4 Traits To Look For When Seeking An Accountant For Your Business

Posted on: 23 November 2015

An accountant is a valuable asset for any business. They can offer a raft of services that can move your business ahead within the industry. For example, they can help you structure your business entity in a way that limits risks and expenditure. They can also handle your finances and books of accounts as well as offer advice on taxation, superannuation, wealth creation and other financial pillars critical to your business.

It is for these reasons, and more, that you have to ensure that you work with an accountant that is a right match for your business in the first place. How do you tell if an accountant is the right one for your business? Here's how:

Is a member of an authority body

One of the most important qualities of a qualified accountant is that they belong to a national certifying body. Membership in a national accounting body shows that they take their job seriously with regards to ethics and professionalism. It also shows that they have taken the necessary steps to get their qualifications, as certification is done via these national bodies. Also, in case of a misunderstanding, you can always seek recourse through the professional organization they belong to.

Understands the industry you're in

Secondly, the right accountant has to understand the business you are in. An accountant that has an understanding of what your business does or how it operates is better suited to work with you. This is because right from the beginning, they will understand what to check in your financial books, what taxation regulations you are bound to, and how best to grow your business. As such, get an accountant that knows your particular business well, be it retail, industrial, professional, etc.

Has worked with an entity of your size before

It's also important to ensure that your accounting provider has worked with a business of your scale before. Calculating tax returns, balancing of financial books, and managing overall finances are tasks that allow no room for error. The right accountant therefore has to have the necessary capacity to handle the scale of work your business is putting out.

Has resources within the industry

Lastly, the right fit for your business needs to have sizable resources that they are bringing to the table for value addition. Such resources could be expert consultants, research data/ analysts, possible financiers, etc. This way, whether you are structuring your business, seeking to sell your entity, or want to procure assets, your accountant will have the requisite capacity to expedite the process.

Remember that you can also work with a whole accounting firm, if need be, as opposed to working with a specific accountant. Keep these tips in mind as you start contacting qualified accountants in your area, and you'll find the right fit for your needs.