Akash Mehta, a budding entrepreneur and consultant, figured he needed to engage a new accounting firm when he realized the advice was flowing the wrong way. Come Tax Season, he would have to guide his accountant with planning finances and end up doing the work himself.
Funny, but true. A good accountant is vital to the success of almost all businesses, advising on everything from tax strategies to cash-flow issues. Hire the wrong one, and you'll be in deep trouble. "If your accountant isn't on the ball, you don't know how to steer your company," says Akash.
So, what questions should you ask to know if your business is in the right hands--or if it's time to make a change?
1. Hiring the right talent: Apart from the usual accounting practices such as handling taxes and ensuring your business remains compliant, your accountant can add real value strategically, and as a growing business you should expect to be able to look up to your accountant for this type of informed advice.
As your business grows, you might find that the corporate structure that worked well when the company was a start-up is no longer appropriate. Your accountant should be able to explain and advise on each and every aspect of your business, helping you choose the right structure for its specific needs.
2. Keep an eye on the market: If you do, or plan to do, business internationally, you will need an accounting firm with global expertise to comply with the various norms. Business growth opportunities can be enhanced manifold when you have access to easy-to-access and competently compiled financial reports, which allow you to make the right decisions for your business.
3. Background check: After his in-house accountant messed up his books, Akash vowed he would hire only those accountants who have been vetted by other business owners. "Hiring someone you trust will make it easier for you to start delegating faster," he says. Your accountant should have a strong and extensive professional history. Make sure you research how long they have been in business and when they were first licensed. It helps a great deal if your accountant is a member of any professional organization.
4. Personal habits go a long way: A person who is passionate and diligent towards his/her profession will keep on top of the latest happenings in the market. Keeping up with regulatory changes--and the most sweeping tax overhaul -- eg GST-- is a big task for small-business owners, and one that you'll need expert help with.
5. Communication skills: Accountants should respond promptly when you reach out and treat even basic questions with respect. If you're walking on eggshells around yours, that's a sign you aren't a good match. It’s important to work with an account who makes you feel comfortable and confident about your finances. Every accountant has a slightly different style and philosophy, so be sure to talk with candidates about their individual approach.
Finally, there are no excuses and no second chances for an accountant's missing a deadline or making other filing mistakes.
With certified chartered accountants as well as bookkeepers on our team, we can work with you throughout the financial year, monitor your progress, review strategies where necessary and identify whether anything can be done to reduce tax liability. After the financial year end, we will benchmark your performance against your competitors to evaluate any potential growth opportunities.
We can offer the support and advice you can use to grow your businesses and achieve success.
To learn more about how BMC SAAS can help your business, contact us about your business requirements.
Comments