Growing companies also have increasingly complex financial matters. In order to maximize profits and minimize taxes and other expenses, such businesses typically enlist the services of either an accounting firm or in-house accounting professional. The process of hiring an accountant Toronto companies should follow to ensure the best candidate is chosen includes the following essential guidelines.
Recently in Canada, there have been some changes made to the designations in the accounting profession. The former CA, CMA, and CGA designations have now been unified under one common CPA, or Chartered Professional Accountant title. Any person bearing the new CPA designation, is someone who has earned an undergraduate degree and national exam requirements, but some accountants also possess additional training in areas of specialization which may be particularly useful to some businesses.
Many accountants have worked primarily in a particular sector and as a result offer a high degree of familiarity with accounting issues which may come up and how to most effectively manage them. This can be a selling point when looking for further employment in the same area of business. On the other hand, someone who has worked in a variety of companies can provide a greater breadth of knowledge that may appeal to more employers.
Some hiring managers feel more comfortable dealing directly with one individual who is responsible for all of the company's accounting, but once a business reaches a certain size, this may be too large a job for one person to handle alone and the services of a team of accountants may be needed. Large firms will assign several people to one company's accounts, and in some cases they may sub-contract smaller firms.
When a company's accounting calls for more than just the basics like tax returns and year-end financial statements, it's normally best to consider hiring someone who has training and expertise in the particular area in question to produce the most favorable outcome. Standard accounting practices can be handled by just about any accountant.
Getting a recommendation for a competent accountant from such credible sources as one's corporate attorney, a colleague, or one's industry trade association is a good way to identify firms or individuals who may be well-suited to the needs of the company. There is also the option of using the services of a "head-hunter" who can help find the best prospects, however they do charge a finder's fee for anyone hired through their agency.
Given the fact that accountants have access to confidential information, a considerable amount of screening must be done prior to hiring them, this includes both an interview and contacting references. It's important to gain a clear picture of the firm or person's experience, which software programs they implement, and in the case of a large firm, it is necessary to personally meet and evaluate the individuals assigned to the company's accounts.
References from past employers must be contacted to verify that this person or firm is one who works and communicates in a timely and clear manner and will get the job done right. Selecting an accountant is a major step for any developing business and in some respects it can make or break the company, so hiring only the best is imperative.
Recently in Canada, there have been some changes made to the designations in the accounting profession. The former CA, CMA, and CGA designations have now been unified under one common CPA, or Chartered Professional Accountant title. Any person bearing the new CPA designation, is someone who has earned an undergraduate degree and national exam requirements, but some accountants also possess additional training in areas of specialization which may be particularly useful to some businesses.
Many accountants have worked primarily in a particular sector and as a result offer a high degree of familiarity with accounting issues which may come up and how to most effectively manage them. This can be a selling point when looking for further employment in the same area of business. On the other hand, someone who has worked in a variety of companies can provide a greater breadth of knowledge that may appeal to more employers.
Some hiring managers feel more comfortable dealing directly with one individual who is responsible for all of the company's accounting, but once a business reaches a certain size, this may be too large a job for one person to handle alone and the services of a team of accountants may be needed. Large firms will assign several people to one company's accounts, and in some cases they may sub-contract smaller firms.
When a company's accounting calls for more than just the basics like tax returns and year-end financial statements, it's normally best to consider hiring someone who has training and expertise in the particular area in question to produce the most favorable outcome. Standard accounting practices can be handled by just about any accountant.
Getting a recommendation for a competent accountant from such credible sources as one's corporate attorney, a colleague, or one's industry trade association is a good way to identify firms or individuals who may be well-suited to the needs of the company. There is also the option of using the services of a "head-hunter" who can help find the best prospects, however they do charge a finder's fee for anyone hired through their agency.
Given the fact that accountants have access to confidential information, a considerable amount of screening must be done prior to hiring them, this includes both an interview and contacting references. It's important to gain a clear picture of the firm or person's experience, which software programs they implement, and in the case of a large firm, it is necessary to personally meet and evaluate the individuals assigned to the company's accounts.
References from past employers must be contacted to verify that this person or firm is one who works and communicates in a timely and clear manner and will get the job done right. Selecting an accountant is a major step for any developing business and in some respects it can make or break the company, so hiring only the best is imperative.
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