One of the largest keys to success in business is to keep immaculate records of your finances. You want to know where your business stands at all times to avoid any cut-throat competition or unnecessary hardships.
Only around 3% of business owners know how to read their financial statements, and if you are not one of them, that is okay! All it means is you need to hire the right accountant to help.
Here are a few ways to help you in the hiring process when on the lookout for an accountant to keep your business finances in order:
- First, it is important to know what qualifications you are looking for. Most accountants can handle financial statements and bookkeeping, but if you are looking for more technical information like tax advice or audits, keep your eyes peeled for a licensed chartered accountant rather than a professional accountant.
- Understand the difference between a professional accountant and a chartered accountant.
- Not all accountants have the same industry experience. If you have a large or complex business, consider looking for someone with more than 5 years’ experience.
- Look for quality candidates by asking for referrals.
- Look for these key skills and personality traits:
- Time management
- Attention to detail
- Great communication, written and oral
- Ask the right questions during the interview process.
- What are your qualifications?
- How aggressive or conservative are you?
- Have you dealt with clients with a similar tax situation to mine?
- What will be your role if my business gets audited?
- Call multiple references.