How do you find an accountant?

Answer 1

Finding an AccountantThis is basic advice on how to find an accountant from the Federal Consumer Information Center and the Small Business Administration:

You want to find an accountant who is knowledgeable, capable and discreet. With the ever-changing complexities of tax laws and developments in accounting methods, it is important to look for an accountant who takes advantage of educational seminars, professional publications and other continuing-education opportunities.

Professional Accountants are listed in the yellow pages and internet directories under accountants, public accountants, bookkeepers and tax preparers. Look for references or recommendations from local business associates, your banker or your attorney.

Another good way to find an accountant is to call the local state society of certified public accountants. For example, if you're in Washington state, you can call the Washington Society of Certified Public Accountants. If you're in Texas, you can call the Texas Society of Certified Public Accountants, and so on.

A couple of disclaimers: Typically, CPAs pay for inclusion on the referral lists (which means not every CPA is listed). Also, not every accountant is going to be a member of the state society.

If you are in Canada . . . there are licensed public accountants, unlicensed accountants, tax preparation specialists and bookkeepers all with defined abilities.

Even unlicensed accountants and tax preparers can be knowledgeable . . . Chartered Accountants are often considered at a higher level of expertise but this is not necessarily true, especially when it comes to taxation. Believe it or not, some tax preparers have as mush tax knowledge as licensed public accountants, arguably some have more. So do not be fooled by the letters behind the name, or the vast number of letters behind the name. There are many unlicensed tax preparers or accountants that give full value.

What licensed public accountants bank on - is the banks, lawyers and the tax department only recognizing a designation to prove the person has accounting knowledge to sign on the financial statements for Review and Audit Engagements. Don't be confused, just because a person can sign these forms it does not mean the person has tax knowledge.

In Canada, if the person has taken "in depth" tax courses "3" and higher i.e. "4" it usually means these people do have a good understanding of taxation. However, it should also been known that senior H & R Block managers - 'may' have a good understanding of tax issues upto the "3rd" level of tax - which covers most personal tax issues.

However, there are times when you may need the services of a "CBV" (Chartered Business Valuator" that usually signifies that this accountant has superior "Accounting" background and many will have a broader tax background as well as opposed to your average CA, CGA (Certified General Accountant) or CMA (Certified Management Accountant - however, it should be known that like any profession you will find some real sharp people in the accounting industry - that have the experience and knowledge base with out the credentials - but, don't be confused with the person having Errors and Omission Insurance either, as the Canadian Government holds the taxpayer or the corporation director responsible - if in doubt get a second or third opinion before signing a document that is being sent into the government.

The Accounting or Tax firm is representing you - and in most cases unless the Financial Statement has been 'Audited" is held against the taxpayer and not the accounting firm.

Did you know 95% of all tax returns and financial statements are not "Audited" in fact only 5% are truly held accountable to the accountant or accounting firm - because most people cannot afford to have an "audited" financial statement connected to their business or tax returns.

So it is like most things in life - buyer beware - and good luck to you