How to Choose the Right Accounting Firm in the Greater Toronto Area
Out of the many business decisions you have to make, choosing the right accounting firm is one of the most important ones. And we’re not just saying that because we are, you know, an accounting firm in the Greater Toronto Area.
However, it is this position that helped us better understand the importance of this choice. You see, a lot of our clients came to us after another accounting firm made a mess out of their finances (or after they did it all on their own).
You might think that it’s a simple task – after all, there is no shortage of accounting firms in Toronto or the Greater Toronto Area. Right, but contrary to what you may be tempted to believe, this makes things harder, not easier.
Toronto is a magnet for new businesses. Its quality of life, along with easy access to qualified workforce and a lot of other factors make it a top destination for entrepreneurs.
Logically, when hundreds of new businesses open every year in the Greater Toronto Area, accounting firms soon follow. It’s the basic rule of demand and supply.
But this doesn’t mean all these accounting firms are worth their salt. Or that they are suitable for you objectively speaking. It just means that it’s harder for you to sift through the myriads of candidates.
So we thought we’d make it easier for you.
These are the top qualities to look for in a Greater Toronto Area accounting firm before you sign a contract with them.
- Experience in Your Industry
Fashion and tech have very little in common. So do FMCG and B2B consultants. While it’s true that everything can be learned, do you really want your new accountants to learn at your (literal) expense?
We think not.
Ideally, you should look for an accounting firm that has experience in an area that’s at least similar to yours. This way, they will know from the very beginning what taxes you need to pay and what is the best way to secure your financial assets.
- Certified Chartered Professional Accountants
You may think that whether your accountant is a CPA or not has little relevance to your business. That’s partially correct – the actual skills of your accountant are more important than any piece of paper.
Still, a CPA doesn’t just have completed degree-level study. They typically have more knowledge than non-certified accountants.
Furthermore, even if your business is rather small now and you don’t need a CPA for bookkeeping or tax preparation, you may soon need one. When your business grows, when you need a loan, when you are audited you will definitely need the help of a CPA.
So why not work with a company that hires CPAs from the very beginning?
- Proactive Accountants
Most accounting firms in the Greater Toronto Area do little more than filing your tax return forms and managing your accounts. But the best accounting firms in the Greater Toronto Area have a pro-active, pre-emptive approach.
For instance, do you know what proportion of your operating costs you can offset against tax? It’s OK if you don’t, but your accounting firm should! Make sure you ask some similar screening interviews before you sign the contract.
At NS Accounting, we have spent years refining our systems and processes. This is how we can be sure we offer top accounting services in GTA. Give us a call or drop us a line to see if we are a good fit for your business!