Track Your Finances Peacefully!
A staggering 80% of businesses in the United States fail in the first year due to a lack of financial planning and management.

It is a tiring job to run a small business, regardless of its size, because you have to keep a tab on every aspect of your business, especially finances. This could stress you out, especially if you have no prior experience in the given field. If you are just starting out, you not only have to worry about setting up a proper physical location but also having proper online visibility. A good website for your business, proper online marketing and professional help to avoid overspending, preparing timely tax returns, and even forecasting future opportunities can set you up for success.

A book-keeper can do a great job maintaining records, but to navigate your way through tax laws, you will need to hire a good CPA or an accountant firm. Even if you are someone with a job, you may require financial planning, preparing your personal taxes and cost-cutting.

Most accountants are responsible for a wide range of finance-related tasks, either for individual clients or for small or larger businesses and organizations employing them.

You could be one of those people that has been filing your taxes using a self assist software and are now looking for a professional to handle your corporate and/or personal taxes; there are a few factors that you should keep in mind while looking for someone to entrust, as this job requires a complete sense financial transparency and confidentiality between the accountant and the client.

Five characteristics to look for in a good designated CPA or an accounting firm:
1. Designation and experience:
First, the accountant you are looking for may not be qualified to advise you on your financial matters. There is an increasing number of poor accountants in the market, and hence, it is important to learn about the qualifications of your accountant.

While all CPAs are accountants, not all accountants are CPAs!

Ask them how long have they been in the business for, as experience really matters, because you could find a newly graduated accountant that could file your personal taxes but not have enough experience to provide bits of advice tailored for your industry or business. Make sure your accountant is trained well enough to meet the expectations and demands of today’s accounting profession. The best advice you will get regarding business and financial planning, forecasting and taxes are from a CPA or a reputable and experienced accounting firm with many specializations.

2. Their geographic location and proximity to your business
Does location matter? This is a question that you have to ask yourself!

It is a great idea to have your personal accountant or company accountant near you. With the increase in technology and the current pandemic situation, all companies collaborate online, using cloud-based and other video conferencing technologies. The decision about where your accountant should be based completely depends on what suits you or your business better.

If you have no trouble communicating through e-mails, phone calls and video conferencing applications, your accountant could be based anywhere. On the other hand, you may be more comfortable speaking to your accountant face-to-face, and hence, you may want to find someone who best understands your finances, near you.

For instance, if you are a business based in Calgary, Alberta, Canada, then finding an accounting, bookkeeping and tax filing firm in Calgary will work best for you. But, you may also find that these accounting firms can help you remotely even if you are a few hundred kilometres away. These adaptive skills of working with local clients and remote clients have been impressive and a great relief for many businesses. Firms who have been quick to adapt have expanded their business even during the 2020 pandemic.

3. Ask your social connections:
While looking for an accountant, the ideal person could be right under your nose.

Ask your family, friends and business connections for their recommendations and their reasons for that specific recommendation!

Ask around to learn if someone has had a bad experience, that way, you will learn the traits that shouldn’t exist in your accountant. Your business must receive all the support it needs, and you are comfortable with the people handling your accounts. Keep in mind the structure of your business compared to others that you are seeking recommendations from. An accountant for small businesses and personal taxes might not be suitable for a corporate company with more than 100s of employees.

4. Check for their accounting specialty and other services:
A proactive accountant will always think of ways to save your money!

While we tend to associate accountants with tax filing and returns, it is not the only service they provide!
Some accountants provide you with book-keeping and payroll services while others just stick to the core services like filing year-end tax returns, corporate taxes, and financial statements. You will need to evaluate your needs and requirements while looking for the services that best fit you and your business. You should speak to them and make sure that they can help you with your business tax planning, cash-flow management and tax deductions.

If your business involves periods of work in other countries, you need an accountant knowledgeable about international tax issues. For instance, if you are Canadian and wish to do business in the USA, you need someone familiar with the IRS and have experience completing U.S. tax forms.

Your business must receive all the support it needs, and you are comfortable with the people handling your accounts. Along with expertise, you are looking for someone who can keep your financial information confidential and secure. Your accountant must guarantee security and a very low risk of the breach, along with all the basic accounting services.

5. Timely guidance – especially during COVID-19
Here is how your account plays a very critical role in your financial planning during the pandemic.

You need someone who will immediately inform you about the changing government regulations and incentives during the pandemic.

The pandemic is touching every corner of our lives. People are worried about their family’s health, children and their schooling, jobs and their financial liquidity during this unpredictable environment.

Your accountant should be well informed about the changing financial, government regulations and incentives, and promptly inform you as soon as they have the information. For example, this accounting and tax services firm in Calgary has posted articles on how to cost cut and budget yourself during the pandemic, the government benefits and incentives people can apply for, and much more, which makes it a reputable, trustworthy and well-informed accounting firm to work with.

Good accountants can help your business grow!
Good accountants will help your business expand by providing a sense of security through financial planning on practical issues. This may sound more like a relationship than a business arrangement, and that is because your accountant is intimately involved with the operation and business structure of your company and its finances.

Learn to trust your intuition along with all the information provided in this article. Keeping the above tips in mind will help you find the right accountant to assist you in your personal and business needs.