Growing companies also have increasingly complex financial matters. In order to maximize profits and minimize taxes and other expenses, such businesses typically enlist the services of either an accounting firm or in-house accounting professional. The process of hiring an accountant Toronto companies should follow to ensure the best candidate is chosen includes the following essential guidelines.
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.
Many accountants have worked primarily in a particular sector and as a result offer a high degree of familiarity with accounting issues which may come up and how to most effectively manage them. This can be a selling point when looking for further employment in the same area of business. On the other hand, someone who has worked in a variety of companies can provide a greater breadth of knowledge that may appeal to more employers.
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.
Different businesses have varying needs in terms of the complexity of their accounting requirements. Simple tasks such as tax returns and year-end financial statements can be handled by basically any CPA, while areas that require a higher degree of specialization should be placed in the hands of someone with training and experience in this area.
When the word gets out that a company is looking to hire a new accounting professional, they may find that a colleague will recommend someone or they can also turn to such credible sources as the trade association for their industry or a corporate attorney for a referral."Head-hunter" agencies can also help devise a list of promising candidates for the position, however they will incur a finder's fee in the event that one of these people gets hired.
Given the fact that accountants have access to confidential information, a considerable amount of screening must be done prior to hiring them, this includes both an interview and contacting references. It's important to gain a clear picture of the firm or person's experience, which software programs they implement, and in the case of a large firm, it is necessary to personally meet and evaluate the individuals assigned to the company's accounts.
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.
Many accountants have worked primarily in a particular sector and as a result offer a high degree of familiarity with accounting issues which may come up and how to most effectively manage them. This can be a selling point when looking for further employment in the same area of business. On the other hand, someone who has worked in a variety of companies can provide a greater breadth of knowledge that may appeal to more employers.
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.
Different businesses have varying needs in terms of the complexity of their accounting requirements. Simple tasks such as tax returns and year-end financial statements can be handled by basically any CPA, while areas that require a higher degree of specialization should be placed in the hands of someone with training and experience in this area.
When the word gets out that a company is looking to hire a new accounting professional, they may find that a colleague will recommend someone or they can also turn to such credible sources as the trade association for their industry or a corporate attorney for a referral."Head-hunter" agencies can also help devise a list of promising candidates for the position, however they will incur a finder's fee in the event that one of these people gets hired.
Given the fact that accountants have access to confidential information, a considerable amount of screening must be done prior to hiring them, this includes both an interview and contacting references. It's important to gain a clear picture of the firm or person's experience, which software programs they implement, and in the case of a large firm, it is necessary to personally meet and evaluate the individuals assigned to the company's accounts.
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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