Five Points That Must Be Considered Before Hiring an Accountant

 The benefits of hiring an accountant for your accounting and tax-related needs are innumerable. They have knowledge of all rules and regulations related to tax and accounting. When you hire a professional accountant in Winnipeg, they help you to manage all your financial resources. They keep track of your businesses' income, assets, liabilities, taxation process and many more.

 Accountants prepare and analyze your financial records and offer you the services of bookkeeping, tax filing and payroll. They also offer you tax advice, prepare the financial statement of your business and help you with your business decisions. You may protect yourself from potential problems that may arise due to the late submission or incorrect submission of the document. They make you free from all the burdens of the tax and accounting process. This way, you will have more time to focus on growing your business.

With a number of professional accountants out there in Winnipeg, choosing the right one among them can be a daunting task for business owners. When you are planning to hire an accountant, keep in mind that the accountant will have access to all your financial data and resources. So choose your accountant wisely on whom you can rely. 

 

 Here we have compiled some important points that need to be considered before hiring an accountant :

●     Qualification and accreditation - Look for the accountant's qualification and accreditation. The certificate tells you that they are qualified and they have knowledge of work whereas accreditation shows that the accountant is learning continuously. No need to be shy about asking for proof of qualifications. Ask for their CPA member number. Browse the CPA Canada and search their name in the database. You can also take a short interview to know the experiences they have in the accounting and taxation field.

●     Practical knowledge and experience - Besides educational qualification, your accountant must have practical knowledge and experience. Sometimes businesses face financial and accounting related problems, look for one who can deal with this kind of adverse situation effectively. While legislators always bring changes in tax law, the accountant must keep themselves up-to-date with the changes brought in the law. Accountants must also possess practical knowledge as per the clients' needs. For instance, a startup need is somewhat different from a large Corporation. So choose an accountant that can fulfill your needs.

●     A systematic and organised way of working - An accountant goes through a lot of physical and digital documents. The excessive volume of files,  documents and archives must be organised by accountants so that they would not lose their way. If they work systematically and in an organised way, they will be able to come out with a proper explanation if any problem occurs.

●     Communicative and approachable - The accounting profession has its own language and jargon. Sometimes, you may not understand some of the accounting terms and jargon. So an accountant must explain the terms in simple language to their clients. If an accountant is not communicative and approachable, you may fail to understand your finances. Every industries and business have its own language. So ask for an explanation if you do not understand any terminology used in rules, regulations and documents.

●     Accountants must be more than managing numbers - Besides managing your finances, an accountant must advise you on optimising the expenses, enhancing business growth and improving your cash flow management. They must be punctual and submit their work promptly. As businesses have to fill their tax return on time which is a time-bound requirement, delays in tax returns may arise issues. The accountant must be prompt with the submission of the required document.

From preparing a financial statement to submitting the document on time, they make you free from all the accounting burdens. You just need to focus on your business growth. They also help you in making business decisions. Hiring the right accountant can save your money and time and is crucial for your business growth. So, if you are thinking to hire an accountant in Winnipeg, consider the above-explained points before hiring them.