Find The Best International Accounting Firm You Can Rely On
There are millions of business and companies around the world. Unfortunately, not everyone employs professional accounting services. Some business owners do the job on their own, despite the lack of experience. Eventually, you’ll be needing to hire these services for your commercial needs, especially if you have a vision of expanding your business. Whether you prefer a local or an international accounting firm, you’ll greatly benefit either way. Fortunately, there are hundreds of thousands of choices available online, providing a wide array of services. However, how would you know which one is the best for you?
Here are the tips you can try when finding for the most appropriate international accounting firm for your company. This ultimate checklist provides you with comprehensive guidelines on how to distinguish which is which. Are they genuinely professional, dedicated, and reputable, or just plainly phony and shady? Determine the differences of your potential accounting partners with these criteria below.
Know Your Business Needs
No businessman would be a fool to enter a business without knowing his goals and needs. Doing so is a total waste of money and time. By finding out what your corporate needs are, you can trim down the list of potential candidates for your international accounting firm tremendously.
Do you need a firm that simply handles books and files taxes, or someone who can guide your business? Most business owners want the latter as it’s more expansive, but of course, it costs more. In any case, align your needs to your budget, and prioritize on the most urgent matters for now. Sooner or later, you can find another if your needs and expectations have enlarged already.
Sort Out The Ones Who Can Add Value
Not every international accounting firm is the same. Some offer versatile services, while others consider specialization as their strongest suit. The value you are looking for is very subjective to your needs. You could opt for firms you can work with long-term, or choose those which are on top of their game. depend on the ones which you think can stay long-term.
A good international accounting firm knows how to differentiate itself from the competition. They would most likely have a target market in advance, so check out their company background. You can also get context clues on their selection of services. Some purely focus on tax, while others add legal services to the mix.
Accountants usually concentrate in a few business areas to ensure their clients with quality service. For instance, a retail tax accountant might not be as effective as a real estate accountant when dealing with properties and estates.
Check Out Each Accountant’s Background
An international accounting firm should be able to show personalities that serve as the company’s representatives. When a firm isn’t able to display their roster of accountants on the website, there’s a likelihood that they are not competitive enough. Many firms know this all too well. Nowadays, you can find the majority of them posting biographies of the partner, manager and main accountant who’ll handle your work.
These biographies serve as their resume and it’s as if they are applying to the public at large. You’ll expect them to put their education, specialization, experience, and any other vital information. Compare and contrast these data to determine which one is the most qualified for you.
Regularity of Meetings
When you’re outsourcing an international accounting firm, you’ll find out the convenience it brings. Compared to its traditionally localized counterparts, these firms are willing to solve your concerns 24/7. Having said that, there are times when you’ll be required to meet with them. This will enable you to discuss with them thoroughly your business’ current standing and future plans. In other words, you want a firm that can offer you their undivided attention.
Find out if the company is a phone call or an email away. Most likely they will put a contact page on their website, so there’s nothing to worry about. It’s a great thing if you can contact them via video conference. It’s even better if the office of your preferred firm is nearby since you can talk things out over coffee.
You can employ the top-rated, most flawless international accounting firm in town, and have the bills to pay for it. However, if you aren’t comfortable talking to them, then it’s a waste. You’re not truly getting the quality service for that top dollar you have paid. If the accountant talks in a condescending, intimidating manner, then walk away and find another.
Are Their Rates Worth It?
Accounting fees differ from one firm to the other. Firms may set rates depending on the difficulty of tasks, the time they work, or even their sheer accomplishments alone. After all, accounting is a masterful profession that takes years (even decades) to build a name from. They got to earn the dough for that.
If you’re a small business a good tip is to find a firm that charges a fixed rate for each financial task they perform. You don’t need a top-tier firm to file a personal income tax form or prepare a profit-loss statement for you.
Make sure to score a quote that includes miscellaneous expenses, billing rates, recurring and nonrecurring services and so forth. Also, ask the firm for future updates, as rates seem to be sometimes volatile. This means they are susceptible to increase depending on economic factors.
Check Out Peer Reviews
There’s a bitter reality for consumer reviews: Testimonials are so easy to manipulate nowadays. Thankfully, there are third-party review sites that ensure transparency and objectivity in releasing feedback. Most of these sites include peer reviews to lay down the veracity of the claims of an international accounting firm. This adds another factor in the reliability equation. Licensed CPA firms receive peer reviews once every three years.
Level of Automation
The technology game is very competitive in all aspects. Everything is streamlined and automated to provide efficient services for the demanding clientele. An international accounting firm complies to these rules by regularly updating its software. Manual operations are now replaced with computerized systems to speed up the process. Don’t hesitate to ask which technologies they utilize. If possible, familiarize yourself with these advancements as well. You don’t want to be left behind anyway. This either gets you on the same page with your firm or determine if it’s not catching up with the latest innovations at all.