Here are the top ten things to consider when hiring an Accountant. You should address all of these points in an interview with a prospective accountant before they are hired.
Clarify Your Relationship
Do you want your accountant to prepare your corporate tax returns, be a business advisor or both? It’s better to clarify what you expect from your accountant up front.
Do you want your accountant to prepare your corporate tax returns, be a business advisor or both? It’s better to clarify what you expect from your accountant up front.
Do They Know Your Industry?
An accountant who has experience in your industry is much more likely to bring added value to your business.
Do They Focus on Small Business?
You want a firm that has years of experience working with small businesses and entrepreneurs. If the accountant is fresh from the corporate world, they may not relate to small business issues.
You want a firm that has years of experience working with small businesses and entrepreneurs. If the accountant is fresh from the corporate world, they may not relate to small business issues.
Do They Offer Advice?
One of the most common complaints about accountants revolves around advice. A good accountant will offer advice on how to reduce your taxes. A great accountant will offer you advice on how to reduce business costs, generate sales, etc.
One of the most common complaints about accountants revolves around advice. A good accountant will offer advice on how to reduce your taxes. A great accountant will offer you advice on how to reduce business costs, generate sales, etc.
Networking and Referrals
This is often overlooked. Your accountant should be referring business to you and you to other businesses. This could be a sales lead, an alliance or other services like a SR&ED professional that could assist with government programs available for small businesses.
How Often Do Their Clients Get Audited?
This could be a good indication of the knowledge of the accountant. This may also suggest that they are pushing the envelope for their clients. Ask if they are conservative when it comes to claims or do they push as much as then can legally for their clients.
This could be a good indication of the knowledge of the accountant. This may also suggest that they are pushing the envelope for their clients. Ask if they are conservative when it comes to claims or do they push as much as then can legally for their clients.
Communication
When you ask a question are you comfortable with their answer? Could you ask any question without fear of feeling uncomfortable? If you can’t relate to your accountant move on. What type of response time can you expect when you ask a question?
When you ask a question are you comfortable with their answer? Could you ask any question without fear of feeling uncomfortable? If you can’t relate to your accountant move on. What type of response time can you expect when you ask a question?
Personal Tax
There are many advantages to having your accountant file your business taxes and your personal taxes. Ensure that your accountant will file both.
There are many advantages to having your accountant file your business taxes and your personal taxes. Ensure that your accountant will file both.
Cost of Services
Ask what you can expect in regards to fees? If fees are based on hourly rates, ask what that rate is and if there is a minimum charge. Could that 5 minute phone call cost you an hour in billable time?
Ask what you can expect in regards to fees? If fees are based on hourly rates, ask what that rate is and if there is a minimum charge. Could that 5 minute phone call cost you an hour in billable time?
Experience
How long have they been in business? Is the firm up to date with the latest CRA rules? Ask for references and call those references.
How long have they been in business? Is the firm up to date with the latest CRA rules? Ask for references and call those references.
