A good tax accountant will know your business’s specific situation and can provide accurate, timely advice. They’ll also be knowledgeable about recent or upcoming changes to the business tax landscape.
Ask potential tax accountants for referrals from former or current clients. This can give you insight into their availability and communication style.
Reputation
If you are trying to find a tax accountant in Chicago for your business, it’s important to understand their reputation before posting the job. Look for an accountant known as a natural problem solver who can clearly explain complex financial statements in layperson’s terms. This skill is especially important for a tax and accounting firm, as accountants must often help clients navigate financial hiccups. It’s also a good idea to find out what software they use. Some accountants prefer to use popular software, while others favor more obscure programs. This isn’t a deal-breaker, but it’s something to remember. It would also help to ask potential accountants about their billing policies. Some bill by the hour, while others offer bundled services for a flat rate. Regardless of the billing method, getting an estimate before hiring a tax professional is important. Another thing to keep in mind is whether or not they’re a certified public accountant (CPA). CPAs can provide the highest level of service in the industry, and it’s also a requirement for all tax professionals.
Experience
Many accounting professionals have a specialization, such as tax preparation for individuals or small businesses. Others focus on tax consultation and auditing for more giant corporations, and still, others specialize in business finance or forensic accounting. Regardless of their specialty, find out how much experience they have in their chosen area.
Ask potential accountants for referrals from former and current clients. These references can help gauge a candidate’s expertise level and communication style. If they are hesitant to provide you with these referrals or don’t have any, consider that a red flag.
A good tax accountant constantly analyzes new laws, regulations, and court rulings to see how they might impact clients. They are also expected to keep up with the latest accounting software and technology. They need to be able to identify tax-saving opportunities and represent their client’s interests in any tax audit. In addition to their technical knowledge, a top-notch tax accountant is a good communicator. They can explain complex topics in layman’s terms and ensure all parties understand the issues. They can also handle difficult situations, such as a client facing a tax controversy. Moreover, they can assist their clients in achieving their personal and professional goals. They can recommend investment strategies and assist in preparing income tax returns, ensuring compliance with applicable laws.
Fees
Filing a tax return costs money, but it’s an essential part of any business and can save you a lot of headaches (and cash) in the long run. Luckily, most of us can file our taxes for free or at a very low cost using the software. The cost of hiring a professional accountant, however, is much higher, and it will depend on the complexity of your filing. Choosing the right tax accountant can save you time, money, and hassle by simplifying your financial records. It’s important to find a reputable professional who takes the time to thoroughly review your documents and ensure no i’s are left undotted or not crossed. It’s also a good idea to choose someone with experience with your industry and the size of your business.
Ask potential accountants to provide client referrals and contact information to ensure you get the best value for your money. Those confident in delivering high-quality services will happily connect you with previous and current clients. It’s also a good idea for you to consider whether your accountant will only be handling your taxes or if they will also offer other services like bookkeeping and accounting. This will give you a clear idea of how much they charge for their services and help you choose the best one for your needs.
Communication
While it’s true that all accountants will try to sell their services, the best ones will go the extra mile to build trust and rapport with clients. This could mean being friendly and asking clients about their hobbies or calling them during their preferred times of day (not after dark or on weekends). Accounting professionals write extensively, so they must be able to communicate technical concepts clearly and concisely. They must also understand their client’s goals and convey these ideas in writing. This will require a thorough understanding of their client’s industry, including specific financial trends and ratios.
Being able to anticipate how new legislation or court rulings may impact the clients is an important skill for tax accountants. These updates can affect everything from tax deductions to how a company reports international revenue. The ability to quickly assess the impact of these changes and advise clients accordingly is critical for their success.
