10-step checklist for choosing an accountant

After establishing your home-based business, it will be imperative for you to take the help of a professional who can help to make your business a success. One of these professionals happens to be an accountant. In this article, we have mentioned 10 steps that will be required for selecting an accountant.

1. Select somebody qualified

You are recommended to hire an accountant belonging to a group such as ICAS, ACCA, or ICAEW. Accountants need to prove that they are properly qualified to become members of these organizations above.

2. Look for a referral

It will be a sensible idea to listen to your friends, colleagues, and family members in case they know any accountant who has proved to be useful to them. You should not hesitate to meet the accountant in person for finding it out yourself.

3. He should be familiar with your industry

Look for an accountant who has already worked with other similar businesses and can offer you valuable advice. For example, in case you happen to be a freelancer, you must not hire any general accountant. It will be good to look for someone specializing in situations such as yours. In the meantime, you may also check the exact tax of your earnings using a salary tax calculator.

4. What services can they offer?

Will he be there only for preparing your tax or can he add value to your business by offering advice in fields like forwarding planning, cost savings, monetary advice, and so on. Your accountant should not work just as a bookkeeper. Can they help with limited company formation for example?

5. Assess the fees

While hiring your accountant, consider the specific fees charged by them and also how the fees are going to be calculated. Some companies charge a flat rate. Also, find out whether there are any start-up fees.

6. Always shop around

It will always be a prudent decision to talk to at least a few accountants before deciding the one for you. This will provide you with a good baseline in the long run.

7. His ability to meet deadlines

In case you are running any business deadlines are of prime importance. In case your accountant has to meet deadlines, he must do so by any means. Talk to the other clients of the accountant to learn about his ability to meet deadlines.

8. Personal connection

There is no denying the fact that any accountant will play a vital role in prospering your business. He should really care about your business in the long run. Although there is no need for you two to be the best of friends, you must have mutual respect for one another plus a certain degree of transparency.

9. Audit experience

The accountant needs to have experience in managing an IRS audit such that they can make certain that your business is ready for it. You should never hire a “rookie” since it can be more damaging for you eventually.

10. Personality

While you are hiring an accountant, you need to interact with him regularly. The person needs to match with your personality and be pleasant as well. In case your mentalities are different, it will not be possible for you to cooperate effectively.