If you are a startup entrepreneur or own a small business, we realize hiring an accountant is a significant event for your business.

A good accountant will use the knowledge at his disposal to suggest ways you can save big on taxes and free up cashflows.

To help you find the right one for your business, here is a checklist of 5 things to ponder over before you hire an accountant:

1. Assess your need to hire an accountant
Your company may be at a stage where you can do without an accountant. It will save considerable chunk of your fixed cost. But for filing legal and compliance documents, to handle payroll, prepare annual statements, and be updated on various tax laws in a rapidly growing business you will need a full time accountant.

2. Experience and qualification
Does your accountant have a decent experience working for small businesses. Find out if one possesses experience in the business structured like yours. For instance, Legal requirements and book keeping processes are different in a sole proprietorship than a partnership firm.
Also find out if the person holds requisite qualification or capacity to do your work. If you require specific credentials to fit your requirements, mention it in the job description.
Do a reference check to verify the furnished details.

3. Scope of services
In addition to prepare and analyze financial statements, if you need services like handling tax issues and audits, filing returns, you will want to hire a professional who holds representation rights to carry on the same. Make a list of things you’d expect your accountant to take care of and mention it beforehand to avoid any conflicts at the later stage.

4. Time
Do you want to hire a full time accounting professional to work for you all year round or for a specified period for instance, around year end when tax filings are at their peak?

5. Tech Check
Make sure they have experience in your preferred accounting software. Plus being updated on the latest version of the software is important too.

Your main focus should be on your business. Leave the financial details to your accountant and save your peace of mind for the top level decision making. With a great accountant and armed with detailed knowledge of your finances, you can take business decisions with greater confidence.

Want to know more about Accounting Outsourcing Services? Contact our experts on 1300 707 326 or [email protected] today.