Global tax evasion by wealthy individuals and big corporations costs governments $483 billion a year. That amount would cover the cost of immunizing everyone on the planet against COVID-19 more than three times. Says the 2021 edition of the State of Tax Justice documents.
What could be the reason for it?
To avoid such situations, it is necessary to opt for a competent and licensed tax Accountant to carry out your financial dealings. Make sure to choose an accountant who can help you lower your business taxes and deal efficiently to save your time and money.
This guide will take you through a comprehensive understanding of tax accountants and their services with 6+ tips to choose the best one.
WHY YOU NEED A PERSONAL TAX ACCOUNTANT?
Are you certain of your goals if you’re searching for a personal tax accountant in Mississauga?
There is much more to the accounting and finance industry than bookkeeping, tax preparation, audits, and financial reporting. Knowing what kind of service you want is the first and most important step. Below mentioned are the common accounting services:
- Tax planning and preparation:
It is the process of preparing your tax return to optimize your company’s tax condition.
- Payroll:
It includes all the complicated calculations including withholdings and payroll cheque cutting.
- Financial reporting and statements creation:
It is creating monthly, quarterly, or annual financial statements. They contain information about your firm and reports using business intelligence tools.
- Business audits:
To help you secure funding from financial institutions, an accountant can audit your business and create value reports.
- Finance advisory services:
A certified accountant does offer the services of being your company’s financial advisor.
- Outsourced CFO:
Accounting businesses may also offer outsourcing finance strategies for small or mid-sized companies.
TIPS FOR MAKING THE RIGHT CHOICE FOR A PERSONAL INCOME TAX ACCOUNTANT IN MISSISSAUGA:
After you’ve gained an understanding of typical accounting services, it’s time to select the one that best suits your needs. To ensure a hassle-free experience, refer to the tips below.
- Figure out your requirements:
Before you hire an accountant, you should have a basic understanding of the tasks you want them to complete for you. Do you need help with bookkeeping and financial reporting? Do you require assistance from a tax expert to prepare and file your taxes?
A bookkeeper or an uncertified accountant can help with day-to-day bookkeeping, but a Certified Public Accountant (CPA) may be your best bet if you need someone to file your taxes, support an audit, or provide strategic tax advice. It’s important to be specific about the tasks and projects you need help with while looking for an accountant, as well as how often.
- Check out the qualifications and necessary credentials of the accountant:
The education and official certifications of an accountant will provide you with the gist of whether they are the best fit for your industry. Just like any other profession, Accounting & Finance also has specialties.
Check out their previous industry experience and qualifications to analyze how they can add value to your business with their business.
An easy way to understand if an accountant is Chartered/licensed or certified is to take a look at their names, it all lies in there! Some of the prominent examples of qualified accountants are:
- ACA (member of the Institute of Chartered Accountants)
- FCA (member of the Institute of Chartered Accountants for 10+ years)
- ACCA (member of the Chartered Association of Certified Accountants)
- FCCA (member of the Chartered Association of Certified Accountants for 10+ years)
- CTA (member of the Chartered Institute of Taxation)
- Software used:
The accounting software you use must align with the one you are going to hire uses. It is to ease the working process and prevent any chaos later on.
If it’s not the case then your accountant must know how to transfer data from your software. Some accounting software offers real-time financial reports that can connect to different sources of financial data. This means you can always see how your business is doing and get the latest information, no matter where you are.
- Make transparent communications about the cost:
One of the most important aspects of choosing a personal tax accountant is to set clear pricing. Whether they charge hourly, request a quote based on workload, or want a monthly retainer, it should be clearly discussed.
- Interviewing:
It’s recommended to interview several prospects before making your final choice. Furthermore, doing a series of interviews will not only help you identify the specific type of accountant you need, but it will also give you invaluable free advice. You might even discover that by doing this, it becomes simpler to define your company’s requirements.
- Background checks:
You are going to hire an accountant who will be dealing with most of your financial data, so make it a wise decision.
It is recommended to do a background check of the accountant you want to hire by talking or getting in touch with a few of their earlier clients.
Don’t give them an overwhelming amount of written questions to answer. A three-page questionnaire with bland written answers will likely tell far less about your prospective accountant than a ten-minute phone conversation.
- Use your social media to find the best ones:
As we live in an era where digital advancements are at their peak, social media will prove to be the best way to look for a skilled personal tax accountant.
To begin with, ask friends or relatives who own small businesses for recommendations. Keep in mind that choosing an accountant might be a personal decision; therefore, what suits your best friend’s agency might not be suitable for your company.
KEY TAKEAWAYS:
Handing over your financial dealings to an accountant is a huge responsibility. It’s essential to take the time to do thorough research before making your final choice.
So, if you’ve ever thought about finding a “Personal tax accountant near Mississauga, Ontario,” follow these tips to make an informed decision.
If you’re a resident of Mississauga searching for the best accountants to handle your tax filing and finances, schedule your first consultation with us.
At Numeracy Accounting Solutions, we pride ourselves on solving our clients’ queries efficiently and offering the best accounting services. Let’s get in touch. For additional insights, explore our guide on Maximizing Your Disability Tax Credit: Tips & Strategies or learn about Our Estate Tax Planning Services and how we can help you achieve your financial goals.