Hiring and keeping a strong financial for your company is one of the most primary responsibilities. There are so many responsibilities of an accountant which is needed for any business. Every single penny needs to be accounted and recorded in bookkeeping for bills, payment of employee salaries (payroll) that have to be paid on time, and even the tax accountability has to be met precisely. None of the above roles can be ignored, and hence an accountant is imperative for any business.
Apart from this, there are other vital tasks that fall on the shoulders of your company’s accountants or CFO (Chief financial officer) or controller. It can vary as it depends upon the nature, structure, and specific responsibilities of your business, based on which you need to scrutinize and hire an accountant for the required role. If you just need an accountant for bookkeeping, financial statements, and other basic elements, you don’t need to hire a licensed accountant for such responsibilities. But if your business requires proper return management, manage capital gains or tax advice, you require a professional and licensed tax accountant. Some companies even outsource these responsibilities to an accounting firm.
There are specific considerations that every business should undergo before hiring an accountant-
Certified public accountants (CPA) conducts an undergraduate degree. It includes all sort of exam and experience which is needed to crack a state certification. CPA keeps on possessing such kind of education courses to maintain the benchmark for licensed and certified professionals. These education courses include specific certifications such as ABV (Accredited in business valuation), PFS (Personal financial specialist), and many others. To be able to give practical knowledge to the accountants, a certified management accountant (CMA) program is conducted to get them trained in order to meet necessary and optimum accounting standards required by the licensed professionals.
2) Interviews and reference checks-
Apart from certifications, you also need to check the references. It is a crucial decision, and the owner should perform much diligence before making a decision.
It is imperative for the business or company’s owners to conduct the interview of the accountants meticulously. Always consider the key points required to be able to meet your company’s responsibilities accurately and smoothly like how much experience have they got in your industry, software sophistication, your company’s size, etc. The selected candidate must have the knowledge and specialization in your specific industry in which your company deals in. They need to know all the tits and bits of your industry before they can be genuinely effective.
In case you are interviewing outside firms to perform the role of your company’s accountant, you need to get comfortable with the firm’s culture, and most significantly, the time they would promptly dedicate to your business. Always make sure your communication is direct and clear even with contrary advice or news.
3) Firm or sole proprietor specialist-
Many kinds of accountants deal in different nature of business and have specialization in diverse fields. Individual companies are more complacent with the branded firm. For those firms, even if you hire a sole specialist or a small firm, it will not be a disadvantage. You need to analyze the background of the professional or a firm you would choose.
You should always keep in mind that you do not have a limited choice while you are selecting the right candidate for your business. Always ensure to keep at least four or five options from which you are going to choose and selecting the best candidate out of them who is required for your company’s growth and managing affairs.
It is said that “choosing an accounting firm or in-house accountant is a milestone for your business”. It is a signal that the company wants to improve its management reporting, strengthen its financial function, and to position the company for growth. Certain companies are not able to make this decision rightly, resulting in inaccurate and sloppy reporting at a critical time in their growth. That is why it is always said and recommended to hire the right and suitable candidate for your business.