Hire a Chartered Accountant who is your friend and guide

- By A Tax Expert

As a business owner, you have a myriad of tasks on hand. Worrying about profit margins, increasing the line of products, finding innovative marketing ideas, handling customer complaints – there is certainly a lot on your platter. While these aspects of business are nevertheless often taken care of, there is one important, yet often neglected segment of the business that needs attention too. How many business owners talk about day to day financial issues or taxes? Being a time consuming task, it needs the help of an expert. Keeping your finances in check is important for budgeting and revenue tracking. Hiring a Chartered Accountant is vital and a safer bet as they are experts in dealing with the business finances.

If you have decided to hire a Chartered Accountant for your business, congratulations. This is the first step to take control of your finances. With numerous CA organisations available, you are flooded with choices. But in order to ensure that the accountant you choose is an asset to your business, here are listed some common ‘NOES’ –

  1. Do not go by the lowest price offered

This comes as a no brainer and does not need a lot of explaining to do. You must refrain from hiring someone just because he is providing the services at a cheaper price. This may help you save money now, but in the longer run you may end up spending more amount. A company offering cheaper rates may lack in competency and expertise. While this does not mean that all Chartered accounting firms offering affordable services are incompetent, you must look into their portfolio and past experience. You can also go a step further and take reviews and feedback from past clients.

  • Do not hire the first CA you come across

Do you buy the first vacation package that is offered to you? Do you hire the first candidate you interview? No, right? Then, of course, you must not be risking something as important as finances of your business by meeting the first CA. Unless you know the CA firm and their expertise over the years or have a strong reference for the same, it is suggested that you spend some time looking for the right fit for your company.

  • Do not hire a CA who is an expert on a specific segment

While it is a good idea to have an expert on board, the finances of a business are complex and have a plethora of aspects involved. There is a balance sheet to be prepared, payroll management, taxes and managing cash flows. Even if you do not need these services right away, eventually you will need them. So, it is only feasible that you hire an expert who can provide all the services under one roof.

  • Taking on board someone on the basis of experience

It is very important to know of the Chartered Accountant’s expertise. But, what if you hire someone who are good at what they do, but cannot explain you their work. As the owner of your business, it is important for you to know about the financial health of your company as well as your strength and weaknesses. Do not hire someone who cannot explain you these important financial aspects on a regular basis. The right Chartered Accountant will make sure he invests time with you and handles your queries.

With these pointers in mind, we are confident you will be able to hire a Chartered Accountant who helps you multiply your profits. The right CA will be an asset to your firm and a partner to take your business on the path of prosperity.