Deciding to look for an accounting firm is a crucial step for any growing business. Still, you need to ensure that your financial information — one of your company's most valuable assets - will be in safe hands. The majority of people would most likely start their research online first when looking for an accounting firm, however, you may want to conduct a more thorough research when you are looking for someone who will look into your business finances and will file your tax forms. We consider that there are five main determining elements in hiring an accounting firm for your business, whether it came through a referral or through an online search:
1. Certification and Experience Passing the ACCA or ACA exams is a very long and difficult journey, and while all certified accountants are accountants, not all accountants are certified! Make sure that the firm you are interested in, is equipped with certified staff that have received the necessary training to match the expectations and demands of today's accounting industry. You should also keep in mind that, although they may have completed courses and tests in the past, they should continue to take continuing education and professional development courses in order to remain certified, licensed, and up to date on changing accounting rules and regulations. Nevertheless, experience is what makes academic knowledge flourish, and you should therefore ensure that the firm you choose has the important combination of a team that is both academically knowledgeable and experienced.
2. Technology Accounting software has become more powerful as technology has advanced, introducing automation and a plethora of time-saving features, making accounting into a fast-paced and dynamic sector. Accounting softwares boost efficiency by automating time-consuming accounting activities and minimising error margins with a single mouse click.
The more familiar an accountant is with cloud-based accounting and company management applications, the more they can help you automate your business procedures while offering financial visibility. Having said that, accountants who stay updated, embrace technological advances, and grasp the power of these tools, may be able to focus more on value-added solutions and better respond to the demands of your business. The more tech-savvy your accountant or the accounting firm you have chosen is, the more effective your relationship and communication will be. 3. Business Growth Finding an accounting firm to actually connect with and understand you and your business is very important. You should ensure that you are comfortable with the personnel who handle your accounts and that you receive the assistance required. Your relationship with the people who will handle this kind of work, extends beyond planning and preparation; they will be your trusted business advisor. Therefore you should look for someone who will treat your firm as if it were their own.
4. Services As a business owner, time is money, and hiring the appropriate accounting firm can buy you more of it, allowing you to focus on reaching your goals. It is interesting to note that many firms can offer you a package of services, not just accounting, making it easier for you to handle as all services are under one roof. By handling a number of services for you, the firm will become more familiar with your business making them able to offer you a bespoke service beyond the mere essentials.
In addition to the typical services that many accounting firms provide, you should ensure that they are comfortable with tax planning and/or developing a strategy to assist you and your business in the future, as well as setting up an optimal structure to ensure necessary tax deductions are utilized.
Although most firms are familiar with basic business structures, if your case (i.e.: business) is unique, you may need to consult with someone who has specialist tax restructuring experience.
It is also important that your accountant will ensure that you never miss a deadline and that you are always informed about such upcoming deadlines.
5. Security Although the digital age has enabled faster and more convenient information management, it has also introduced new risks and threats. For this reason, you should look for a firm who is proactive in implementing regular security measures to protect their clients' sensitive information and who does everything with integrity.
ELSAVCO’s unwavering commitment to quality, independence, transparency and sophisticated methodology assures compliance with professional standards while also optimizing value for your company and its stakeholders.
Our certified accountants and auditors have a diverse set of skills and experiences, including delivering audit and assurance services to various size high-profile companies in Cyprus and overseas, including Financial Statement Audits, Special Purpose Audits, Assurance Services, Impact Analysis of new standards and finally, Audit of offshore jurisdiction companies. If you are interested, or if you would like to request more information regarding our services, please do not hesitate to visit our website or contact us via email on email@example.com or at 22 811 900.