Choosing the Right Accountant for Your Business in Canada: A 5-Step Guide

Jul 12, 2023

Accounting is often viewed as a straightforward profession where numbers speak for themselves. However, not all accountants are the same, and finding the right one for your business is crucial. Below are five steps to help you in the process:

Define Your Accountant’s Role

While some business owners may only seek assistance with taxes and financial statements, accountants can offer much more. Engaging a third-party accountant allows you to gain valuable insights into your operations, identifying cost-saving opportunities, and generating comprehensive reports. When searching for an accountant, look for professionals experienced in your industry and preferably with the CPA designation to ensure competence.

Seek Recommendations from Trusted Sources

Reach out to trusted colleagues and professionals in your network to seek recommendations for accountants who meet your specific criteria. Business lawyers, in particular, often collaborate with accountants and can provide valuable referrals based on your business’s requirements.

Conduct Interviews

Narrow down your options and conduct interviews with two to three potential accountants to streamline the selection process. During the interviews, discuss your expectations, the accountant’s approach to client relationships, communication frequency, availability, and fee structure. Additionally, explore specific details related to tax benefits, remuneration methods, and the need for additional accounts, such as HST or Payroll accounts. Sharing your business situation can prompt accountants to offer valuable insights, aiding you in finding the best fit.

Make Your Choice

After careful consideration, choose the accountant who not only possesses the necessary qualifications but also exhibits approachability and accessibility, as maintaining a strong working relationship is crucial.

Review Your Needs Periodically

As your business evolves, your accounting needs may change. Be open to the possibility of outgrowing your current accountant or realizing that a different professional may better align with your new requirements. Flexibility in changing accountants when needed is acceptable and can be beneficial for your business.

In conclusion, selecting the right accountant for your business goes beyond mere number-crunching. It involves finding a skilled professional who can cater to your unique needs effectively. Should you require assistance in this search, CBES is here to help.

 

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