Monday, December 9, 2013

How To Choose An Accountant

When you are looking for an accountant or an accounting firm in Singapore, there are a few things to consider during your search and interview process.  Your primary goal is to find out three major factors which include services, fees, and personality.

Most accounting firms you encounter will offer basic tax and audit services.  This is a given for just about any accountant or accounting firm you come across.  However, what additional services do they offer?  Will they aid in bookkeeping or estate planning?  Can they help you with coming up with a financial information system?  Some CPAs will also offer additional services that include the analyzing of transactions for financing and loans and even managing investments and providing representation in front of tax authorities.

Usually entrepreneurs will be better off with smaller firms.  However, these smaller firms may not always offer all the services you need.  Be sure that whichever firm you are considering offers all the services that you will be needing.  The firm should also have some experience working with small businesses within your niche or industry.

Fees will be a huge deciding factor when choosing an accountant.  What you need to do is find out about any fees upfront.  Most firms will charge you by the hour, and fees can range from as little as $100 to over $300 an hour.  There are also some accountants who are willing to work on a monthly retainer basis.  Calculate the likely costs and be sure to get quotes from several accountants.

If you can, try to find out how much each accountant will charge you on a yearly basis based upon the services you will require.    You should also be sure to ask for references.

Lastly, you want to make sure that you are compatible with your accountant.  Your accountant's style is something that you should be comfortable with.  He or she should also not be pressuring into things that make you uncomfortable.  After all, they are working for you and not the other way around.

There are many other factors that can come into play, but these three main factors should weigh heavily on your decision.  Choosing an accountant can be tough, but a good accountant can help you and your business reach higher than you thought possible.  It is well worth the time and effort.

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