Bookkeeping and accounting services are crucial for the smooth running of the business along with the management of financials, books of accounts, and tax. Usually, it is common for Canadian business owners to hire accounting services Canada along with getting an in-house accountant. There is also the option of hiring an in-house accountant. The main thing is to ensure that your accounts are in order, you are aware of your financials, and your business complies with Canadian laws and regulations.
No matter where you are doing your business, there are some major qualities that you should ensure before hiring accounting services:
Professional Expertise
First and foremost, you need to ensure that the firm you are considering hiring to manage your business accounts is that it possesses the experience and professional expertise in the field. They shouldn’t be someone who has the knowledge of accounts but lacks knowledge regarding the relevant laws of Canada applicable to businesses.
A qualified professional is well aware of what is required of him and has the necessary skills in bookkeeping and accounting, such as maintaining records of financial transactions, accounts reconciliation, etc. You should also make sure that they have experience in taxation as well and are approved as a Tax agent with FTA Canada.
Knowledge of Accounting Software
An ideal accounting professional needs to utilize the latest technology and be aware of accounting software to offer excellent services to clients. Business owners, before hiring accountants should check if they are adept at using accounting software and have the know-how of tech tools required for accounts handling and management. Software and tech tools have become essential nowadays to streamline a range of processes such as invoicing, payments, payroll, etc.
Reputable and reliable accounting firms in Canada are equipped with highly qualified accounting professionals who are pro at using accounting tools and software for impeccable services.
Communication Skills
Another key attribute of a good bookkeeper or accountant is having excellent communication skills. It does not mean the ability to speak clearly here. Rather, it means the accounting professional should have enough knowledge and skill to explain complex concepts to his clients in the simplest way possible. He should know how to follow up on the tasks assigned to him, inquire about you regarding your business and ask important questions and should be willing to listen to learn. It should be about simplifying the accounting matters for better understanding rather than an attempt to confuse them with financial mumbo-jumbo.
Flexibility to Adapt
We are living in times where business dynamics greatly vary from one another. With new businesses emerging every other day. It is highly unlikely for businesses to have the same operating style. Some might have unusual working hours if they are doing business with some other country in different time zones, some might work for a limited time of the year depending on the nature of the industry, etc. Also, some businesses keep their communication and collaboration with the accounting professionals online only via virtual platforms.
So, the accountant you are hiring should be flexible to adapt to different working styles and environments. He should understand your requirements and then deliver accordingly. Quite often, an in-house accountant might be unable to meet such demands but outsourcing services would get the job done.
Professional Ethics
Unprofessional people cannot be part of any corporate firm no matter what the industry. The person you are willing to hire should have integrity, values, and professional ethics. He should be transparent with the billing, pricing, and take you into the loop and keep you informed of everything. You can check for online reviews and read testimonials of people who have hired accountants from the said accounting firm and then make an informed decision.
Experience in Your Niche
Even though the basics of bookkeeping practices and accounting remain the same, they might vary owing to the different requirements of different business sectors and industries. For instance, if you are in a retail business, or own a clothing brand, you would want to hire someone who has the expertise and experience of working in that industry. Specialization and having relevant experience in a particular industry would significantly improve the quality of accounting services. Always check that the accounting firm you are hiring has dealt with clients like you before so you can rest assured that your financials are in safe and experienced hands.
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