If you’ve recently started a business or currently run a business, you know how critical financial accounting is to your bottom line. Even for private individuals, hiring an accountant can help you gain more tax savings and organize your financial affairs. Whether you use tax filing, bookkeeping, payroll services or require financial reports, hiring an accountant can help you stay on track.

In Toronto, there are thousands of accountings firms to choose from. Given your personal and business finances are at stake, it’s important to select an accountant and accounting team that best suits your individual needs. To help you make the right decision, we’ve compiled a list of the top five things to look out for when hiring an accountant.

 

  1. Experience. Inquire into how long a potential accountant or firm has been operating. Any accountant or firm you’re considering hiring should have a significant amount of experience and handled similar situations in the past.
  2. Education. Becoming an accountant requires a significant amount of education. Only choose an accountant with a CPA (Chartered Professional Accountant), CA (Chartered Accountant), CGA (Certified General Accountant) or CMA (Certified Management Accountant) designation.
  3. Industry Expert. Tax regulations and exemptions can vary dramatically by industry. Your accountant should have specific knowledge about your business type and industry to help you make the right accounting decisions.
  4. Team Work. Two heads are better than one. Your accountant should be able to easily cooperate with both you and their colleagues to gather information and problem solve. They should be easy to work with and have strong communication skills.
  5. Teachable. An accountant should always be open to learning new things and updating their education to serve clients better. With the constant changes in tax rules and regulations, accountants should be adaptive and flexible.

Are you considering hiring an accountant to help with your personal or business taxation and finances? BBS Accounting is an experienced firm committed to providing accurate information and personalized service along with first class accounting solutions. We have experience working with a variety of industries including law, medicine, technology, advertising and marketing, health clinics, home service providers, professional service firms, medical practitioners and various retail sales and service industries.

To learn more, visit our website at bbscloudaccounting.ca