Most of us are so busy in our daily lives that we often ignore the need for a good personal accountant. We are so busy with our careers that we often end up forgetting that a good accountant could actually save us a lot of money or save a lot of trouble if we make mistakes in our tax planning amongst other things. Choosing the right accountant is quite important as they will play a vital role in your financial wellbeing and future growth prospects. Some of the aspects you must look for when searching for the right person or company to handle your accounts is as follows:
1) Local knowledge: It is surprising how many people do not consider this simple but crucial aspect while choosing a personal accountant. An accounting firm could be one of the most high profile firms in another state but if their team in your own city or province does not have much experience with local laws, then you could face difficulties in dealing with them. Most provinces will have some regulations unique to its residents only. Many local governments give tax breaks to certain industries or professions. Some levy taxes higher than normal on luxuries or other goods and services. Your accountant needs to know the local laws thoroughly before they can plan your taxes. You do not want to end up paying higher taxes or worse do not pay taxes when you are actually liable to do so. Hence if you are based in a city such as Calgary, you need to make sure your personal accounting teams knows in and out of laws unique to Calgary.
2) Offers more than just accounting: Many a times we end up working with someone whose knowledge or service repertoire is confined to maintaining books of accounts. However, in reality we need much more than simply someone maintaining our accounts and advising us on how much tax we need to pay. Most of us would need serious financial planning, consulting on how to save on taxes, ability to get qualified legal advice, ability to acquire a loan or mortgage if required amongst other things.
It is best to work with an accounting firm that offers all of these services under one roof. It would make our lives much simpler if we could go back to the same place for all our financial needs. There are firms who have qualified accountants as well as lawyers, financial advisors, loan specialists and even business coaches as part of their team. Working with such a firm will definitely be more beneficial to you in the long run.
3) Integrity: Of course one of the most important aspects that you should look for in a personal accounting company is integrity. They need to have the highest quality standards and be honest with you at all times. Integrity is not just important so that you know your accounting firm is doing the best for you, they should be honest in general so that they do not advise you to do something illegal in order to save on taxes or build financial wealth. The right accounting firm would make sure you get the most out of the existing rules and regulations while always being within the purview of the law.