For every small business to grow and thrive, an experienced CPA is needed. But finding, and then selecting the right Chartered Professional Accountant can be challenging, especially if you are confused about what it is that you’re looking for.
We have listed the 5 most crucial factors you need to consider when selecting a Chartered Professional Accountant for your small business.
The best accountant for your firm will undoubtedly be someone who has helped other small businesses like yours grow. It doesn’t matter how long the CPA has been in the industry for, but what really matters is the kind of influence the accountant has had in that time.
Additionally, the quality of service that a CPA can provide is directly proportional to his/her industry impact.
Just to be sure—always get in touch with your CPA to gain an understanding of his/her relevant experience and knowledge, and read testimonials to see what existing clients are saying about the kind of service that the firm provides.
Money definitely matters! Finding the perfect accountant on a budget for your Canadian small business can be a task. As your company is relatively small and/or new, you need to make sure that the CPA you hire doesn’t break your bank.
Usually, we suggest that you go for a Chartered Public Accountant who charges a fixed fee and not goes by an hourly rate. This will ensure that you know exactly how much you’ll be paying for per month and are never taken back by surprises (or shocks!)
- Technology(ies) used
Staying up-to-date is very important for every professional, but especially for accountants.
CPAs that are moving to cloud-based accounting softwares are the ones that you should get in touch with. Cloud accounting in a layman’s language just means accounting that is done using a software that is hosted online; and this is definitely the future! It helps in reducing the time spent via process automation, improves financial records’ accuracy, and gives real-time access to financial statements so you can make better business decisions.
That being said, it says a lot about a CPA who is not only well-informed, but also uses the latest technology to minimize the time spent on doing manual entries.
Don’t make compromises based on your CPA’s location!
While every small business owner is usually told to have an accountant near their physical location, but with today’s technological advances, more and more businesses are collaborating on the digital front aka via remote accounting. This eliminates the issue of having an accountant within your geographical reach.
Remote accounting has its advantages. The first and foremost being that it’ll help a small business hire more competitively, as the business owner will get access to a larger pool of talent from anywhere in the world. This is important because you might not always be able to find the right CPA around you that understands your business needs perfectly.
And additionally, cloud accountants tend to be more forward thinking and technologically advanced than their traditional counterparts. These individuals also have a vast variety of experience dealing with small businesses from all over the world.
- Certifications and Qualifications
Depending on your country, professional accountants can either be called certified or chartered. In Canada, CPA stand for Chartered Professional Accountant, and in the USA, CPA stands for Certified Public Accountant.
Choosing a Chartered Professional Accountant in lieu of an unqualified accountant is essential. Given their high-level of expertise, these Chartered Accountants can add value to your small business right from the start. They can find ways to lower your company expenses and increase sales, leverage the use of latest best practices for money management, while saving you time so you can solely focus on running your small business.
While all of this can seem to be a bit daunting, doing extensive research and talking to a few CPAs before finally hiring one is quite vital.
Our team at WTC Chartered Accountant Professional proudly has 5-star reviews, offers customized pricing communicated to you in advance, and uses the latest cloud accounting software,