One misconception is that only big businesses need an accountant’s services, but the truth is that, no matter the size of your company, no other business relationship is as important as the one with your accountant.
He will be your company’s economic partner for life.
Your accountant is the one that will help you keep an eye on your major costs from the very start, see the entire perspective on a given issue and cover all areas necessary your business’s healthy development.
A general accounting practice should be specialized in these four basic areas:
- Record-keeping and accounting
- Business advisory services
- Tax advice
These four areas of expertise often overlap when your accountant offers advice; for example when sorting out financial statements required for a loan, the accountant also provides insight into how certain estimates could be worked out to obtain an approving review. In doing this, the accountant is overstepping the boundary between auditing and business advisory services.
Of course it’s not easy to find a skilled and reliable accountant. The best thing to do is ask for references. Your banker, attorney or business colleague can recommend an accountant, but you shouldn’t underrate the importance of an ICPAC accountant certification (The institute of certified public accountants in Cyprus) – a title awarded to professionals who passed a thorough, nationally standardized test.
Firstly, make a list of your requirements, such as the fees you are prepared to pay and what you expect from the accountant in terms of responsibility, i.e. where does yours stop and where does his/hers begin?
Once you know what to expect and you have collected all the necessary documents, you’re ready to start the interview. A good number to start with is 5 candidates, having 2 meetings with each one before deciding. It would be nice to have one of the meetings at your office, and the other at theirs. This way both parties get to know the environment the other works in. In the interviews your main goal is to gather information about three things:
When you think of hiring an accounting firm, tax and auditing services are not the only issues that should come to mind. There is also bookkeeping, management consulting and Estate planning. The designing and applying of financial information systems should also be considered. Further services an ICPAC may offer include reviewing loan transactions and financing as well as preparing, auditing, reviewing and compiling financial statements. There might also be investments that have to be managed, and you must also consider being represented before tax authorities.
You should keep in mind that although smaller accounting firms might be preferred, they may not offer all the needed services. Apart from services, ascertain that the firm has experience with a business like yours.
When assessing abilities, ask how they would handle situations that are related to you. Listen their answers carefully and decide if that’s how you would like your business to be handled. Keep in mind that an accountant who approaches matters in a different way than you is good news providing you aren’t pressured into doing things you wouldn’t do. After all it’s your money.
Firstly ask in advance about fees. Some accounting firms charge on an hourly basis while others go by the month. You should have a clear idea of the services you will need, as well as which option will prove right for you cost wise. Don’t forget to get various quotes before making up your mind.
Before deciding, once you have an estimate of hourly and/or yearly charges, contemplate that cost is not the only factor you should consider. Experience is important and will play an important part especially when an accountant charges more by the hour. References from clients who are in the same business as you will also be helpful. Ask for them at the end of the interview.
Once you have chosen the accountant, put on paper what should be expected concerning, returns and statements to be prepared and fees. This will result in common assurances and prevent misinterpretations.
The better you keep your records the less time your accountant has to spend resulting in lower fees. Another good idea is to meet with your accountant on a monthly basis to review financial statements, check for any problems and go over solutions.
Never think that time spent to find the right accountant is wasted, and always capitalize on the advice he/she has to offer if you want your business to succeed.
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.