How to pick the right accountant for your start-up

Most business owners find handling payroll, generating financial reports and taxation, themselves, time consuming. Instead they hire an accountant; this does not only save them time and stress, but also grows their business as a result of advice they get from trained and experienced personnel in the field on how to manage their business.

As it is, there are thousands of accountants in Nigeria but you need to pick only one who can trust to do their job effectively in order for you to focus maximally in growing your business. Here are few tips on how you can find the best and right accountant for you.

Before you look out for the best choice, you have to be clear on the accounting services you need. This will enable pick from the many options you might have. You also have to determine if distance will not be as issue. With the use of accounting software, accountants and their clients can now collaborate from different locations to manage their business. Although, this depends on the accounting software you use as some do not allow multiple users. If you must it, you have to make sure the accountant is in your vicinity or must be available anytime you need them to come by the office.

Get Referrals

The first easy step is to ask family and friends; get referrals. Before taking further steps, you need to narrow down your search, otherwise, there will be a lot of places to look at, which isn’t time friendly. You could talk to financial advisors as well as business owners who you know have your best interest at heart. You could also check social networks like LinkedIn.

Set up telephone interviews

The next step is to conduct short telephone interviews. This is to get basic information about their experience and services? Certain questions need to be asked which include:

What qualifications and certification do they have?

What is their area of specialisation?

What services do they offer?

How long have they been in business?

Can they provide references?

What do they know about your area of business?

What are their charges?

Speaking of certification, there are professional bodies that regulate accountants in terms of accounting qualifications and maintain high professional standards. In Nigeria, there 3 professional accounting bodies recognised by law, they are: Institute of Chartered Accountants of Nigeria (ICAN), Association of National Accountants of Nigeria (ANAN) and Chartered Institute of Management of Nigeria (CIMA). Members of these bodies are expected to be highly qualified, as a result of completed degree level of study and workplace experience.

Working with a Chartered Accountant is working with a highly skilled professional. You are not only getting them to handle accounting, tax preparation, bookkeeping, financial consultation, but also to audit and assist when the time comes to take a loan. This is not to say accountants who are not certified cannot do the job, it is just in the best interest of your start-up.

Working with your Accountant

The relationship between you and your accountant has to be based on trust. From the start, you have keep your accountant in the loop; stating where your business is currently at, and where you want to take the business. This will give them a picture of what the business could be in the future and what they need to do to help you grow your business. In order to do this, they should be involved in the early stages of business planning discussions and shouldn’t be left out in the operations of the company, this will enable them identify area which could be improved. A good accountant will be able to spot errors in your business plan and suggest better options.