Every business or company has different financial requirements and it is important to select an accounting service based on these criteria. A new or small business entity may need some financial planning advice as well as bookkeeping and tax returns filed. An established business may be looking to grow their business and therefore wanting a company that has more experience in their specific industry. Whatever the reason, choosing the wrong professional accountant could be detrimental to your business so take the time to do some research and the benefits will far outweigh the time spent initially.
Is personal attention important for your business? If so, it might be beneficial to find a small to medium professional accounting firm who can provide individual attention. If your business is fairly new, it is imperative for your accountant to explain all the legal tax requirements of a business owner. The accountant takes on a lot of responsibility when doing your tax returns but the overall legal responsibility falls onto the business owner. There are many avenues to find accountants however a referral is a good indicator that a specific accounting firm has provided a good service. It would be even better to get a referral from someone in a similar industry to you as that would prove that the professional accounting firm has experience in your specific industry.
Is the location of your professional accountant important for your business? Some companies would be happy to chat to their accountant on the telephone or over Skype but others might prefer face-to-face meetings. It is important to note that the local accountant may not be the right fit for your company and there may be merit in looking outside your suburb or city.
Another important factor is the fees involved in recruiting a professional accountant. Small businesses might be more aware of the financial implications and therefore might investigate more on price. There are many aspects to take into consideration when selecting a professional accountant but one non-negotiable is that your accountant is a member of the South African Institute of Professional Accountants. The accounting firm or individual that you select could influence your business positively or negatively. Investing in a good professional accountant, means investing in the success of your company.
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