Working with the best CA firm can give your business a competitive place and promote better practices in the long run.
A single quality doesn`t make an accounting firm great, there are several. Here is a comprehensive list of all the aspects that one should carefully take into the discussion before choosing an accounting firm:
Getting accounting firm recommendations from friends and acquaintances can backfire in a lot of ways. However, this method works effectively today as well, especially if you are not unqualified with the work of an accountant or accounting techniques.
However, it is important to note that more dependence on this can hurt your chances of expanding the business. Therefore, there are several other important criteria you should consider before hiring CA firms in India.
2) Accounting Fees and Level of Services
The accountant fees differ from one firm to another. Many accountants might charge by the minute and some might have a set rate for their services. Therefore, it is crucial to be sure about how much you are willing to spend on an accountant and which type of payment are you in a position to make.
Accounting firms differ in their levels of services. Meaning, that while some of the accounting firms provide all inclusive services related to bookkeeping, some firms do not have those services. Therefore, a thorough decision should be made regarding your needs and if the firm is able to help you.
3) Audit Support
New enterprises undergo more frequent periodic tax audits. As a newcomer, you can greatly benefit from the full-time assistance of your accountant. As it is challenging for new businesses to fulfill the many requirements, a skillful and experienced accountant can make the procedure easier for you.
Every accounting firm provides differing support for audits, wherein some firms provide in-house audit provisions to the client. Thus, you must go with an accounting firm that provides strong audit support.
4) Transparency and Open Communication
Transparency of information is all-important for accounting services. Always make sure to get proper feedback from your accountant while deciding on the finances for future expenditure. This would ensure that you very well-know the strategies being used in preparing the books.
Open communication would not only result in an organized workflow but also accurate bookkeeping and greater interpersonal relations.
5) Technological Input
Accounting processes have been very benefitted from the great development in technology. Newer software has made these processes easier to initiate while maintaining accuracy.
You are most likely to come across accounting firms in India that use outdated software. Always try to avoid such firms that practice outdated software and technology.