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Accountants - « back to Articles

Business associates, Management Consultants, your lawyer and your banker may be able to provide a recommendation on a reliable accountant. Interview each candidate to determine their firm's experience and ability in your type of business; what level of assistance are they willing to provide and what costs are applied to these services.

Accounting firms have their strengths and weaknesses. It is important to select the best fit with your firm's needs and the accounting firms' abilities.

Do not overlook, in your selection of an accounting firm, the compatibility of that firm with yours. It is your business that is at risk, choosing an accountant who understands and respects your perspective is very important. It is just as important that you are willing to trust your accountant's service and advice, particularly when they may be the bearer's of unpleasant news.

Many accounting firms have set up small business specialists or divisions. Look for an accountant who offers timely, effective business advice that suits your schedule.

Accountants are trained to provide good advice on matters such as:
  • financial records keeping
  • taxation
  • financial planning
  • preparation of financial forecasts
  • cash-flow projections supporting loan applications
  • legal structure
  • partnership agreements
  • shares issues
Some additional tips regarding accountants:
  • Request a quotation on the accountant's estimated hours and applied rates before work on a project begins. Understand what you are going to get, and what assistance you will need to provide them so they can do the work.
  • Ask questions whenever you don't understand your accountant's terminology or advice.
  • Select a company year end that is appropriate for your business. Prepare an accurate inventory and balance your year end books when requested or required.
  • Ensure that your record keeping system is accurate throughout the year so you can quickly provide your accountant with any required information.
Attention paid to your relationship with this professional advisor will assist your business to run smoother.

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