Once a business grows large enough, many business owners hire an accountant to handle their bookkeeping and accounts. At a certain stage, a business might need to switch to a new accountant for any number of reasons, growth or looking to new markets or needing great compliancy. Since the business’s needs might have changed since they hired their previous accountant, what do you need to consider when hiring the new accountant?
Your new corporate accountant should aim to bring their expertise and knowledge to the fore to help your business achieve your goals and objectives. In a way, they should also act as business advisors, helping your business navigate different stages from start-up to growth and beyond.
To serve you best, the accountant should understand your business deeply and use their extensive understanding of your business and industry to offer helpful advice. This way, they are better able to provide you with personalised business advice that helps your business thrive.
A Deep Understanding of Your Industry and Business
Although you should be seeking an accountant who has extensive experience handling different aspects of accounting, the ideal accountant should also have the right background for your industry and business. They should have a deep understanding of how your business works. Even when they do not have specific knowledge about your business operations, they should have a deep understanding of how similar businesses in your industry operate. By understanding common operating procedures and costs, they will be able to handle one of the more challenging aspects of being a corporate accountant; tax preparation.
Additionally, the ideal accountant should have experience working with businesses that are at an identical stage as your business. Businesses at different stages have different needs and points of pain and having worked with businesses at a similar stage gives the accountant insight into the challenges and opportunities to come so they can make you better prepared to meet them.
Ability to Offer Tax Advice
Taxes can be a challenge for growing businesses, and a major obstacle to achieving its goals. Your new corporate accountant should provide you with the support and advice you need to help you save time and money and ensure compliance throughout the tax preparation and filing process while making it as convenient as possible.
The ideal accountant should also offer help when help with a unique taxation situation. Corporate accounting specialists like Azets have experienced staff with years of combined experience and can mobilise this experience to help solve any tax issues your business may have. Additionally, accounting firms like these work with you to understand your priorities, challenges and goals to offer services and solutions that are tailored specifically for your business. They also provide tailored audit, tax and business advisory services in the UK and to their international clients.
Clear, Concise Communication
If you are hiring a new corporate accountant because your business is growing, you need one who can communicate the numbers in a clear, concise manner. Accounting and its nuances can be difficult to understand, especially for those without an accounting background.
Your new accountant should be able to let go of the jargon and explain numbers, reports and graphs in terms that are simple and easy to understand. By outlining problems and explaining where your business stands in simple terms, they give you and your team a better chance of taking the best course of action.
A corporate accountant should do a lot more than handling the books as they should also offer advice and help you and your partners make the best decisions by helping you understand all your data and numbers easily.