15 Questions to Ask a New Accountant

Finding the best accountant in Canada as well as the best accountant in USA  for your business will pay dividends down the road for the small business owner. The following questions should be asked during the initial interview with your potential accountant.  

1. What type of businesses does your accounting firm support?
2. What type(s) of accounting software does your firm support?
3. What is your hourly fee for consultation?
4. What is the fee range for the preparation of year end financial statements and tax returns?
5. Who will be working on my file and what is their experience level?
6. What is the turn around time to completion of my work once all the documents and information is delivered to your office?
7. What is the procedure for bringing in my year end work?
8. Do you have an engagement agreement for my type of accounting services (normally a compilation, also known as a non-review)? If, yes, then, can I please review a copy before appointing your firm as my accountant?
9. Do you prepare personal returns for the business owners as well as the business tax returns (normally small business corporation tax returns)
10. Does your firm prepare the tax information slips for the employee’s wages?
11. Does your firm offer training on bookkeeping and the accounting software to be used by the small business client?
12. What are your office hours?
13. Will your firm post the year end adjusting journal entries to the accounting database for the small business client?
14. Does your firm offer bookkeeping services for small business clients and what are the rates?
15. How long has your firm been in business?

Your interview with the accounting firm representative will give you a feeling of confidence or will make you uncertain about hiring the firm. If uncertain, then keep looking until you find the right accountant.

Your accountant has to ask you’re the right questions about your business in order to best support you. It is the accountant who has the tax and accounting knowledge. thus it should be the accountant who knows best the right tax treatment and business strategy for you.

It is imperative that you understand the role of the accountant in relation to your business.  A lot of the business owners believe that the accountant will discover employee theft and find all the bookkeeping errors. Not so. The accountant will usually just prepare financial statements and tax returns at year end.  If you want more, them you have to be sure and include it in your contract with the accountant. Take the time to understand the responsibilities of both client and accountant.