Choosing the right accountant for your company

Choosing the Right Accountant for Your Company

When it’s finally time to pass the accounting baton off to an expert, how do you choose which professional is right for your business? Choosing the right accountant is vital to ensure that the professional not only has the capabilities, but also the time and flexibility to fit you into their schedule.

Selecting the right accountant isn’t always an easy decision as not everyone has experience with accountants. This makes it important to evaluate the overall service and benefits you receive from each potential accountant to find the right one for your business needs.

Understand Your Needs

Before you can start considering candidates, you must first understand the services and the profile of the accountant you are looking for. Are you looking for help with general accounting and bookkeeping or more complex areas, such as tax planning, VAT, payroll, and audits? How about if you are looking for expert help in a specific industry? Additionally, before you begin your search, consider the profile, tone, means of communication (i.e. cloud, email, telephone etc.), the team members and values of the prospective accountant or any other important factors which will set the ground for a smooth, professional and constructive cooperation.

Analyze Qualifications and Experience

Next, you want to analyze the qualifications and experience of the professional. Do they have the appropriate qualifications to provide you with the services you need? For example, an external audit in Cyprus can only be conducted by a registered auditor. If they don’t retain the necessary licenses, their services will be limited. Furthermore, analyze their experience in your particular industry and how this can add value to your business.

Consider Availability

Accountants get busy, especially during tax season. When you are looking for regular services, you want to ensure that the professional has time to fit you into their busy schedule. Some accountants prioritize clients based on their size. Your business should receive the proper attention regardless of your size. Consider asking if they have experience handling businesses of your size and their upcoming availability.

Weigh Costs

Costs are an important factor to consider but costs should not outweigh the benefits and quality of service. What is the cost versus the value you are looking to achieve? What services are included in their quoted fees and what services are excluded which are subject to an additional fee? Are the fees fixed or based on an hourly rate? These are all questions you need to understand before you sign a contract with an accountant.

Look at Flexibility

Accounting can be time sensitive. The sooner you receive reports after month-end, the more valuable they become in the decision-making process. The accountant you choose should be sharp, quick, and agile. Regulations are constantly changing, calling on the need to work with a professional that quickly adapts. Ask your accounting candidate what the expected turnaround time is on critical matters and how agile they are in providing accounting records. Look at how they utilize technology and cloud accounting to improve their response rate.

Inquire About Technical Capabilities

It’s no secret that technology has dramatically changed in the last 10 years. From new collaboration tools to implementing cloud-based accounting software programs, your accountant should offer tools that maximize productivity and efficiency. For example, are they using cloud-based or on-premises programs? This is an important question, especially if you are keen in following the latest technology trends for your business.

Added Value

Choosing the right accountant for your company also relies on the added value you can receive from those services. Some accounting professionals are willing to go the extra mile, which provides added value to your company. For instance, certain accountants provide informal, on the job, training of the allowable and disallowed expenditure for business and tax purposes which in due course improves the overall efficiency of the accounting function. Others might go the extra step to monitor the status of upcoming tax payments and offer follow up calls and reminders of unpaid taxes or might offer practical business advice to support your business planning and growth, such as advise on when to incorporate your business. If the added value is something you are interested in, it’s important to find a professional that has the time and capabilities to provide it.

Evaluate Past Feedback

Finally, you should evaluate the past feedback of other clients. Clients have firsthand insight into working with the potential accountant, making their opinion very valuable. Maybe you find that past clients experienced communication delays or a slow turnaround time. Understanding this information before you pick your accounting partner is important.

Summary

Selecting the right accountant for your business can seem like an overwhelming decision, especially with all the different considerations. As in every business decision, through proper research and by following the above tips, you will be able to reduce your risk of making the wrong choice for your company. Even if the final decision does not live up to your expectation, that is not the end of the world, you can still reach out and find what other options are available and how these can benefit your business.