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Choosing an Accountant Part 3: The Good Looking Accountant

THE GOOD LOOKING ACCOUNTANT

I am venturing into dangerous ground with the above caption for this blog. However, the appearance of your accountant can help you make the right choice. Let’s make the assumption that most business owners want to deal with successful people. Success will appear to you in different ways – how the person is dressed, what kind of car they drive, what kind of office they have and many other attributes. If you are hoping to have your accountant provide organization and peace of mind to your business, then determining if they “appear” organized in their presentation to you will help you. This “image” factor extends in today’s world to the technological solutions and does your accountant employ systems that meet your business requirements. Look for these successful attributes and you will be on the way to making a good decision about your accountant.

Choosing an Accountant Part 2: The Competent Accountant

THE COMPETENT ACCOUNTANT

Business owners expect that their accountant is “competent” in the financial and tax matters that effect their operations. Unfortunately this is a Catch 22 situation as the knowledge that defines competence is what the owner doesn’t have and is expecting to receive from their accountant. Therefore, where does knowledge and competence come from? There are several sources including the study of accounting and finance, experience, the organization they represent and professional development to name a few. As the body of knowledge in the accounting, payroll and tax business is extensive it is important that your accountant has access this knowledge to answer your questions. It is okay for the answer to depend on a second opinion of their organization. Find out about this organization and you will understand better the competence and knowledge of your accountant. Padgett Business Services was founded on these principles.

Choosing an Accountant

By Brian Austin, Vice Chairman, Padgett Business Services

CHOOSING AN ACCOUNTANT

After 40 years in the accounting profession, I have come to realize that the decision most people make when choosing an accountant is often based on a single factor or a referral. A seasoned veteran of our organization with more experience than me at the time explained to me that people just want an accountant who would CARE for them. Of course, the CARE translated into the attributes you should be looking for in an accountant or the organization they represent. So …. what does CARE stand for? Simply put,  it is COMPETENT, APPEARANCE, RESPONSIBLE and EMPATHY. Follow me on this as I explain what my learned friend meant by each of these terms. I will deal with each of these in the coming days.

Choosing a TOP SHELF Payroll Service

We all know the great reasons for outsourcing payroll services. Small business owners realize that it’s more cost-effective, more reliable, and just plain simpler to find a payroll expert to outsource to. The problem is that finding the right outsourcing service is not always easy and often, the services you’d like are either not available or are only available from large companies that specialize in servicing very large enterprises.

Yet there are many outsource companies offering services to small businesses. The trick is finding the right one for your needs.

To begin with, look at your business and its needs carefully. If you are doing your payroll in-house currently, then you’ll want to look at your process and see how it can not only improve, but what needs you have that would require fulfillment by an outsourced provider. Your payroll is not just checks to your employees, of course. You have governmental obligations, such as taxes and with-holdings, forms, bookkeeping and bank records, and more. You may offer your employees retirement benefits or matching, insurance coverages, bonuses based on performance, etc. All of that has to be accounted for.

Going through these not only shows you how much you could save (in time and frustration), but also shows you what you’ll need to know when negotiating with an outsource provider.

Knowing what you need will help narrow down the options. Many outsource providers are nothing more than freelancers with payroll tracking software. For some, this may be enough to cover needs, but for most, that’s not much better than what they already have. Finding a more reliable, larger, and more competent firm is usually what a business owner will really need.

Look for an outsourcing firm that has been in the business for years, holds membership in important accounting associations like the Canadian Franchise Association, and which is backed by well-respected ownership.

Canadian needs are specific as well, so be sure they can offer full government remittance payment services (likely your most difficult payroll task), guarantee they won’t incur penalties for late payments on these, and are fully compliant with all relevant laws and regulations for payroll on your behalf.

Having a customer service representative specifically assigned to your business makes it easier to liaise with the outsource provider about your needs. Full reporting and easy access to payroll information and accounting is also a must. In today’s age, a payroll service provider that can offer emailed pay stubs, electronic processing and payments (direct deposit), and similar services is also a must.

When you make your choice, be sure you’re getting exactly what you and your company needs. Finding the right payroll processing service can be the ticket to more growth, better management, and simpler employee relations..

We encourage you to contact us with any questions.

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