The Key Factors to Consider When Hiring an Accountant

Posted on Mar 18 2016 - 1:00am by Business Day TV

Accountant When it comes to business, you need accurate figures when monitoring revenues and other expenses. Keep in mind that every single cent counts. You can’t simply rely on accounting software or basic spreadsheets.

Nowadays, even small businesses and start-up companies are hiring professional accountants and financial advisors. TaxSpeaker says that this is a smart decision, as professionals have the expertise to make sure they get accurate and detailed reports.

If you want to put an end on crunching numbers, start looking for potential financial partners to track down your finances and provide a detailed forecast. To give you a better picture, here are some of the key areas you need to check before hiring:

  • Credibility

Credibility is always on top of the list when hiring a financial officer. While experience is one of the biggest factors, you should check their educational background. Look if they have taken CPA or CPE courses. Review their profile and make sure all the details they have provided are accurate. Keep in touch with their past employers, and ask them about their performance.

  • Efficient Record Keeping

This is actually the most basic accounting discipline. Of course, your accountant or financial officer should be able to monitor all your business transactions. They should have an efficient bookkeeping system, and show you how it works. Having this process makes it easier for you to assess profitability and modify the prices if necessary. In addition, this should help monitor your budget and reduce costs to produce financial statements and tax returns.

  • Accurate Auditing

Accurate auditing is crucial to any business. Your candidate should be well-versed in presenting financial statements in a simplest way. Every report for actual audit should be given to you, as well. Make sure the financial information provided is accurate.

  • Business Advisory

Accountants or financial officers should help you establish a strong business plan and personal financial plan. They should provide a strategic plan on how to minimize the costs for business expansion and other unwanted expenses.

These are the areas you should not overlook when hiring an accountant. Again, always check their profile and make sure the information they have provided is accurate.