If you have just set up a business or are planning to start one, you will invariably be faced with the task of hiring a chartered accountant.
A chartered accountant will give you financial advice, evaluate the performance of your company, solve any financial problems and devise tax management schemes for you.
When so much rests on a chartered accountant’s shoulders, it is crucial for you to take great care in choosing one for your company.
This article will help you to get one step closer to finding the best CA in Bangalore according to your business requirements.
WHAT MAKES A GREAT CHARTERED ACCOUNTANT?
Before you decide on a candidate for the position of chartered accountant, here is what you must keep in mind.
- Essential Qualifications and Licenses
In India, someone who is a chartered accountant is a member of the Indian Chartered Accountants Institute (ICAI). He/She must have cleared the three levels of the CA course, i.e., the CPT (Common Proficiency Test), IPCC (Integrated Professional Competence Course) and the FC (Final Course).
Make sure your chartered accountant has the necessary qualifications and permits to be practicing his vocation. The qualifications of your CAs also depends on what work you are looking to extract out of them.
- Compatibility with your Business
It is fundamental for you and your chartered accountant to be on the same page when it comes to your business.
If you are running a particular type of business, e.g., telecom, software or automobile, your CA must understand your needs and model his working methods accordingly. It also helps if your CA has prior experience in your specific field or with companies at the same growth stage as yours.
- Entrepreneurial Spirit
A Chartered Accountant must not be just a genius with numbers and figures. His/Her role is not limited to balancing finances.
A good CA must also be capable of giving you sound financial advice when called for. You choose to depend on your CA for counsel on how to achieve growth in the company and how to save money on taxes. This is a position of trust, and it is vital that your ideologies match when it comes to the future of the company.
- Access and Availability
When you are starting out with your CA, you will need to schedule regular meetings with him/her and on short notice.
The CA should be readily available whenever you are in need of them. This depends on what kind of CA services you are availing.
If you have sought the services of an accounting firm, you might be able to access a CA as per your requirements. However, if the chartered accountant is running a one-man show, you will have to discuss how often he/she can devote time to you.
Another factor that you should consider is the location. It is easier to employ a CA that is located close to your premises or an inside accountant.
- Recommendations and Referrals
A lot of companies get their recommendations for new hires through second-hand information. You should keep an eye out for chartered accountants that work in companies similar to yours or the same industry as you are working for.
When you interview any potential accountants, ask them for any referrals and references from existing or previous employers. You could also take professional help for this.
- Accounting Software
If you already have a particular software in place to manage your finances, find a chartered accountant who is agreeable to work with the same software.
This could be important to ensure there are no discrepancies between you and your CA. This also maintains the security of your records.
Also read:Why Artificial Intelligence Is The Future Of Accounting: Study
- Cost of Services
There is no use in beating about the bush when it comes to how much you are willing to pay your CA. Some CAs charge by the hour, some work on a retainer and some might even cost you a fraction of your annual turnover.
Be clear and concise when you negotiate the salary of your chartered accountant. The salary also depends on what exactly the chartered accountant can do for you.
IN CONCLUSION
Do not be hasty when you are looking for a chartered accountant for your business. A Chartered Accountant is responsible for more than just your accounts.
The advancement of your company could very well be decided by your CA and the insight he/she can give you.
Author: 99 Tech Post
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