Choosing a small business accountant in Toronto involves more than finding a good number-cruncher who can get you the most in tax returns. They’re usually expected to do more than that nowadays. Due to the current global economics, businesses want a bit more bang for their buck.For starters, businesses usually want a small business accountant in Toronto to assist them with making the best decisions that they can for their company. Sometimes that means they help the company improve, other times they might have the uneasy decision to make that might be recommending closing shop for the final time.
Many early business owners may find accounting friends however it may become too difficult for a friend when the small business grows.
Finding the right accountant for your small business may be difficult, but here are a few tips:
If your friends are recommending a small business accountant in Toronto, you should take it into consideration. Certain professional associations may as well recommend one or two to you. Many accountants will try harder to impress you if they have been referred to you.
Determine What’s Needed For Your Business
You can still get an accountant to just file taxes and keep your books balanced. But maybe you want one that will offer advice. Accountants can handle leases and franchise agreements instead of lawyers. Just be sure they have the right credentials.
Choose Licensed Accountants
There happens to be three professional types of accountants, each requiring different education and duties. Pick what’s best for you:
Chartered Accountants (CA): Services for start up counselling, can act as receivership trustee, insolvency, and/or bankruptcy. These guys are recognized globally.
Certified Management Accountants (CMA): integrates mastered accounting skills with superior management skills.
Certified General Accountants (CGA): Duties include offering insights about financial statements, oversees the company’s accounting process.
Depending on your company’s size and complexities, you may be alright having an accountant you don’t need to meet with more than once a month. But you may need round the clock accessibility if your company grows. So, are you fine with one accountant, or a team of them? If you choose a team, be sure you know who all might be handling your files.
Ask Their Fee
Usually accountants set their fees at hourly rates. This may be anywhere between $150 – $400/hour, depending on what they’ll have to do. Ask what’s included in their fee. Are phone calls free? Will they have mercy on you and work out a setup for your starting business and wait until you grow before asking for more? Meet an accountant with a business tax return so that they may let you know what they may do for you.
Ask For Other Clients’ Names And Contact Info
The accountants dealing with a bunch of companies are more likely to keep up to date on relevant business laws. Professional associations will let you know if certain accountants have had any complaints or legal issues.
Ask If They’ve Been Startup Owners
It’s not a necessary requirement but an accountant who’s also a former business owner may be a good option. They learn much of the advice they give from schools or books, but if they’ve actually gone through what you’re looking to do, they should have some real, practical knowledge.
Talk Tech: Accountants these days should be doing their work and keeping files on their computers. It saves money as well as time for the agencies to go digital. Make sure they know what they are doing on their computers, ask about their website, and see if they use Facebook, Twitter, LinkedIn, etc.
Will They Be A Risk?
You want an accountant that’s aggressive only to an extent, and is capable of being creative without breaking the rules. Ask how they would deal with certain situations like deductions, or income strategies.
Certain firms may offer newsletters, others will let you subscribe to their blog. Whatever is easier for you, if both options are available that is, ask if you can get on board.