Have you been wondering how to hire an accountant to take care of your company’s financial records? If yes, you are in the right place.
Every successful business and organization keeps an adequate and up-to-date record of their financial transactions, performance, and information.
This helps businesses make important decisions regarding running their business, such as; making sure they have the legal requirements for their taxes and making certain management decisions about their staff or team members.
Additionally, it helps business communicate its results to its investors and shareholders and determines its next financial decisions.
These record-keeping and financial management tasks can be handled by professionals known as Accountants.
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First, Who is an Accountant?
An accountant is a professional individual and expert who records the business and financial transactions of a business or an organization.
They also carry out the duty of giving reports on a company’s financial performance through auditing, account, and financial statement analysis like income statement, cash flow statements, statement of earnings, profits, and balance sheet.
Accounting varies from financial to managerial tasks.
Hence depending on your preference, they are various types of accountants.
This includes;
- auditors
- investment accountants
- forensic accountants
- certified public accountants
- government accountants
- financial advisors
- staff accountants
- project accountants
- management accountants
- cost accountants, etc.
What Hiring an Accountant can do for you?
While you are well aware of an accountant’s job description, you should also know the duties they can perform for your business, company, or organization.
Accountants carry out a wide range of duties, some of which are;
They issue out invoices to customers and receive invoices from suppliers for the sole purpose of recording sales, expenses, and account receivables and payables.
Additionally, they issue salaries to employees while recording the business’ expenses and cash flow.
They make adjustments to your company’s accounts and reconcile bank statements.
Accountants are responsible for compiling your organization’s tax report for the government.
This report includes your sales, property, income taxes, etc.
Additionally, they ensure that your financial record books conform to the laws and regulations stated by the government.
They compile your business’s financial statements for you, your partners, and investors, using balance sheets, cash flow, income statements, etc.
Not only do they issue financial reports they also issue management reports of your business to your managerial team.
Accountants are experts who monitor and supervise your company’s budget and expenses.
They also offer financial advice and solution that helps you cut down costs and expenses and increase your profit.
Likewise, ensuring that you have financial books that are always updated is another duty of an accountant.
Accountants also carry out financial research, forecasting, and financial risk analysis assessments.
Benefits of Hiring These Accounting Professionals
When you choose to hire the service of an accountant for your business or company, there are quite several added advantages.
Some of these advantages are;
Book/Recordkeeping
Accountants are experts in bookkeeping.
This is because they oversee and ensure that your business’s daily financial transactions are adequately recorded for the sake of stability, structure, and accountability.
Management
Accountants work daily to ensure that your business assets are properly managed and protected.
They observe your financial status, your transactions, and business reports.
They also look for ways to tackle any financial issues that may arise in your business operation.
Occasionally, they tend to assume a manager’s position by overseeing your business’s daily activities and employee performances.
Reducing Tax Liability
Another great advantage of hiring an accountant’s services is that they save you the trouble of tax liabilities and payments.
Accountants do not just monitor your financial transactions.
Instead, they assist you in filing for your tax payment process.
They identify and resolve issues with your taxes and look for ways to clear them up.
Also, they make sure your tax payments are up to date and look for ways to get tax discounts and negotiations for your company or business.
Additionally, these ensure that your company does not go against the government’s guidelines and requirements.
Making Business Decisions
When you are looking to take the next step in your business, you do not need to seek counsel outside since you have an accountant as a member of your team.
As professionals in their fields who have to gather knowledge from various work experiences, accountants help their employers make important business decisions that could positively affect the company’s future.
This is due to the vast information they possess about your business and how it can expand and make a profit.
Saving Time
When you hire an accountant, you save yourself and your business the time and energy spent on other business activities.
This might be examining and monitoring the financial status and activities of your company or organization.
Accountants make it their sole duty to ensure that your business’s financial dealings are accurately accounted for.
Not only do they have the ability to do this, but they also get the job done faster and better.
So, hiring them will give you time to focus your attention on other aspects of your business without worry.
Reduction of Expenses
Financial advice is another benefit that is attached to hiring an accountant for your business.
This is because they go through your company’s financial activities to identify how your business has been incurring avoidable expenses that can take a negative turn on your business.
They also offer financial advice on some budget-friendly financial steps you can take to minimize your business costs.
