Selecting the right accountant for your company in Ireland is an important choice that affects your financial well-being and adherence to Irish regulations.
An accountant can tidy up your finances in a big way and even assist you during tax periods. But needing an accountant and knowing how to hire an accountant are very different things.
Hiring an accountant requires effective planning.
In this blog, we shall explore tips for hiring an accountant who fits your company budget in Ireland.
Table of Content
Tips to hire an accountant that fits your company in Ireland
1.Check for qualification and professional certificates
Qualifications and professional certificates are paramount when seeking an accountant in Ireland.
Rigorous standards regulate the Irish accounting landscape and ensure that the accountant you hire has the necessary skills.
They often must be members of a recognised professional body, like Chartered Accountant Ireland.
2. Should have tax expertise
In Ireland, tax plays an important part in company operations. Selecting an accountant with knowledge of taxation is very important.
- ● Knowledge of Irish Tax Laws: Your selected accountant should have an in-depth understanding of Irish tax laws and regulations, such as corporate tax, income tax, Value Added Tax (VAT), capital gains tax, etc.
- ● Tax Planning: An experienced financial analyst should be able to help your company with tax planning techniques that optimise tax efficiency while remaining in line with Irish tax laws.
- ● Filing and Compliance: Financial professionals should assist your company in ensuring compliance with changing tax laws. To prevent fines, your accountant should be skilled at completing and submitting tax returns on time.
3. Seek recommendations
Since bookkeeping and accounting duties can include confidential data about your company, you want to make sure that the individual you are recruiting for the job is someone you can depend on to keep your details safe.
For someone new, you can’t predict whether or not they are trustworthy.
Therefore, obtaining referrals and recommendations for your selected accountant can guarantee a positive experience.
In the past, you would ask individuals you know personally. Nowadays, you can ensure that a financial professional will be appropriate even if they are not recommended to you by a person you know.
Online ratings and reviews can be found easily online. Try to get insights into how the individual financial accountant works.
4. Have an initial discussion
Have a quick introductory chat with a few distinct accountants, get quotes, and make a list of potential candidates.
Set up how they prefer to interact with their clients and if this corresponds with your requirements, as this is an undervalued but essential consideration in how well you’ll work together.
5. Expand your accounting horizon
Technology enables you to collaborate with accountants not necessarily located in your immediate region.
Of course, you require them to operate within your country so that they know the rules you must follow. However, aside from that, you are free to hire whoever you think will work best. Just be mindful that location will matter more if you want to get the most out of in-person interactions.
6. Handling cash flow
One of the biggest challenges you will face is managing cash flow to ensure enough money in the bank to cover upcoming expenses.
Even though money comes in through sales and transactions, there can sometimes be a gap between when the money is received and when your costs need to be paid.
You can experience strong sales growth and still feel financial stress if you are at a point where you don’t have the cash flow available for expenses.
Hiring an accountant who knows how to implement an effective strategy to anticipate changes in the financial landscape and ensure you have cash in the bank account for all your needs is crucial.
7. Efficient in managing deadline
When looking for an accountant, you must determine how proactive they can be in ensuring your company complies with all the laws and regulations for accounting in Ireland.
This involves registering for the appropriate taxes, filing your tax returns on time and interacting with Irish Revenue when required. Instead of hiring an accountant to handle your books, ensure they are proactive and available online.
They must ensure adherence to all applicable financial rules and be prepared to make the extra effort necessary to keep their records current.
What to talk about during your initial consultation
1.Scope of your company’s service levels
Clear your business requirements and verify that your financial professional can meet them. In addition to the basics, like charges and adherence deadlines, consider the frequency of interaction and turnaround time. Be honest about any questions regarding your finances so your accountant can assist you in evaluating what you require.
2. Fees
Ensure you go over all costs and accountant salary. If different services have varied rates and your budget is limited, decide in advance which services you wish to prioritise.
Remember that employing an accountant is an investment that frequently pays for itself in terms of money, reduced risk, and time saved.
3. Information needed to proceed
Your accountant will need specific details, including important papers, Pay Related Social Insurance (PRSI) numbers, etc. Find out what you need to send and prepare it as soon as possible.
Conclusion
Startup founders are often great multitaskers. However, managing funds can quickly get difficult; even the slightest inaccuracies in financial records can give rise to problems.
A certified personal accountant can significantly organise your finances and even assist you with your taxes.
Understanding how to choose the right accountancy services includes considering your company’s needs, determining if a full-time hire is essential, and asking the right questions when interviewing a prospect. But in the end, you’ll hire an accountant you can count on.