Each business, as it grows, will eventually need to turn their financial matters over to a professional with the necessary expertise to ensure that the company's records are in order and that annual costs and taxes can be reduced as much as possible. When hiring an accountant Toronto companies can choose between delegating these duties to either an in-house employee or an outside firm. The following points can help identify those who are best qualified for the position in both cases.
The Canadian accounting profession has undergone some major changes recently in terms of its industry designations. A common title of CPA, which stands for Chartered Professional Accountant is given to all accountants in Canada, replacing the former CA, CMA, and CGA designations. These individuals must earn an undergraduate degree and pass a national exam to have this title bestowed upon them. Additional training in areas of specialization can be an asset to certain types of businesses.
Many accountants have worked primarily in a particular sector and as a result offer a high degree of familiarity with accounting issues which may come up and how to most effectively manage them. This can be a selling point when looking for further employment in the same area of business. On the other hand, someone who has worked in a variety of companies can provide a greater breadth of knowledge that may appeal to more employers.
Hiring one individual who deals with all the finances and is available for one on one consultation when needed, is preferred by many smaller companies, but larger corporations will most likely require a team of accountants to meet their needs. Sometimes large firms will employ smaller ones to cover their client base when it reaches a certain size.
When a company's accounting calls for more than just the basics like tax returns and year-end financial statements, it's normally best to consider hiring someone who has training and expertise in the particular area in question to produce the most favorable outcome. Standard accounting practices can be handled by just about any accountant.
A recommendation from a trusted source such as a colleague, industry trade association representative, or a corporate attorney is good indication of the competency and professionalism of a firm or individual. Some employers also enlist the services of "head-hunters" which scout out suitable prospects for the position but they do charge a finder's fee for each successful hire.
Accountants have access to sensitive information, so it is essential that each candidate be carefully screened before hiring through both an interview and contacting references. Management in charge of hiring needs to inquire about the prospective hire's experience, software programs utilized, and company size. In the case of a large firm, one must meet those who will be handling their finances directly.
Contacting professional references is the best way to confirm the communicativeness, punctuality, and skills of each potential candidate. Finding the best match is a critical step towards the success of any business, and failing to select someone sufficiently competent can result in audits, losses, and other problems for the company.
The Canadian accounting profession has undergone some major changes recently in terms of its industry designations. A common title of CPA, which stands for Chartered Professional Accountant is given to all accountants in Canada, replacing the former CA, CMA, and CGA designations. These individuals must earn an undergraduate degree and pass a national exam to have this title bestowed upon them. Additional training in areas of specialization can be an asset to certain types of businesses.
Many accountants have worked primarily in a particular sector and as a result offer a high degree of familiarity with accounting issues which may come up and how to most effectively manage them. This can be a selling point when looking for further employment in the same area of business. On the other hand, someone who has worked in a variety of companies can provide a greater breadth of knowledge that may appeal to more employers.
Hiring one individual who deals with all the finances and is available for one on one consultation when needed, is preferred by many smaller companies, but larger corporations will most likely require a team of accountants to meet their needs. Sometimes large firms will employ smaller ones to cover their client base when it reaches a certain size.
When a company's accounting calls for more than just the basics like tax returns and year-end financial statements, it's normally best to consider hiring someone who has training and expertise in the particular area in question to produce the most favorable outcome. Standard accounting practices can be handled by just about any accountant.
A recommendation from a trusted source such as a colleague, industry trade association representative, or a corporate attorney is good indication of the competency and professionalism of a firm or individual. Some employers also enlist the services of "head-hunters" which scout out suitable prospects for the position but they do charge a finder's fee for each successful hire.
Accountants have access to sensitive information, so it is essential that each candidate be carefully screened before hiring through both an interview and contacting references. Management in charge of hiring needs to inquire about the prospective hire's experience, software programs utilized, and company size. In the case of a large firm, one must meet those who will be handling their finances directly.
Contacting professional references is the best way to confirm the communicativeness, punctuality, and skills of each potential candidate. Finding the best match is a critical step towards the success of any business, and failing to select someone sufficiently competent can result in audits, losses, and other problems for the company.
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