Business Growth
Accountants play an integral role in the growth and expansion of your business, brand, or organization.
Not only does their record-keeping and evaluation give your business orderliness, but their daily inputs in decision-making, daily expenses, investments, and management also help your business in more ways than you can imagine.
Handling Complexities
Accountants are trained for years to handles whatever task comes their way, be it simple or complex.
Therefore, having an accountant on your team means that you have someone who can use their knowledge and work experiences to handle financial complexities that you ordinarily cannot handle on your own.
They do this, ensuring that they are no errors or mistakes that can cost your business anything.
Also, they use their knowledge of financial technology to help you resolve management software issues.
Evaluation of Business Worth and Property
Every business would want to know how much their business or properties are worth.
In such cases, your accountant is there to use his or her expertise in helping you evaluate and determine the right value of your business.
This essential when your company or business wants to merge or sell off its assets.
It also helps you know how much to charge when settling for a trust or declaring bankruptcy.
Increase in Potential Clients
An accountant does not just open you to vast information concerning your business and finances; they help increase your clients and customers.
They direct businesses and companies on the best ways to reach out to many clients or customers through their experience.
Additionally, their contacts and network soon become your contact and network as well.
Qualities of the Best Accountants to Hire
An accountant plays a huge role in the growth and successfully running of businesses and organizations.
That being stated, there are certain traits, attributes, and characteristics that an accountant must exhibit before you consider hiring him or her.
These traits include;
Certification and Accreditation
The essential quality of an accountant is that they must have the right certifications and accreditation.
This assures you that your prospective accountant has gone through the requirements and can help you solve the impending issues and achieve your financial goals as a company or an organization.
Communication Skills
Communication is an integral skill that every accountant must-have.
They need to listen attentively, gather financial information from their employers and colleagues.
An accountant should also know how to present the results of their findings and investigation verbally and in written texts.
Computer Literacy
Accountants are also expected to be computer proficient and conversant with essential accounting software.
This enables them to use modern computer software programs for accounting, proper recording, and documentation of your business’s financial activities and performances.
Attentiveness
An accountant’s role is crucial, as it involves analyzing data and numbers day in, day out.
Hence, he or she must pay close attention to details.
This is to ensure that the information recorded is organized, correct, and accurate.
Any error or mistake not noticed can be very costly for your business or organization.
Business Knowledge
For accountants to carry out their duties effectively, they must have an understanding and your business.
This would enable them to effectively and accurately analyze, monitor, and document your business’s financial information daily.
Analytical skills
A good accountant should possess analytical skills to identify discrepancies and budding issues while analyzing, collecting financial data and information regarding your company.
They should also be able to find objective solutions to these issues or problems.
Professionalism and Ethics
Professionalism and ethics are highly appreciated characteristics of an accountant you should look for when hiring or recruiting.
Accountants are expected to be trustworthy and maintain their integrity while carrying out their duties.
This means that they should input the right information and advise their employers on the right things to do at all times.
As well as protecting their clients’ confidentiality at all costs.
Creativity
Primarily, creativity is an integral quality of an accountant.
A good accountant possesses diverse knowledge and should be able to devise creative ways to keep records and document your financial activities.
They should also develop new and innovative ways to help you in tackling complexities and issues that arise.
Furthermore, a creative accountant advises their employers on the best financial decisions to make.
Adaptability and Openness
Firstly, accountants often have to work with different businesses and people from various works of life.
This is why they must be open to learning and possess the ability to adapt to the different organizations, working environments, and people they come in contact with.
Also, their day-to-day activities require support from other members of staff and team.
Therefore, they must be open to working with other team members to ensure that their job is done adequately and that the company or organization achieves its goals.
Furthermore, they must be easy to collaborate with.
Organizational Skills
Due to the nature of their jobs, documenting and analyzing, accountants are expected to have organizational skills.
Also, these organizational skills enable them to process and record data adequately and efficiently.
Time Management Skills
The ability to carry out their duties while managing time is an integral skill that an accountant must exhibit.
An accountant should understand the essence of time, prioritize tasks given, use computer pieces of software to get their jobs done with a stipulated period of time.
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Where to Find the Best Accountants to Hire
Accountants are experts who work with different companies, institutions, and organizations.
