The accountant that you choose for your business plays a vital role in bringing in success. Apart from ensuring that all financial transaction of the company is in place, they also serve many different services that help promote the success of the business. They take care of the systematic recording of the books, the computation of the taxes and the identification of the different ways the company can reduce its taxes. However, when the simple procedures are not taken care of, it might be time to think of hiring a new accountant for your business.
Outsourcing your accounting work from an established accounting firm in Edmonton is always the best way to go. Not only will a lousy accountant ruin the books, but it could cause multiple problems for the company. But how do you know that it is time to hire a new accountant? Here are some tell-tale signs:
- They file the returns late. Tardiness in filing for tax returns is not a good sign. Not only do such actions attract penalties that could cost the company more, but it could be a precedent of something worse. A professional accountant knows the importance and high value that comes with the work that they do. When they hand in their work late, they are not doing the job they are supposed to do. If talking to your accountant isn’t working, then it is time to hire a new one who can do the situation with the utmost professionalism.
- How well does he know the craft? Accounting is not for everyone, and only those who know the terms, processes and the laws should be doing the job. Whether it is about tax-free benefits or tax deductions, it is essential that you work with an accountant who can explain these ideas to you with confidence and ease. Inadequate knowledge of all these accounting terms should be a clear sign that you need to hire a new one right away.
- Most small businesses and start-up owners need a thorough explanation of their financial statements. If the accountant you are working with is not equipped with the skills to help you understand such, then making the business grow financially may become more challenging than it already is. When your accountant could not answer queries that you might have concerning your financial statements, then it is best to look for an accountant who can.
Not all accountants are the same. When your accountant is hiding information from you, could not explain the books or is seemingly manipulating business accounts, it is time to consider hiring a new one. Make sure when you hire a new one, outsource it from reputable accounting firms in Edmonton to ensure the quality of work that you will get.