Most companies understand the benefits of hiring a chartered accountant. Be it for complete accountancy services or financial advice regarding tax, choosing the right accountant is critical to the success of your company.
Chartered accountants typically have the right qualifications since they have passed the required professional examinations however this is not enough to make an accountant good enough for the job you need them to complete and it certainly should not guide your decision on whom to hire. Besides qualifications, good accountants need to have other attributes that render them competent enough to work for you.
The following are 4 factors in choosing the right chartered accountant for your company:
1. Range of services offered
Before choosing a chartered accountant that you are considering, it is important to look into the range of services that they offer. These services include auditing, tax preparation, cash flow analysis, financial management, and succession planning. These are areas that most accountants are trained in and should be offered by the one that you hire to ensure all of your needs are met as they arise. The accountant should also be able to offer your company the required advice concerning your company’s financial position.
Hiring an accountant that provides a variety of financial services is beneficial as there will be no need of hiring several accountants to handle different tasks in your company. There are times when your company will grow and might need more financing. Make sure the accountant you choose can be able to help you with all your loan issues.
2. Relevant expertise
When hiring a prospective accountant for your company, it is important to ask about the clients they deal with. Make sure you get information about the kind of businesses they have worked for as this will allow you to hire a chartered accountant who is familiar with your industry.
Such an accountant will have the relevant experience to offer you the right advice based on your individual, unique needs. For instance, different industries allow companies to make different claims regarding tax returns. This, therefore, means getting an accountant who is experienced in your industry will make sure you get the best out of your returns.
Also, it is important to check on the progress of the companies that the accountant has worked for. This will help you guarantee that the accountant played a role in the success of the company and get an insight on what to expect in terms of your company’s growth.
A business relationship requires trust and discretion and as a result it is important to hire an accountant that you feel comfortable with and one you can relate to on a personal level. It will not matter how knowledgeable an accountant is if they are not approachable and you cannot work with them.
An accountant you have a great relationship with will have a keen interest in your company and keep your best interests at heart. They will readily exchange information with you and will feel comfortable in discussing challenges and possible solutions to them.
One of the most important considerations in choosing the right chartered accountant for your company is the fees you will be required to pay. The method of calculating these fees should match with the demands of your company. Most accountants calculate their fees either at a fixed rate or per hour. If you are going to pay your accountant per hour, ensure you get value for your money by ensuring efficient use of time.
While you may be tempted to hire an accountant whose fees are lower, consider spending a little more on their fees to ensure you get a skilled and experienced one that will do the best job possible for you.