Each business, as it grows, will eventually need to turn their financial matters over to a professional with the necessary expertise to ensure that the company's records are in order and that annual costs and taxes can be reduced as much as possible. When hiring an accountant Toronto companies can choose between delegating these duties to either an in-house employee or an outside firm. The following points can help identify those who are best qualified for the position in both cases.
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.
There are some accountants whose experience is focused primarily in one sector, which can appeal to other similar companies, as such professionals should be very familiar with those accounting issues pertaining to this industry and have effective strategies for them. On the other hand, people who have been employed by multiple types of businesses, bring a wider breadth of knowledge to the table.
Hiring one individual who deals with all the finances and is available for one on one consultation when needed, is preferred by many smaller companies, but larger corporations will most likely require a team of accountants to meet their needs. Sometimes large firms will employ smaller ones to cover their client base when it reaches a certain size.
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.
A recommendation from a trusted source such as a colleague, industry trade association representative, or a corporate attorney is good indication of the competency and professionalism of a firm or individual. Some employers also enlist the services of "head-hunters" which scout out suitable prospects for the position but they do charge a finder's fee for each successful hire.
Accountants have access to sensitive information, so it is essential that each candidate be carefully screened before hiring through both an interview and contacting references. Management in charge of hiring needs to inquire about the prospective hire's experience, software programs utilized, and company size. In the case of a large firm, one must meet those who will be handling their finances directly.
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.
There are some accountants whose experience is focused primarily in one sector, which can appeal to other similar companies, as such professionals should be very familiar with those accounting issues pertaining to this industry and have effective strategies for them. On the other hand, people who have been employed by multiple types of businesses, bring a wider breadth of knowledge to the table.
Hiring one individual who deals with all the finances and is available for one on one consultation when needed, is preferred by many smaller companies, but larger corporations will most likely require a team of accountants to meet their needs. Sometimes large firms will employ smaller ones to cover their client base when it reaches a certain size.
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.
A recommendation from a trusted source such as a colleague, industry trade association representative, or a corporate attorney is good indication of the competency and professionalism of a firm or individual. Some employers also enlist the services of "head-hunters" which scout out suitable prospects for the position but they do charge a finder's fee for each successful hire.
Accountants have access to sensitive information, so it is essential that each candidate be carefully screened before hiring through both an interview and contacting references. Management in charge of hiring needs to inquire about the prospective hire's experience, software programs utilized, and company size. In the case of a large firm, one must meet those who will be handling their finances directly.
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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