If you have a construction business, you will definitely need an accountant or your business needs. Gone are the days when companies would only need accountants for the tax season and thus every kind of business whether small or big needs an accountant. There are however many accountants in the market that it may be confusing who to choose. It is therefore important to know what to look for in order to end up with the right accountant for your business. Some of the factors to consider when looking for a small business accountant in Toronto include:
It is only by defining the needs of your company that you will be able to know what you need. Every company has different accounting needs; there are those that only need accountants to file returns while there are those that want someone who will advise them on different financial aspects. Once your needs are defined, you will have clear expectations and that will enhance better communication which will help an accountant to meet your need better. If you plan on using your accountant to sign financial statements on your behalf or work on statutory compliance, you should check to ensure they have the credentials.
Availability of the accountant
It is important to check how accessible the accountant is before hiring them. There are some accountants that work as freelancers and others that work full time. They are those that work as individuals and those that work with a team. It is good to know about all these factors before choosing an accountant.
The kind of budget you have will influence the kind of accountant you can get. Those that work in form of a team are always more expensive than those that work as individuals. Freelance accountants are also relatively cheaper. Most accountants will charge you on an hourly basis and the charge will depend on the nature of the work they are doing.
Experience of the accountant in your field
It is better to go for an accountant who has experience in your industry as that will mean they are familiar with the relevant business laws and regulations. To be sure of the quality of the work, you can ask for referrals on where they have worked before and that will help you know what to expect from them.
Professional accountants are in different categories depending on the educational qualities they have. They can either be chartered accountants (CA), certified management accountants (CMAs or the certified general accountants (CGA). CAs offers a variety of services that includes startup and insolvency counseling. CMAs are not only accountants but can offer managerial services as well. CGA have variety of roles that include providing insight to financial statements and reports as well as dealing with all internal accounting processes.
When looking for an accountant you should look for one whose communication is in sync with yours. Everyone wants someone who can understand them better.