How To Choose An Accounting Firm For Personal And Corporate Tax in 2022?

January 26, 2022 | Written by: Sohail Afzal

Corporate Tax

Every year, the Canadian government changes or tweaks the existing tax laws. This change makes it hard for salaried people and business owners alike and leaves them confused. There are various factors to observe and decisions to make, from minimizing tax liability to proper cash flow. In addition to keeping up with tax laws, accounting firms provide financial advice and help small businesses and individuals develop budgets.

You should always ask some basic questions before engaging an accounting firm when it comes to your finances. This is true whether you need someone to handle your weekly payroll, need some reliable personal tax service, or just need someone who will go the extra mile in managing your finances.

Personal Connection

There are several things to be considered when making a decision, and one of them is the connection. If you don’t feel comfortable discussing your finances with your accounting firm, you don’t have a chance of getting the service you need. You could hire the highest-priced accounting firm in Toronto. If you don’t understand the terms used by the accountant, or if you feel intimidated by the accountant, you should find another firm. 

Business Advice & Mentoring

A few accounting firms provide useful advice about equipment purchases and financial records, while others simply compile the necessary financial reports without offering any feedback. Depending upon your financial knowledge and experience, you may need or want a certain amount of advice. For in-depth financial counselling, choose a company that offers it. 

Fees

It is important to note that accounting fees can differ from one firm to another. It is common for some accountants to charge a flat rate for each task they perform for their clients, such as preparing a personal income tax return, preparing a profit and loss statement, or putting together a net worth statement, while others charge by the hour. 

Choose a Firm With a CPA

Accountants are regulated by professional bodies that look after accounting qualifications and maintain high professional standards. CPAs are highly qualified professionals who have completed a degree-level study, workplace experience, and a professional competency programme.

Make sure that you select a team that is well qualified and experienced and can add value to your company as soon as they are hired. If you need help navigating everything from bookkeeping to tax preparation to more complex matters such as cash flow management and capital raising, call us today to discuss how we can help you.

Some financial management tasks do not require a certified or chartered accountant, such as bookkeeping and tax preparation. If you ever need to borrow money, or if you ever have to undergo an audit, you will almost certainly need one.

Availability

Clients may only meet with their accounting firms once a year for tax-filing purposes. Clients with frequent business questions may need to meet more frequently. If you need to schedule a meeting with your accountant in person, ask whether your accountant can be reached by phone. 

Goal Setting

It is beneficial to have your accountant help you set goals and monitor your financial progress, especially if your business is just getting started. Make sure you know the firm’s policy on goal setting and if it will cost you extra. 

CRA Audit Support

Knowing your accountant will be there for you if the CRA contacts you is comforting. For some companies and individuals, audits are a part of life, but facing an audit can be stressful. Some firms offer an auditor to represent your interests and their own offices for audits.

Conclusion

There are many factors to consider when choosing an Accounting Firm, and if you can’t tell from their website or over the phone, then schedule a meeting with them. Ask your family and friends for recommendations. Look at customer testimonials and reviews online. Find out which accounting firm is right for your needs by following the outlined steps.

Sohail Afzal CPA Toronto

Sohail Afzal, CPA, CMA, MBA

Sohail Afzal, (CPA, CMA, MBA) is the founder & CEO of GTA Accounting Professional Corporation. He is a highly experienced Chartered Professional Accountant and businessman himself and understands the challenges that many businesses face when it comes to cash flow management. As an experienced business consultant & tax advisor, he is helping companies grow by providing the technical, financial, and contractual information necessary for strategic decision-making.

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