Factors to Consider When Hiring A Tax Accountant

Thursday, June 14, 2018, 6:00 AM | Leave Comment

A tax accountant can benefit your business in very many ways. Apart from just helping you reduce your tax burden legally, he/she can also provide advice on a number of things to do with your business finances.

There are very many accountants on the market today who all claim to offer superior services. While this gives you many options to choose from, it can be a problem if you do not know what to look for in a tax accountant.

The best accountants are easy to find if you know exactly what to look for.

This article highlights the important factors to consider when choosing a tax accountant.

  • Area of expertise

    You need an accountant who specializes in tax consultancy. If you come across someone who claims to be able to do anything and everything, from tax consultancy to preparation and auditing of financial statements, they are likely to be a Jack of all trades, but a master of none, and will not provide you with satisfactory services.

    It is important to have some general knowledge on other areas of accounting, but their specialty should be tax consultancy. You also need to find out what sector he/she has the most experience in. If you are in the IT sector, you need a tax accountant who has experience working in that sector.

  • Experience

    Go for a tax accountant with extensive experience providing tax consultancy services for businesses that are on the same level as you. You cannot hire a tax accountant who has been doing tax returns for individuals and expect good services.

  • Licensing

    Go for a tax accountant who has undergone the relevant training and is licensed to provide those services. They should either be a certified or chartered accountant as the bodies to which they belong require them to uphold very high professional standards.

  • Willingness to represent you if you are audited

    If your business is a public limited company, or if you plan on getting it listed on the stock exchange some time soon, your financial statements might have to be audited for one reason or another.

    Your tax accountant should be willing to represent you if you are audited for whatever reason. If he or she is reluctant to do so, you should probably find someone else.

  • Willingness to review your prior tax returns at no charge

    This usually happens before a tax accountant either agrees or declines to work with you. He/she should not charge you for this as it does not take long to review your business’s past returns. Most tax accountants do this for free and if you find one who wants to charge you, look for someone else.

  • Their fees

    Most tax accountants charge their clients by the hour. Find out how the tax accountant you are considering working with will charge you for their services. The charges will vary depending on how much work you need them to do. If you are financially strapped, set a reasonable budget range and try and find a tax consultant who is willing to work with that without compromising on the quality of their services.

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