Bookkeeping software for small business aid small business owners in managing account tasks. However, working with an accountant for a small business has many advantages. CPA firms offer the services of their accountants to small businesses to aid them in various ways. Their chartered professional accountants can prepare taxes, provide advice, and more to small business owners. Accounting assistance from professional accountants also helps small businesses to grow over the years. Therefore, small business owners should choose the right accountant to manage their business efficiently and grow with time. The following tips can aid small business owners in choosing the right accountant for their business:
Tip #1: CA, CGA, CMA? It Doesn’t Matter
In the past, accounting designations in Canada were different, including CA, CGA, and CMA. However, these designations merged under a single destination, CPA. It also got rid of the confusion for business owners to choose an accountant for a business. Thus, CA, CGA, or CMA doesn’t matter. What matters is the accounting expertise and the relevant experience of the CPA for a small business.
Different CPAs have experience in a particular accounting field, such as taxation, corporate tax planning, and audits & reviews. Thus, you should discuss the services that an accountant provides while interviewing a potential CPA. It will help you ensure to choose an accountant having relevant expertise and experience as per your business needs.
Tip #2: Do Your Research Before You Hire an Accountant
Take your time and do your research carefully to hire an accountant for your small business. A good accountant is valuable for a business. Such an accountant can help you pilot important decisions, such as whether or not to incorporate your business. A valuable CPA can help you decide if you should expand into a new market or not. Besides, a good accountant for a small business can aid you in important accounting tasks. Thus, do your research for reputable accountants via online search, referrals, and resources you have to hire the right accountant.
Tip #3: Prepare and Ask Questions for a Potential Accountant
You should prepare questions for a potential accountant and ask those questions to an accountant. Here are those questions:
Q1. Are You a Designated CPA?
A1. A bookkeeper or a financial advisor isn’t helpful as a designated CPA for business advice and managing accounting tasks efficiently. CPAs have to meet specific education, experience requirements, and pass a final examination successfully. Plus, CPAs must maintain registration within their respective provincial CPA membership program with an annual completion of professional development training. Thus, you should ask a potential accountant to provide you with proof of his/her accounting credentials.
Q2. How Does Accountant Bill Clients?
A2. A reputable accountant will always provide a breakdown of fees to tell the client how he or she bills. For instance, an accountant may bill a small business owner for an email or a phone concerning some accounting advice.
Q3. How Does an Accountant Prefer to Communicate with Clients?
A3. Accountants may feel comfortable communicating with clients digitally via texting or email. Or, they may prefer communication in-person or through a phone. You should think about your day-to-day operations to deem how important accessibility is to you. Additionally, you will want to communicate with an accountant that is convenient for you and an accountant mutually.
Q4. How Familiar Is the Accountant with Your Specific Business Needs?
A4. An accountant who is familiar with the ins and outs of ecommerce is helpful if you run an online business. Or, an accountant having an understanding of internal taxation issues can aid a business that operates internationally. However, these are a few examples for small business owners to choose an accountant according to their specific business needs.
Tip #4: Additional Things to Check to Choose the Right Accountant
You should ensure an accountant you choose meets the following requirement before you choose one for your small business:
- Have a compatible system to manage accounting tasks, and have access to the best bookkeeping software.
- Possesses a positive reputation among previous clients for tax planning and filing.
- Plus, earns a good reputation among past clients for his/her business advisory services.
Bookkeeping software aids small business owners in managing accounting tasks. Yet, hiring an accountant for a small business can help a small business to grow efficiently and has many advantages. The following four tips can aid small business owners in choosing the right accountant for their business:
- CA, CGA, CMA? It Doesn’t Matter
- Do Your Research Before You Hire an Accountant
- Prepare and Ask Questions for a Potential Accountant
- Check Additional Things to Choose the Right Accountant
Sohail Afzal is a CMA (Certified Management Accountant) and the Founding Partner of a professional accounting firm, GTA Accounting. He understands the needs of small-scale businesses & corporations and offers them tax advice to overcome their tax burdens. He is a professional author who often writes articles related to accounting.