How to Choose a Good Accountant: A Small Business Guide to Finding the Right Fit

Choosing the right accountant is one of the most important aspects and steps that a small business owner can take.

This is because the right accountant not only handles the numbers but also helps your business stay compliant with the local tax rules and regulations at all times. However, with so many options to choose from, it can get very confusing to hire the right accountant for your business. 

And so, to make your search easier, in this blog, we will be taking you through some of the most important aspects to check before hiring an accountant.

Table of Contents

• Why the Right Accountant Can Make or Break Your Business

• What Services Do You Actually Need?

• Qualifications and Experience

• Industry Familiarity

• Tech-Savviness

• Communication Style

• Fee Transparency

• Security and Compliance Standards to Expect

• Red Flags to Watch Out For

• Why Orbit Accountants Checks All the Boxes for Canadian Businesses

Why the Right Accountant Can Make or Break Your Business

One needs to understand that an accountant is not just someone who simply files taxes but also one who helps manage your business’s cash flow and and plan your budget in time. And so, if you hire the wrong accountant or someone who is inexperienced, you must know that your business’s tax filings may get delayed and get charged with expensive penalties.

Hence, it is of the utmost importance to hire the right accountant who is not only experienced but also has the required expertise and practical knowledge working with businesses in the same industry as yours as they can either make or break your business.

What Services Do You Actually Need? 

Every business comes with their own set of requirements. For instance, some businesses might need basic bookkeeping services while the others on the other hand may need comprehensive tax preparation, accounting, and many other services available today. And so, here is a quick table to help you understand in much detail about what type of service your business may truly need:

Qualifications and Experience

One of the most important aspects to look for before hiring a professional accountant for your business is the qualification and experience that they hold. You need to check whether the accountant has proper knowledge and training, the right industry experience, and top-notch expertise. Moreover, you can also look for certifications and clarify all of your doubts before jumping into the final conclusion.

Industry Familiarity

In addition to qualification, expertise, and experience, you need to check whether the accountant has worked with businesses that match your busines’s industry. This in turn will not only ensure that the accountant understands your business’s industry very well but also make sure that they have the expertise needed to manage all your business’s accounting needs.

Tech-Savviness

With the evolution of technology, accounting today does not depend on papers and spreadsheets. In fact, modern accounting now allows accountants to use safe and secured cloud-based tools like QuickBooks and Xero to track and manage financial aspects. These tools allow you to track your business’s income and keep a track on all the numbers in real-time. A majority of the accountants today have adopted this technology to not only streamline processes but also track finances at its best! Remember that when you hire an accountant, they should ideally be comfortable working on the digital front today proving their versatility.

Communication Style

As a business owner you don’t really need an accountant who uses confusing terms. You need someone who can communicate well with you, answer all your doubts and queries, and explain things clearly. Hence, before hiring an accountant, you must identify whether they can communicate well with you or do you have to put in extra efforts to understand their terms.

Remember that good communication is always the key to stronger long-term professional relationships.

Fee Transparency

It is indeed a fact that the fee that accountants charge varies on several aspects. Some accountants may charge on an hourly basis while on the other hand the others may have fixed priced packages. Hence, before hiring an accountant make sure you are well informed about the fees without any hidden costs of the accountant beforehand.

Security and Compliance Standards to Expect

You need to understand that your accountant will be managing confidential financial data including but not limited to bank statements, tax filings, transactions, and more. This is why it becomes of the utmost importance to understand whether the accountant follows strict security and compliance standards in order to make sure that your business’s data is protected at all times.

Red Flags to Watch Out For

Besides checking on the various aspects while choosing the right accountant, there are various red flags to watch out for too! Some of them include keeping a track on whether your accountant avoids sharing detailed reports, doesn't communicate clearly, or doesn’t answer your calls often, then these can be warning signs. Plus, if your accountant is not clear or transparent about their fees or rushes through your tax filings without explaining aspects in detail, it can be some of the red flags you should watch out for.

Why Orbit Accountants Checks All the Boxes for Canadian Businesses

Finding the right accountant doesn’t have to be hard. If you have been looking to hire a professional accountant in Canada, then Orbit Accountants is the right name for you! They check all the boxes for Canadian businesses because they not only offer the best-in-industry accounting services in Canada and US but also provide the right guidance through the entire process with the utmost accuracy and personal attention to each business.

Remember that choosing the right accountant is not just about hiring someone who can simply file your taxes but it is also about finding someone who can walk by your side at every step of the way. 

With the right fit, you can focus on running your business while they handle the numbers. For small businesses in Canada, Orbit Accountants is a trusted name you can count on.