3 Tips For Hiring a Tax Accountant
Taxation is a very sensitive issue. The most genuine of mistakes when filing tax returns can have serious legal and financial implications. This is because such genuine mistakes are often misinterpreted as an attempt to avoid taxes. It for this reason that a large number of business owners choose to hire the services of a professional tax accountant.
The article below discusses a few tips on how you can go about hiring the right tax accountant for your business' finances.
Consider Chartered Tax Accountants
There is a great difference between a regular accountant who does book-keeping and maintains ledgers and a chartered accountant. This difference is brought about by the fact that chartered accountants have a higher degree of training.
An undergraduate qualification is a pre-requisite for one to qualify as a chartered accountant and this is in addition to the professional qualification for chartered accounting professionals. For example, a chartered tax accountant would have a bachelor's degree in economics, finance, business management and other related fields.
It is important to point out that chartered accountants have a significantly higher salary range as compared to that of their regular counterparts.
Opt for Local Assistance
It is very easy to fall for the lure of "international" professionals when looking to hire a tax accountant. The only problem with this is that such professionals may not have an in-depth understanding of how taxation laws work in your locality.
It is therefore more advisable to source for tax accountants who have operated and continue to operate in your jurisdiction. Apart from understanding local tax laws better, a local-based tax accountant is bound to be aware of the most recent changes in taxation laws as well as important precedents derived from recent tax-related cases.
In addition to the mentioned benefits, a local based accountant will cost you less than an out-of-town accounting professional.
Consider Tax Programs Used by the Accountant
When looking for an accountant, you should consider the tax program that he or she uses before you get into any agreement. While the tax program used doesn't have an impact on the results of the job, it determines how easy it is for your financial information to be transferred from one accountant to the other, if you later choose to hire a different accountant.
The less complex and less obscure the tax program used the easier it is to switch between tax accountants.