Ruining your financial data will be the last thing that you will want from your bookkeeper, hence while outsourcing bookkeeping services in Toronto, you need to be very picky.
And if this is the first time, you are planning to outsource the accounting services, then no doubt you need an expert advice. However, if you have hired a bad accountant earlier and still facing the consequences, then you can easily relate to my article.
Luckily, after several unacceptable experiences, I landed on a quality firm – ThreeValleysBookkeeping.Com, in Toronto which fulfills all of the 7 criteria below. So these things are practically tested, and you can rely on them but always keep room for more suggestions.
- What services your bookkeeper offers?
Although this point seems very predictable, most of the first timers miss this crucial thing to acknowledge.
Maybe at the first place, you will plan to hire your accountant for the payroll services only, but soon you will realize that other bookkeeping services like sales tax filing, managing invoices, and receipts, administrative services, etc., also need to take care of.
But then, you will find out the fact that your accountant does not provide all of these services and you need to hire a separate bookkeeper. Now you have to waste both time and effort again to search for a new service provider, hence, knowing all the services beforehand is essential.
- Scrutinizing the skills and Know-how of bookkeeping:
Since you want to outsource your accounting services in Toronto, I am assuming you have a very little knowledge about managing financial data. But if you are an expert in this area and want to outsource these services to concentrate on your core business, no doubt you know what skills and competencies a bookkeeper must have to take on this job.
Howsoever here I am listing some essential stuff that you must check with your accountant before hiring him.
- Proper cash flow management skills and timely invoice generation.
- Fraud management and appropriate tracking of financial data.
- An expert reconciliation of bank statements.
- Ability to resolve discrepancies.
- Organizational skill and excellent communication.
- Accurate Tax filing skills.
- How relevant is his service?
Relevancy matters a lot than experience when it comes to hiring a bookkeeper because every business needs personal financial management and hence differs from other businesses. So, the best you can do is to hire an accountant who has experience in handling financial data of a business similar to your industry.
Doing this will ensure efficiency and relevancy of the bookkeeper in managing your finance related issues. And you will have cost-effective returns.
- Hiring a firm is better than an individual bookkeeper:
This is one of the most crucial things that I have learned during my experiences with accountants. You must keep an individual bookkeeper as your last choice.
Because a quality firm that offers bookkeeping services in Toronto has a professional membership system, and the accountants have to pass it to join the company.
Apparently, when you choose to hire a firm, for the full-cycle management of your accounts, you avoid the possibilities of a poor service.
- Honesty and Transparency:
Faulty tax filing can lead to a huge financial penalty which is why you definitely need to check on the accountability of your service provider.
To check how honest your bookkeeper is, you can talk to his previous clients. Or you can ask him to bring a recommendation letter. In this way, you will be safe from any mess created by a bad bookkeeper.
- Customer Service:
Being a client, the last thing you will want from your service provider is a poor customer service. If your accounting firm is incapable of responding you back, at the time of need, or fails to give you a clear account of your financial data, there’s no point in hiring them.
Always hire a firm that remains transparent about their fees. Affordable and professional firms have a crystalline structure of monthly bills. So, before hiring a bookkeeping firm, make sure you have a clear-cut talk about the payment structure and method as hidden costs will not be entertained at all.