge by the hour. There are accounting firms that require a retainer for advisory services and there are still others that charge a specific amount for each financial task they perform. For example, they could charge a set rate for preparing a profit and loss statement, filing a personal income tax form, and compiling a statement of net worth. Before hiring, make sure you are clear on how they set their charges and how much they charge. If you are not comfortable with their rate, it is advisable to look elsewhere.
3. Audit Support
The last thing you need is to hire Toronto bookkeepers that will not be there to represent your interest when the Canada Revenue Agency(CRA) shows up. Facing an audit is no easy task but having your accountant by your side can make the whole process less stressful. Some accounting firms go as far as offering their own offices for audit purposes with an accountant there to help you face the CRA. Whatever the case, you need to ensure that the accounting firm you choose has your back and will be there for you in times like this.
4. Availability
You need to choose an accounting firm that sees your business as important and makes it their priority. If the CPA you choose is too busy and does not have time for you, your business will suffer. Find out if your accountant is just a phone call away or if you will need to schedule an appointment to meet in their office and talk. When making inquiries about the services that the accounting firm offers, pay attention to how quickly they send you a response. If they are in the habit of delaying, things will likely not improve when you eventually hire them.
5. Your Business Needs
Does the accounting firm have any experience working with a business like yours? It is imperative that the Toronto accountants you choose to work with understand the type of business you do as well as what your business needs. Whether the accounting firm is handling only your taxes or more, a lot of things can go wrong, if they do not have a proper understanding of your business or have not worked with a business of your size.
Conclusion
A CPA accounting firm can expose you to other business opportunities when you choose well. Make sure that you ask questions and be satisfied with the answers you get before making your choice.
There are significant advantages for clients who decide to outsource their accounting tasks. To begin with, cost-efficiency, and ending with flexibility in terms of contracts or scaling the number of functions.
We help high-potential entrepreneurs in creative industries be successful without the stress and yawns of traditional financial management. We are the strategic voice for growth and the daily doer of the stuff you don’t want to do. Soup to nuts - we got you covered, all for a fixed monthly fee. All backed by many years of experience working for firms just like yours. Filing Taxes is a reliable accounting service provider to small and medium-sized businesses with clients from all over Canada. Feel free to contact us through our website filingtaxes.ca or reach out 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.
Disclaimer: 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.