A Chartered Accountant (CA) is an individual or firm that specializes in preparing accounts and financial reports to ensure compliance with all State Revenue Service regulations. Chartered Professional Accountants (CPA) are additionally able to represent a taxpayer before the IRS.
With the rapid rise of the internet and cloud accounting software, we can access comprehensive online accounting and tax preparation solutions. However, if we don’t know how to use them effectively, they are useless. A competent chartered accountant or CPA will have a deep understanding of the accounting and software you need to run your business the right way and ensure you are always compliant with IRS (Internal Revenue Service) guidelines.
To help you avoid some basic mistakes that could prove costly, we’ve compiled a list of the top five things to look for when hiring a professional chartered accountant.
1. experience and expertise in your specific business.
Accounting and tax preparation for a business is not always the same. Finding a CA or CPA with experience in your line of work is a valuable asset, as they will know all the accounting practices related to your business and be confident that your books are in order and your business is in the right with the IRS. An experienced chartered accountant or CPA usually has a long-standing successful reputation that can be relied upon when the going gets tough.
2. Available and responsive when needed.
In most cases, time is of the essence when it comes to accounting and tax issues. If not handled in a timely and appropriate manner, accounting issues can pile up and affect the operation of your business. Choosing a professional chartered accountant who is responsive and addresses all of your questions and concerns will put your mind at ease and treat your accounting as if it were their own.
3. Proactive
Bookkeeping for both large and small businesses is a task that requires consistent work and diligence. However, an equally important aspect of accounting is the ability to spot problems before they arise and deal with them accordingly. A proactive approach to accounting not only keeps your business running like clockwork. It also has the added benefit of enabling tax planning and guaranteeing that you don’t have problems filing your tax returns.
4. Reliability
There is probably nothing more essential to your business than a reliable and competent CPA or Chartered Accountant. While a CPA’s professional competence can sometimes be difficult to gauge, reliability can be inferred from online reviews and from talking to people who have worked with them. The ability to put your company’s accounting completely in their hands, knowing that everything will be taken care of, is extremely valuable and should be strived for.
5. the willingness to learn
Business and accounting is an ever-changing field and requires a real willingness to learn. Also, no one knows everything about every aspect of your business or every rule in accounting. Choosing an accounting firm that is happy to take the time to understand your business and is willing to learn and take on new challenges is wise, as you can rest assured that your business is in good hands.
If you are looking for a Chartered Accountant, contact Finex Outsourcing. We are a locally based accounting firm that serves the needs of businesses and individuals. We help our clients with accounting, year-end preparation, tax planning, and consulting to help them increase business value.
Our services include business succession planning, compilations and reviews, Quickbooks Advisor, non-resident tax returns and compliance certifications, estates, and trusts tax planning, and business consulting.
