As a business owner, you’re aware that tax laws change every year, making it challenging to make sound financial decisions without understanding the new regulations. Hiring a CPA accounting firm in Toronto can be a smart move to take your business to new heights. Toronto accountants not only keep up with new tax laws, but they also offer financial advice, assist with budgeting, and help you establish long-term financial goals. However, there are several factors to consider when selecting Toronto bookkeepers. Here are some of them.
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1.Qualifications
- Before making your hiring decision, it’s important to determine the degrees, professional certifications, or training that the accountant possesses. Not all Toronto accountants offer the same services, and some financial services require licensing. If your chosen CPA lacks the required license, you may need to hire another professional in the near future. Rather than exposing your financial records to multiple CPAs, it’s better to select one with the necessary qualifications both presently and in the future.
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2. Cost
- The fees for bookkeeping services in Toronto may differ depending on the firm. Some companies charge by the minute, while others charge by the hour. There are accounting firms that require a retainer for advisory services, and others charge a set amount for each financial task they undertake. For instance, they may charge a fixed rate for creating a profit and loss statement, submitting a personal income tax return, or preparing a statement of net worth. Before hiring, it is crucial to clarify how they determine their fees and how much they charge. If their fees make you uncomfortable, it is recommended to search for other alternatives.
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3. Audit Support
- The worst scenario would be hiring Toronto bookkeepers who will not support you when the Canada Revenue Agency (CRA) shows up. An audit can be quite challenging, but having an accountant by your side can make the whole process less stressful. Certain accounting firms even offer their offices for audit purposes, with an accountant to assist you in facing the CRA. Regardless, you must ensure that the accounting firm you select supports you and will be there for you during these difficult times.
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4. Accessibility
It is essential to choose an accounting firm that values your business and places it as a top priority. If the CPA you select is always busy and unavailable to you, it can negatively impact your business. It’s crucial to determine whether your accountant is easily reachable via phone or email or whether you need to schedule an in-person meeting at their office. Additionally, when inquiring about their services, observe how promptly they respond. If they frequently delay or take a long time to get back to you, it could be a red flag that things may not improve once you hire them.
5. Your Business Needs
It is crucial that the accounting firm you select has experience working with businesses similar to yours. They need to comprehend the type of business you are in and your specific business requirements. If the Toronto accountants you choose are only handling your tax returns or providing more extensive financial services, they must have a proper understanding of your business. If they lack experience working with a business of your size or type, there is a higher chance that things could go wrong.
In conclusion,
To maximize the benefits of outsourcing your accounting tasks, it’s crucial to choose a reliable CPA accounting firm. This decision can open up new business opportunities, but you must ask the right questions and be satisfied with the answers before committing.
Outsourcing accounting tasks offers various advantages, including cost-efficiency and flexible contracts for scaling functions as your business grows.
Our specialized services cater to high-potential entrepreneurs in creative industries, helping them succeed without the stress of traditional financial management. We provide strategic guidance for growth and handle all the daily tasks you may find tedious, from start to finish, all at a fixed monthly fee. Our team has extensive experience working with firms like yours, making us the perfect partner to support your business growth.
