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7 Things to Ask Your Business Accounting Firm
Looking for someone to handle your weekly payroll? All you need is some reliable tax advice? Or maybe you need someone to overhaul your business’s finances and really go the extra mile. No matter the level of service you need from your accounting firm, there are some basic questions and considerations to keep in mind when making this important business decision.
- Do you have CPA designation?
CPA (Chartered Professional Accountants) Canada is one of the largest national accounting organizations in the world and is a respected voice in the business, government, education and non-profit sectors. Globally recognized and respected, the CPA designation includes education, a period of meeting relevant experience requirements, and the Common Final Examination. CPA designation is an excellent indicator of rigorous commitment to the industry and professional excellence. When choosing an accounting firm, always look for this designation to ensure you’re getting the highest standard of professionalism in the industry.
Once you’ve chosen an accounting firm, it’s always a good idea to confirm their CPA designation. CPA Alberta offers the public a means to search for members and confirm that their CPA designation is legitimate and up to date.
- What’s your availability?
Maybe you’re content to meet with your accountant once a year to file your taxes, but if you anticipate having frequent questions, find out right away if your accountant will be able to accommodate questions by call or email or if you’ll have to schedule a time to come into the office.
- Can you help me with goal setting?
It can be very beneficial to have an accountant help you set and monitor financial goals, especially if you’re just starting. If this sounds helpful, find out if the firm can assist with goal setting and if it will require additional fees.
- Do you provide business advice and/or mentoring?
Some accounting firms offer business advice (such as when to purchase equipment and how to keep financial records), and others will compile necessary financial reports but offer little in the way of knowledge. How much advice you want or need depends on your financial experience level. If you need a lot of assistance, pick a firm that will offer in-depth financial counselling to help you achieve business success. At Mowbrey Gil, our business advisory group helps ensure your business has the resources and tools needed for growth.
- Will you support me if I’m audited?
Being audited is normal for small-business owners and individual taxpayers from time to time, but that doesn’t make it less stressful! You want to know up front if your accounting firm will be able to support you should you be audited down the road, and if so, what that support entails. Being prepared for an audit can provide a lot of reassurance!
- What is your fee structure?
Some accounting firms charge a set rate for each financial task they perform, while others may charge by the minute or have a set monthly fee. At Mowbrey Gil, we tailor our core service offerings to meet you where you need us.
- Do we get along?
Lastly, and importantly, consider your connection with your accountant. You can hire the highest-priced firm out there and, if you don’t feel comfortable discussing your finances, you aren’t going to be happy with the service. If an accountant talks in terms that you don’t understand, find a different firm! Look for accountants that are approachable and comfortable talking you through your finances clearly and concisely.
Ready to choose an accounting firm for your business? Give Mowbrey Gil a call and find out how we can help you and your business reach your goals!
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