How to choose the right accountant in Vaughan

After making the important decision to hire an accountant (or a firm), the next step is critical – making the choice.  It needs time and careful consideration, and a decision-making process that is systematic and thorough.  You also need to have a good sense of your needs, goals, and purpose – it’s the only way to find the right match.  And finding the right accountant in Vaughan, perhaps a firm like KBFP LLP, will adhere to a selection process that combines it all.  

Your company’s finances, assets and investments are the lifeblood of your business, so it’s in your best interest to choose an accountant who is experienced, qualified and practiced.  This will be an individual (or firm) who will be taking responsibility for your money - essentially a “partner” in your business.  So it’s vital to find someone who is reputable, trustworthy and respected, perhaps referred to you by a business associate, or even a family member or friend.

If you prefer face-to-face interaction with your accountant, you must consider proximity, access and availability.  As well, this kind of interaction will affect the cost of services.  Just remember that today, most everything is online, and many accountants are using “cloud-based” technology.

The accountant you choose should fully understand the nature of your business or industry.  In addition, make sure that your business needs are accommodated – its one thing if you need an expert in cash flow management, quite another if you need expertise in tax law.

Accountants are professionals, and duly regulated by their profession.  There is one unified professional designation in Canada now, which might be particularly well suited to your pre-requisites.  If you’re hiring a firm, there may be individuals on staff with specific designations.

Even with references, what's right for a friend’s business may not be right for your business.  And it’s also important to consider your business structure.  If you’re a sole proprietor, you may need one kind of approach, and if you’re a small business with 10 employees you might need another.

You need to decide what kind of accounting services you require.  Accountants can handle it all, but do you want bookkeeping, invoicing and data entry?  Or do you want skilled tax management, business accounting, and financial advice?  It’s all being charged by the hour, so be astute.

Another important consideration is accounting software.  Clearly, having common software with your accountant is advantageous – it makes for better integration, and it makes for a much more streamlined process.  Once again, if the software is cloud-based, there’s even more collaboration.

Decide whether you want accounting management or business management.  One option is to have an accountant who manages payroll, receivables, and tax returns.  Another option is to have an accountant who proactively engages in the business of doing business.

There’s no ideal formula for choosing an accountant (or an accounting firm), and finding the right accountant in Vaughan presents the same considerations.  With KBFP LLP, you’ll find a Licensed Public Accounting firm, with Chartered Professional Accountants whose specialty and expertise spans business accounting, tax preparation, business advisory services - and everything between!