Of all the advisers you are likely to encounter when running a small business if you are situated in London Ontario, a good accountant is perhaps the most valuable one to have. If your accounts are in order and you are up-to-date with payments, you are far likely to be more able to concentrate on building the business.

There is nothing more stressful than feeling behind or not in a position of trust with your accountant, so here are some basic tips from the Bytestart team on choosing an accountant for your small business:

Tips for choosing an accountant

1) Investigate and, if possible, choose an accountant before you start your business.

2) Make sure your accountant is fully qualified, for example as a certified or chartered accountant. Most likely, these qualifications will be displayed on any promotional material or the company’s website, otherwise make sure you ask.

3) It is essential that your accountant works with small business clients. If your business generates a large number of transactions (for example, an online shopping service), make sure the accountant has experience with dealing with companies in your sector if possible.

4) How much does the accountant charge? Is there a fixed annual or monthly fee to complete all business tax requirements, or do hourly fees apply? Compare the fees of several firms.

5) When you first meet a prospective accountant, you will know soon enough if you see eye-to-eye. It is important to develop a good relationship and know that your finances are being handled by someone you trust. You should contact at least 3 accountants and find out which one best meets your requirements.

6) What other services does the accountant provide – can they complete your self assessment returns?, do they provide business advice or further information to help grown your business?

7) As a small business, we find that the best accountants are also likely to be smaller in size. They will understand what it’s like running a small operation and will have the resources and time you require to fun your finances properly.

8) Ask to speak to existing clients before signing up. A decent accountancy firm should be happy to arrange this.

9) Make sure your accountant keeps in touch with your business – not just at year end! If you feel your current accountant no longer meets your requirements for whatever reason, get a new one!

10) If at some stage you decide to sell your business, you will need a good accountant more than ever to minimise any tax liabilities payable on the sale.

Managing your time can be hard enough without having to worry about taxes and accounting; especially if you’re a business owner in London Ontario. Getting the proper accountant can be a time saver, but their services do not stop there. Accountants also guard you against financial mistakes and can show you how to save money. To ensure that you get the proper accountant, follow these seven simple steps:

1. CA, CGA, or CMA?

In Canada, there are three types of accountants: CMA (Certified Managerial Accountant), CGA (Certified General Accountant), CA (Certified Accountant). CMAs excel in internal business accounting. They help businesses find creative solutions to financial problems. CGAs excel in the practical tools of accounting; taxation, auditing, etc. They are generally found in public practice, working individually or with CA firms. CAs excel in both fields. They are found internally working for private businessnes or using their skills in the public field. All three of these types accountants can be found.

2. Ask for their expertise

Some accountants are experts in the tax field, while some prefer auditing. Can they give you advice on legal forms and structures? These are some of the questions you have to find out by asking your local London Ontario accountant.

3. What are their fees?

Ask the accountant how much their services cost; the rates vary from accountant to accountant. While it is important to save money while choosing your accountant, do not let that be your only criteria. Sometimes you have to spend the money to get the results you want.

4. Ask for references

Practically every accountant can give you references to past customers, if not, that it’s a huge sign that they’re not reputable. Generally, they’ll give you some numbers of past or present clients that you can call and get their honest opinions about the accountant.

5. Are they available
Try contacting the accountant at different times in the day. It’s of utmost importance that you’re able to reach them when you need them, so they should be available most of the time. You’re paying them; it shouldn’t be your job to chase them.

6. Large or small scale

Accounting companies in London Ontario differ in size. Some have tons of accountants working for them, while some work independently. Smaller firms can be more personal, but larger firms have more skills to offer.

7. Are they friendly

It’s incredibly important that your accountant be courteous and nice to you. Once again, you are paying them, they’re not paying you. Don’t let them get away with being rude or arrogant to you!

Ultimately, the decision is up to you. If you get a bad gut feeling about a certain accountant, even if they’re the most qualified, they may not be right for you. Getting an accountant can be one of the best things you can do for yourself, or your business.  Take your time, follow the steps, and do it right.

Author: Ismael Carr

The services of a good accountant can be invaluable to your small business in London Ontario. He or she will help you navigate the maze of tax laws and provide the financial advice you need to manage and grow your business.

While we tend to associate accountants with taxes, keeping you abreast of tax changes and doing your taxes are not the only services a good accountant provides.

Whether you’re wondering whether or not to incorporate your business or trying to decide if you should buy or lease a company vehicle, a good accountant will be able to tell you how such a move would affect your taxes and/or your business’s growth. If you don’t have an accountant working for your business, you need one! But how do you go about finding a good accountant in London Ontario?

1) Ask other business people about their accountants.

Find out who they use and how satisfied they are with the services their accountant provides. If you don’t or can’t get any worthy referrals using this method, use the phone book and choose several accounting firms. When you call, tell the receptionist what you do and ask for the name(s) of accountants familiar with your type of business. Use this information to create a shortlist of prospective accountants.

2) Call the four or five accountants you’ve selected and ask to discuss their services.

Ask him or her about his education (such as whether he’s a CA or CGA), about his experience with your industry, and about his fees. Use this first contact information to choose two or three accountants to interview.

3) Prepare a short list of questions you want to ask prospective accountants.

It’s important that you choose an accountant that is familiar with the special requirements of your business and/or your tax situation, so you can use these to vet potential accountants. For example:

  • If your business is Internet related, you’ll want to find out if the accountant is familiar with the language of e-commerce.
  • If your business involves periods of work in the U.S., you need an accountant that’s knowledgeable about the IRS and has experience completing U.S. tax forms.
  • If you’re thinking about exporting, ask how the accountant might help you develop an export strategy.
  • I always ask a question about their phone call and/or email policy. It’s important that your accountant is easy to contact when you have a question. How accessible is he or she and how do they bill phone call or email advice?

