From handling tax audits to loan applications, creating a business plan to forming the business, engaging a chartered accountant can make it easy to run your business. As a business owner, you have many things to deal with other than taxation and financial issues.
These issues need the services of an expert. Keeping your finances under control is vital for tracking revenue and budgeting. Hiring a Chartered Accountant (CA) is crucial and a safer option because they are experts at handling finances.
But to ensure that the CA you have appointed is going to be an asset for your business, there are some do and do not of using Chartered Accountant services.
What are the do not?
- Don�t go in for the lowest price You should refrain from hiring the CA offering the lowest price. It may prove more costly in the long run. The company may lack expertise and competency. At the same time, affordable service does not always mean poor quality. You must check their portfolio and references of former customers.
- Do not hire the first one Like any other service, it is not good to opt for the CA who you came across first. Unless you do research on the CA firm about expertise, experience, and positive reviews, you still have to keep looking for the right CA.
- Do not hire a specialist The finances of a business are complicated and involve many aspects. Tasks abound, like payroll management, preparation of balance sheet, managing cashflows, and taxes, etc. So, it is good to hire an expert providing many services under one roof.
- Don�t hire someone without time It is vital to monitor the financial pulse of your firm regularly. Do not hire a CA who does not have the time and dedication to do this. The right CA can invest good time and answer all your queries.
What are the dos?
- Sync with rules and regulations It is a daunting exercise to deal with various government authorities. A great CA firm not only possesses the skill set but also benefits from frequency and years of regular touch-points with different government agencies.
- Get business audit-ready An auditing calendar that is well planned along with a CA firm will not only prove to be budget-friendly for businesses, but it will also save unnecessary penalties and hassles in case the government detects any non-compliance with rules.
- Gain financial support Certain CA firms even offer funds for both business and personal objectives. Such facilities of the credit line, available via their funding system, can enable you to expand your business to new heights.
Even if your firm wishes to access funds in a regular way from banks, a CA services firm will help you prepare an overwhelming business case using sound figures and facts through great accounting software. They can also help in services like cost-benefit analysis and revenue projections.
Benefit from the wealth of experience
To be a CA, such professionals need to work for different clients across various industries. Hence, they have much experience working for both high-performing companies and those in financial distress. Ensure you hire CA�s suiting your business requirements.
In sum, finding a CA suited for your firm will take some time. But, after establishing a good relationship with your hired accountant, you can be sure that your business accounts are in good hands. They will help your firm stay much ahead of its competition.