How should you go about choosing a charted accountant for your business

How should you go about choosing a charted accountant for your business

A chartered accountant refers to an individual who typically helps you maintain a financial record for your company. If you’re a small enterprise that’s just starting out, the importance of an accountant may seem trivial, but they are an important aspect of your company. The chartered accountants in Oakville are some of the best in the job and can help you develop your business in the most efficient way possible.

All of the Fortune 500 companies employ more than one accountant, not just for bookkeeping purposes but to ensure that the money circulating within the company is accounted for in every step of the way. Some other responsibilities include accountancy services, booking income tax reports, audits, putting together annual financial reports, handling employees’ payrolls and much more.

If you were to compare a company to a human body, the accountant would be considered as the circulatory system. Like the circulatory system, the accountant also keeps track of the cash flow within your organization and ensures everything is getting enough of it.

Hiring chartered accountants in Oakville can be an expensive procedure if you don’t know what to look for. Accountants offer a wide range of skill sets, and the more they offer the more expensive they are going to be. So the first step to hiring an accountant is:

  • Doing research

Find out the requirements of your company. Do you need them for bookkeeping, tax filing, managing accounts? Find out the immediate services that require handling and slowly work your way upward.

For instance,your accountant may be great at auditing, but what you require at the moment is a record of all the finances taking place within your company. But an auditor may charge a hefty fee whereas someone who is a dedicated bookkeeper may charge far less.

  • Accountancy firms

Accountancy is a service which you can opt either on a full time or an annual basis. You may the one doing all the finances and bookkeeping for your company and may not know anything about filing taxes. As such, you can hire accountants across various firms and ask them to it for you.

Not only does this saves you the trouble of maintaining a full-time accountant, but also enables you to hire help whenever you seem fit. Also, hiring someone for a specific task and for a limited time period is cheaper compared to keeping a full-time accountant.

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