4) Meet with the prospective accountant(s) you’ve chosen, and ask your questions.

There’s nothing like a face-to-face meeting for gauging how well you might work with another person. Besides assessing the accountant’s knowledge, see how comfortable you are with him or her and how well the two of you communicate with each other. When you choose an accountant for your business, you’re going to be establishing a long term relationship, so feeling comfortable with him or her is important.

After all, an accountant isn’t just a tax preparer; he or she can help you build a blueprint for the future of your business.

An accountant is a professional in London Ontario who keeps track of the financial records of a business or an individual. There are a number of individuals and businesses who use the services of an accountant all year round. There are other individuals who only hire an accountant to help get all of their finances in order before their tax returns are due. There are millions of accountants located all around the world, including Accountants in London Ontario. With many cities and towns having at least ten professional accountants it is often difficult for many individuals to decide which accountant they should hire.

Learning how to choose an accountant for personal or business use is a fairly easy process. There are a number of factors that should be considered before the services of an accountant are actually hired. The best way to get started on hiring an accountant is by finding a number of them in the area. It is possible to hire an accountant that is not located in the same area as an individual or business; however, many individuals feel that it is easier to deal with an accountant who is local.

There are a number of ways that an individual or business can find an accountant in London Ontario. The most popular way is through research. Many professional accountants are listed in the local phone or they advertise their business online. When using a phone book to find an accountant individuals should look in the yellow pages or the business directory of their phone book. The majority of accountants are listed under the heading of Accounting and Bookkeeping. It is also possible for an accountant to be found by using an online business directory. Online business directories work in the same way that a traditional phone book does; however, they are often nationwide and sometimes include feedback from previous customers. Feedback ratings of a particular company may come in handy when trying to find an reputable accountant to do business with. Many individuals also find an accountant by asking for recommendations from family, friends, and coworkers.

Personal recommendations are a great way to learn about an accountant that is professional and highly recommend; however, individuals and business owners are encouraged not to just take the word of someone that they know. A large number of accountants offer free consultations to the general public. Individuals and business owners are encouraged to use a free consultations to learn more about an accountant. If a free consultation is not available many professional accountants do not mind answering a number of questions over the phone or in an email.

The most important thing to consider when looking to choose an accountant is their qualifications. There are many states that require their accountants to become certified before operating a business, but there are others that do not regulate the way that accountants operate. A certified public accountant (CPA) is often a professional individual who was trained and has a large amount of accounting experience. Many certified public accountants charge more for their services, but at the same time they often offer better results.

There are many accountants who handle a wide variety of case loads; however, there are some that only specialize in a specific area of accounting or deal with a certain type of client. Individuals and business owners are encouraged to speak with an accountant to determine if their services can be applied to their individual needs. There are many accountants who only specialize in personal accounting while others may only work with business owners.

It is also important to determine if an accountant is working on their own or if they are a part of a larger accounting team. While each may have their advantages it is possible that a large accounting firm may mean that multiple accountants will be working on your finances. There are many individuals who only want to work with one accountant instead of multiple accountants. Working one on one with a specific accountant often allows individuals to feel like they are getting the appropriate amount of attention and it also creates less confusion and errors.

As previously mentioned learning how to choose an accountant in London Ontario is a fairly easy process once individuals or business owners known which type of questions to ask. Asking questions is the best way to learn about their qualifications and the amount of money that their services cost. There is a perfect accountant out there for every individuals or business it may just take a little bit of research to find him or her.

Accountants in Canada may have designations that offer a variety of specialties that offer expertise in a variety of different areas of accounting. Each discipline has its adherents and can provide excellent accounting services while some offer value added business consulting or management experience. Which accounting designation is the best for your needs depends on what your business requires or you seek in a career.

Canadian Institute of Chartered Accountants (CICA)

  • The Accounting profession in Canada is broken into at least four groups, the first of which is the Canadian Institute of Chartered Accountants (CICA). Chartered Accountants (CA) are seen to be the highest level of accountant in Canada. They are most often controllers and vice presidents of finance and specialize in senior management, advisory, financial, tax and assurance roles
  • Certified General Accountants (CGA)

  • Certified General Accountants (CGA), as their name suggests, are general accountants and are active in all areas of business and governmental accounting. Founded in 1908 they represent some 73,000 accountants in Canada and around the world, mostly in British Commonwealth countries.
  • Society of Management Accountants of Canada (CMA)

  • Members of the Society of Management Accountants of Canada (CMA) specialize in all facets of management and measurement and are found throughout manufacturing and auditing. They are experts in process, financial reporting and moving from the theoretical to real-world applications for business solutions.
  • Canadian Academic Accounting Association (CAAA)

  • While not a separate accounting designation, the Canadian Academic Accounting Association (CAAA) promotes accounting in Canada and is made up of accounting educators, professional accountants and others.The group promotes excellence in accounting research and education in Canada.
  • Canadian Accountants

  • Canadian accounting careers can take several paths to management.The Chartered Accountant path can lead to the executive suites while the path for the CGA or CMA can lead to division management or business consulting.Which accountant is the best fit for a business depends on what the goals may be and it is best to understand the benefits of each accounting discipline before making a choice.
  • Read more: Types of Accountants in Canada | eHow.com http://www.ehow.com/about_5647750_types-accountants-canada.html#ixzz16dPjZwt8