The Importance of Accountants and Choosing the Right One

Posted by Rex Conner on January 20th, 2020

No business, small or large, will survive without accounting. It plays a vital role in the success of a business, as it gives you the ability to track your income and expenditures and ensures statutory compliance. Without accounting, businesses would not be able to provide management, investors and the government with quantitative financial information that is used when making business decisions. Therefore, it is of utmost importance that every business makes use of accounting services in Cape Town. (Information source: https://atlanticaccounting.co.za/accounting/)

Regardless of your industry, the value a good accountant can bring to your business cannot be understated. There are also several different accountants for different accounting services, for example, you could get a basic bookkeeper that provides basic accounting services, a fully qualified and experienced accountant that provides payroll services or a public accountant that can assist you with tax preparation. While the accounting services these people can offer may be different, they will all be able to provide you with business growth advice.

In order to be sure that you are hiring a reliable accountant, that is capable of offering the required accounting services, follow these 5 tips:

1. Know what accounting services you need:

Before hiring, or even searching for, an accountant, be sure of what accounting services you will need. That way, you will be able to determine whether you can hire a basic bookkeeper or if you need to hire a fully qualified accountant.

2. Look for someone with relevant business experience:

It is recommended to hire an accountant that has experience working in your specific industry, as they will already know about the different challenges, they may end up facing. If they have experience working with businesses in your industry, they will be able to give you expert advice on how to grow your business financially.

3. Decide whether you need a single account or a firm:

Have a look at the size of your business, as well as the amount of transactions you do over a month. That should help you determine whether you can go for a single accountant or require an entire firm.

4. Ask around for any recommendations:

The best way to source an accountant is by asking around. This will give you insider knowledge on the quality of the accounting services they offer, as well as what your budget may need to be.

5. Compare rates:

You should ask the prospects how they prefer to bill - whether they charge a monthly fee for an entire package, or if they charge monthly only for bookkeeping services and then separately for the other accounting services. You may be able to negotiate how you pay, depending on your cash flow.

It’s not an easy job to hire an accountant, as you want to be sure that the person, or firm, is the right fit for your business. Therefore, take your time and do as much research as possible. If you follow the above 5 tips, you can be confident in your decision and in the accounting services they offer.