Top 5 Questions to Ask an Accountant in Oakville Before Hiring Them
March 22, 2021 | Written by: Sohail Afzal
There are many aspects that you will be covering while running a business.
Canada has quite a diversity when it comes to SMEs. The important thing here is whether you own a business or want to start soon, you will need an accountant.
Although you can start out with a small budget and manage the finance yourself, but that is not a good strategy in the long run. There are many situations when an accountant is needed right at the start of your business. Accountants are vital for any company, whether you consider taxes, financial reports, or any of the other dozen things they do. You may have to loosen your budget a bit to get things straight. And you will never regret the decision of hiring an accountant for your business.
Oh, and if you are worried about what to look for when you need to hire an accountant or an accounting firm, we have got you covered. Here are the top five questions that you want to ask an accountant before taking them on board.
Some questions apply to both an accountant and an accounting firm, while some only focus on an accounting firm. Here we go.
1. The Ice-Breaker
We call it the ice breaker question or a series of questions that get the process started. You can ask about their experience in the field. What areas of business will be covered by the considered accounting firm or the accountant. You can also ask about their fee structure (in the case of an accounting firm) or salary (if you are hiring an individual, full-time, in-house accountant). Furthermore, if it is an accounting firm, go ahead and ask them about the billing method with their clientele.
2. Ask about their mode of communication
Once you know the basic details, start going into details. Now you should ask your potential accountant about their mode of communication with the clients. And how quickly they are available when there is some emergency. You can also ask about their ways to deal with any complaints resolution techniques.
3. Frequency of Meetings
This is about the right time to discuss how frequently you will be having discussions about your business’s progress. That way, you will have a schedule, and you will not miss any essential updates or changes that you need to make.
4. Ask about their experience with Taxes
Although it is a given that any accountant or an accounting firm will bring their experience of dealing with taxes, you must ask this question at the initial stage. This way, you can be sure of your position with the taxes and deductions after hiring them.
5. Inquire about their specific potentials for your business
The best way to end your interview with the potential accountant is to ask them about their plans for your business. If they are the right fit, you will get a clear picture from them. If they try and complicate things at this point, that’s because they are not well prepared. In such situations, you can give your potential accountant some time for their study about your business. If they develop more ways to grow your business, ask about the practical ways to implement. You can also ask their views about your current financial position in the market.
Whether you get the answers you are looking for or not, be sure that your potential accountant has their affiliations. Professional accountants must have their proper legal work completed for appropriate finance management. Once you have experience working with an accountant, you will get better at asking more critical questions when you need more people in your accounting department. So, get in touch with the experts at GTA Accounting.
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.