Finding the right accountant should be one of the first things you do after starting your business. However, it is not easy to do so that someone can easily recommend it. All accountants are so different that the perfect accountant for a friend or family member may not work well for you. Therefore, it's important to do some basic work, create a checklist, ask questions, explore your options, and make a sound decision. Here are the top tips to help you do this.
Make Sure You Choose A Qualified Accountant:
Anyone can call themselves a tax & accounting expert, but make sure you are a member of one of the top three professional associations: Institute of Chartered Accountants, Association of Chartered Certified Public Accountants, or Chartered Institute of Management Accountants. If something goes wrong, you will receive compensation from a professional association or institute.
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Choose An Accountant That Suits Your Needs:
Accountants come in all shapes and sizes. Know the different types of accountants you can and cannot offer. Think about what's important to you and your business because your accountant will most likely be your main business advisor, and for small businesses, in particular, this can be an informal CFO.
Focus On Fixed Costs:
Accountants rarely charge the same way, making it difficult to compare similar rates, many of which are still traditional, hourly rates that are very difficult to budget for. Some will provide estimates for the year, but be aware that only such projections and similar forecasts are subject to change. Ask for fully fixed costs as this allows confidential budgeting. However, make sure that the fixed costs are complete and that you have them in writing.