We have streamlined several places and platforms where you can find an accountant for your company or business.
They include;
Websites
Websites like Indeed, Upwork, better team, freelance, Toptal, ihireaccounting, Jobberman, zipmeta are great options when you want to find your prospective accountant.
This all depends on your preferences.
Recommendations/Referrals
Another way to find a trusted and qualified accountant is by asking for recommendations from businesses and companies who have worked with one or more accountants.
This way, you know more about their abilities, skills, and experience.
When you consider hiring an accountant, LinkedIn is a great place to search.
You can do this by posting a vacancy for an accountant’s position or using the search options to find the right accountants’ profiles for your business.
Fiverr
Fiverr is another business platform where you can find freelance accountants available and ready to work with you.
Charted Accounting Agencies
Accountants have agencies that offer accounting services to companies and businesses like yours.
They can be found by using the Google search options to find the ones in your locality.
Social Media
Social media platforms like Facebook, Twitter, and Instagram can help you find your potential accountants.
You can post a job advertisement or use the search option to find Accountants near you.
Also, you can make use of generic hashtags like #accountants, #nigerianaccountants, #accountingcommunities.
Steps to Take on How to Hire an Accountant
Hiring an accountant involves several steps and processes you should carefully consider.
These processes include:
Decide the Type of Accountant you Want to Hire
There are various types of accountants for specific accounting services.
Therefore, before you hire an accountant, you should determine the type of accountant that your business or company needs.
Is it an auditor, financial advisor, or forensic accountant?
This specification could also be stated in your job vacancy description.
This helps you to streamline the number of applications that come in.
Certification
As you consider hiring an accountant’s services, they must possess the required accreditation and certifications accepted in your location and their field.
This assures you of their qualification, knowledge in the field of business, and ability to do their jobs efficiently.
Outline your Financial Goals and Objectives
Outlying your financial goals and objectives is an integral step to your hiring process.
Financial goals vary from companies and organizations.
This helps points your accountant in the right direction.
This is so they can invent ways to help you tackle these issues and achieve your goals.
Hence;
Define Your Budget/What to Pay
Before hiring the services of an accountant, you must consider and create your budget.
Your budget makes provision for your account and allows you to hire their services on a budget that your business or company can afford.
Additionally, the budget determines how much you can pay for the services of an accountant.
Also, it saves you the time and stress of looking for the right accountants for you.
Posting Job Vacancy Advert
If you are not satisfied with recommendations and referrals, you should consider putting up a job vacancy advertisement.
You can do this on any of the job sites we mention earlier on where to find accountants.
This advertisement should state the job title, the specification, and your expectations from your prospective accountant.
Create Your Shortlist
Your shortlist is the list of the prospective accountants that meets your specific requirements and people you want to interview
This list is drafted after several applications and going through several recommendations.
The next step would be conducting an interview.
Conduct the Interview
The interview is where you converse with your prospective accountant.
During the interview, you can ask all the questions you want and all the inquiries you need to make.
An interview also helps you decide if the accountant is the best for you and your business.
Here is a list of questions you can ask your prospective accountant during the interview:
- Why do you want to work with “XYZ” company?
- Tell me a little about yourself?
- How do you meet up with deadlines at work?
- What software applications do you use to make your job easier?
- How do you keep up with the developments and updates in accounting policies and rules?
- How do you stay organized?
- What values can you add to the “XYZ” company?
- Tell us about your experience in your previous job?
- What accounting processes do you know?
- How do you resolve problems and issues that you encounter at work?
Decide on Method of Communication
By choosing your preferred method of communication, you can decide whether you want to communicate with your accountant, one on one or via emails, chat, and video calls.
This depends on several factors like your location, time difference, if it’s a remote job, etc.
Extend a Job offer and Welcome your Accountant Onboard
The final stage of your hiring process is welcoming your accountant on board.
This stage involves extending your job offer, giving your accountant an orientation on the company’s policies and guidelines, introducing them to other members of your team and staff.
Furthermore, you can help your accountant transition to their new position by providing them with tools and assigning their tasks.
Final Words on How to Hire an Accountant
Accountants play an important role in various businesses and companies as their ability to do their jobs adequately helps your business grow.
Therefore, you must hire the right accountant.
Our steps and recommendations will guide you in making the right decision for your company or business.
