Before you hire an accountant in Toronto, stop and think about your goals and objectives. First you have to decide what kind of an accountant you need. Are you looking for someone who is familiar with a small business? Then be sure that a prospective accountant candidate has plenty of small business experience, and ideally, experience in your specific industry or better yet, your specific type of business. What do you need an accountant Toronto for in the first place? To do your and business taxes, or to give you tax advice? To help you with specific business issues? Do you need multi-national taxation issues consultation? Are you moving goods across the border? Are you primarily a service business? Are you expanding your business overseas? Taking on a partner? Whatever reasons you might have, every one of your reasons must be considered as part of the overall equation and evaluation and factored in from every possible angle. Do your research and don’t just pick a relative or a just rely on a recommendation from a single person. Check their references and speak to people who have concerns that are similar to yours. This may seem to be belaboring the point, but the relationship between a person and his or her accountant is very intimate. This is someone you have to trust, you have to be comfortable with and a person with whom you have to develop an intimate relationship.
Now, when you are out there accountant shopping, be sure to taking timing into account. If it is tax season, then every good accountant must surely be busier than a long tailed cat in a room full of rocking chairs, if you follow. Spend enough time with your accountant candidate before you commit to them to get to know them thoroughly and completely. The old saying that if you decide in haste you will repent forever really applies in the accountant Toronto – business person relationship. Do you have common values and common outlooks in life? Would you be comfortable having a beer with this person. Is this person on Facebook? Does he or she have a Twitter handle? Look into their online life to find out more about who they are. And don’t forget to Google them. LinkedIn may also be an extremely valuable resource when it comes to scouting out your accountant.
You need to be able to fully trust this person, and trust has to be earned. Police files, newspapers and television shows are full of tales of fraud and embezzlement in which an unethical person who was entrusted with financial powers and abused those powers. If you are unsure of who you are working with, then you run the same risk. If you can’t find any history for the accountant, then they may not be the best choice. However, if they are from a reputable firm, with a number of references to back up their credibility and reliability, then there should be no problems. With any good accountant, you will want to build a lasting relationship.
OK, so now let’s assume you have found the best possible accountant in Toronto or the accountant of your dreams. Now what? Meet face to face with your final choice and discuss the next step. Tell him exactly what you want he or she to do for you and find out what types of documentation he or she might need. Then get all of that stuff to he or she as soon as you can. Unless you are under some kind of deadline, then give your accountant sufficient time for he or she to pour through your finances and get a complete picture of your financial profile. What happens next is up to you. You must continue to be honest and forthright with your accountant so that he or she can do the work they have trained for. At some point, you have to take a leap of faith and let them take over. Don’t try to be your own accountant and don’t try to school your accountant on what he or she should know or do. Get out of their way and let them do what they are being paid to do.