Hiring an accountant in Toronto can be a tricky and time-consuming process. There are simply too many CPAs that look good on paper, but not all of them can deliver. Finding the right professional can be the key differentiator between success and failure of your business. Here’s a guide on how to choose an accountant in Toronto.

Know What You Need

Some CPAs excel in specific areas, such as bookkeeping or tax preparation, while others offer a more well-rounded background. The primary duties of a CPA include maintaining and auditing financial records, facilitating budget and financial operations, and advising fiscally beneficial techniques to minimize cost and maximize revenue.

Acquire Referrals

Use your business network or your personal connections to obtain referrals of good CPAs. They may not all perform up to your standards, but referrals can narrow down the options down to the certified service providers and weed out non-qualified candidates. To be qualified, a candidate must hold a Canadian Chartered Professional Accountant designation.

Ask About Their Availability

Businesses, especially those that are starting out, may need to be in touch with their respective CPA more often for the initial months. This is where choosing a sole proprietor as your CPA may be more advantageous to the situation than a CPA who is working at a firm and has someone covering for them when they’re off the clock. If you have a larger infrastructure to manage, this entails more complex issues that will surface in the future thus the need for better accessibility to CPA services.

Cost Of Services

CPAs will cost money, but the right CPA can be a good investment rather than just another business expense. Most CPAs charge a per hour rate, which ranges anywhere from C$200 to C$500. Inquire what their fees include. Will you be charged every time you phone them for help? Are they going to provide proprietary software or hardware that may be of high value for your business?

Ask About Technology

Piles of paperwork and highlighted spreadsheets are an outdated form of handling your business’ accounting tasks. Computers and eFiling are the more efficient alternatives in this modern day and age. Paperless accounting saves the business cash, time, and space from having to keep bulky file cabinets in store. Ask your prospected CPA how proficient he/she is in using accounting software or for that matter a general computer.

Use these tips on how to choose an accountant in Toronto to save you both time and frustration from blindly searching for a qualified candidate. While it does take undivided attention and time to choose the right CPA, the services provided by one ensure that your business takes care of financial affairs properly and in a timely manner.