An Accountant that works well with You and Your Business.
With being a small business owner comes the responsibility of making important decisions at the right times to keep your company afloat and make sure that you thrive in any economy. One of those ever important decisions is to know how to choose the right accountant.
The birth of the double-entry bookkeeping from Luca Pacioli changed accounting forever. Currently, we are going through a similarly revolutionary change in the field of accounting.
Accountants should no longer only seen as bookkeepers that merely collate and file returns, but rather as a Swiss army knife for your business to assist in tax compliance, advisory, setup of systems and streamlining your business workflow. This makes it more important to make the right decision when choosing an Accountant.
6 Tips on How to Choose the Right Accountant.
1. Choose an Adviser, not an Accountant
In the past, most accountants have been seen as bookkeepers or admin extensions who simply file your tax returns and compile your annual set of financial statements.
However, accountants actually have a whole lot more to bring to the table than just keep your company tax compliant. The right accountant should help your business grow and give useful advise on how to increase your company profits.
2. Never Compromise Quality Service for Cheap Pricing
Saving a couple of hundred bucks per month might be beneficial for your business, but hiring the right accountant can save you thousands.
If you think it’s expensive to hire a professional to do the job, wait until you hire an amateur.
There are many bookkeeping and accounting services that are extremely low priced, but make sure you understand what you are really getting for that price. I may just cost you a whole lot more in the end.
Make sure your accountants have the skill and knowledge to properly advise and help your business to legally save in taxes to optimize profits.
3. Don’t let Location Influence your Decision
When choosing your accountant your initial thought might be to search for an accountant near you so you don’t have to travel too far to drop off your monthly bank statements, bills and invoices. This would’ve been a large factor in the past, but not anymore.
Cloud accounting has made it possible for accountants to do their job from anywhere in the world, with apps like Xero, Quickbooks, Receiptbank and many more, it is often as simple as taking a picture of your bills and sending it to your accountant electronically.
4. Let their Pricing Packages adapt with your Business Needs
Many accounting firms now offer standard accounting packages and pricing and aren’t willing to change according to your business’ needs. Don’t just settle for any standard pricing, but rather pricing that suits your business.
Why should you pay the same as the as a business running 10,000 transactions a month compared to your 1,000 transactions a month? That doesn’t seem fair?
Or maybe you’ve got an excellent financial background and would like to take care of the daily bookkeeping yourself and leave the reporting and tax compliance to your accountant for a reduced pricing model
Don’t settle for any pricing model, but rather one that suits you.
5. Make sure they are Tech-Savvy
It’s important to get an accountant that embraces new technology and adapts with the latest innovation, rather than sticking to “old school” methods and systems.
New technology and software can streamline your business and make your reporting more efficient and reduce your costs at the same time. Tech-savvy accountants often automate the tedious repetitive tasks to open up more free time to spend on helping you grow. Your business operates in the modern world. Make sure your accountant does.
6. Do Research on their Reputation
Do some research and evaluate if the firm is up to standard for your business. Have a look at their online presence and reviews for positive or negative remarks on their service.
An excellent way of finding an accountant with a good reputation is to ask other business owners similar to yours for recommendations.
A further consideration is to consider the qualification of the staff of the firm. Are they qualified Chartered Accountants or Professional Accountants? In South Africa, there is a reason 90% of listed companies have Chartered Accountants as their CFO’s.
Contact us directly to start a conversation or in the comments below.