“Why do you need an accountant?” generally, the answer to this question is given as “To keep the accounting of the company and to fulfill the liabilities against the finance”.
Accountants are positioned as sort of “tax accountants”. However, most of the time your needs are not limited to “tax accounting”. Your needs and expectations are increasing day by day as your business grows.
For example, you want to know about the profitability of your operations and investments; growth, opening branches, leasing, incentives, etc. you want consultancy on issues. You need more than want.
Therefore, choosing by considering your needs will bring you together with the right accountant. Whatever you want to achieve in the future with your business, your accountant should be able to give you the interpretation that the numbers allow, otherwise we can say that you made the wrong choice or did not get a good consultancy.
What issues should you be able to consult with your accountant other than accounting?
Tax Planning: Apart from filling out tax returns, your accountant should also be able to assist you in tax planning for your business. You should be able to see how your tax burden will be in the future with the advice thy will give you.
Business Consulting: A good accountant should help your business grow. It should be able to foresee the problems in your business and offer customized solutions for you should be able to provide consultancy on issues such as internal control, risk management, leasing or purchasing, pricing, profitability.
Accountants with experience in working in companies can offer more support as they are experienced with the internal dynamics of companies and the problems they face.
It would be very beneficial for your accountant to provide you with your balance sheet and income statement every month and to be able to make at least one phone call over the data.
Technological Information: Information technology is advancing day by day and small businesses can access the services of large enterprises for less money thanks to cloud-based applications.
The accountant you choose should be knowledgeable about functional and affordable technologies and be able to apply them to their work.
For example, sharing company establishment files and monthly statements with you in the cloud or being introduced to applications, where you can manage income and expenses, will speed up your work.
Networking: The top accounting companies in India can facilitate your work with business partners. Finding a loan or a lawyer is a common problem of every business. It should be able to come up with suggestions suitable for you in such matters.
The question you should ask when choosing your accountant: What are the features that distinguish you from others?
This question can give you important clues about how the accountant is positioning himself and how he can help you further.
Since it is not easy to measure the performance of accounting and consultancy services, it is difficult to make comparisons in matters such as wages and quality, but if you pay attention to the issues mentioned above when choosing your accountant, it will be very useful to choose the right accountant to support you in the process of growing your business.
This content is meant for information only and should not be considered as an advice or legal opinion, or otherwise. AKGVG & Associates does not intend to advertise its services through this.
CA Aman Aggarwal