Having a skilled and experiencedaccountant working for you is of vital importance, especially if you are a small business owner. Sadly, the selection of the business accountant is often done hastily,
without taking into account factors such as experience in the industry, referrals etc. Numerous small business owners consider all this “accountant selection” issue no more than a bother, which is solely connected with taxation. In fact, a competent and skilled accountant can do much, much more for the business he or she works for. So, if you are pleased with your accountant just because he or she takes care of your tax payments, it would be nice to revaluate his/ her role in your firm.
On the other hand, in case you already feel your accountant is not as competent as he should and isn’t contributing to your firm’s development and success, you should probably look for a replacement. If you have doubts, then this article will offer some help: we have written down 7 “symptoms” denoting your accountant must be replaced as soon as possible.
1. They Are Not Willing to Enlighten you about your Financial Statements
One major problem most small business owners have to deal with is the monster called “Financial Statement”, which seems more like a bunch of hieroglyphics to them. That is natural, of course, since none of them learned how to read them – something you can usually do in business schools. Sadly, several accountants are not willing to enlighten businessmen and help them understand the picture drawn by their financial statements. They prefer keeping them in ignorance, due to the idiotic idea that professional knowledge should remain secret in order to maintain job security.
If that sounds like your current accountant, take immediate action and replace him with one that is willing to help you understand your financial statements and help you leverage the reports of your accounting program.
2. They Lack Specialization
Your business belongs to a certain industry, with its own characteristics, traps and needs – and your accountant should master these secrets as well as possible, including your industry’s applicable tax codes and breaks. Hence, if your accountant lacks specialization, best replace him with a more experienced one.
3. They Are Unable to Maximize Deductions – or They Simply Don’t Care
Eventually, the business owner signs off on the tax return and should be feeling comfortable with the way their accountant had treated the deductions. While certain accountants tend to be a bit more “aggressive” and take risks they shouldn’t, others are strict or simply indifferent.
The best thing to do is gather as much information as possible about the accountant’s methods and skill. You could provide them with tax recognition examples and deduction methods you have used before and see what they will tell you. Ask other businessmen in your industry to see what types of deductions they get.
4. You Find Better Advice Somewhere Else
When you find yourself getting better accounting advice elsewhere than your accountant, fire him… yesterday – especially when you inform him about the advice and he finds it great!
5. Money for… Nothing
You need to check whether you actually get what you pay for. A respectable value for money ratio should be at least 10 to 1.
6. They Belong to the “Last Minute” Sort
If you notice your tax returns are constantly filed just before the deadline expires, something is terribly wrong with your accountant. Statement analysis should also be given to you on time.
7. You Have Trouble Reaching Them
This is a symptom of bad manners besides bad counting. You should be able to reach your accountant easily, or at least he should get back to you within the day when you leave a note you need him. That is actually one of the best things with PHS – all our clients express their gratitude and satisfaction for our prompt responses to their needs and questions.
Efficient accounting is not a luxury for a small business, but a dire necessity. So, never compromise with something less than you require. After all, you pay for it.
Talk to us for further advice.
If you want to work with professionals who provide exceptional quality standards of services in Cyprus, the simplest way is to fill in this contact form.
We will analyze your case and advice you on:
- What company structure suits you best,
- What is the best Tax solution(s) for your business,
- What Banking and cash flows arrangements available.
We will take you through a step by step process from A to Z in creating the perfect business in Cyprus.
Can’t wait any longer? Fill in the form and submit your inquiries make your first step and we will deal with the rest.
Become even more successful by working with accountants you can count on and be among the thousands that already did.
If you want to work with professionals who provide exceptional quality standards of services in Cyprus, the simplest way is to fill in the contact form below.
We will take you through a step by step process from A to Z in creating the perfect business structure in Cyprus.
Can’t wait any longer? Become even more successful by working with accountants you can count on and be among the thousands business that already did.