Having an Accountant for Your Business in Hong Kong Will Make You Succeed
A good accountant may become one of the valuable assets of your business in the long run because they will really make an impact. An accountant is excellent in navigating the tax laws and give financial advice needed for your business to grow. Regardless if you are wondering whether you should consider business incorporation or if you need to purchase something, an accountant will tell you if it is okay. If your business does not have an accountant yet, you should get one and see how much growth you will have. Although, you should first know what to look for when hiring an accountant for your business in Hong Kong.
Find Out Exactly What Your Business Needs
Before hiring one, you need to question yourself about what you want an account for? Do you need your accountant to help you handle all of the bookkeeping and accounting of the business? Are you also expecting the accountant to prepare your taxes? If you know what tasks are there and how often they should be completed will help you find the right accountant.
Find Out Who the Main Players Are
You might want to start searching for an accountant. Plenty of the business owners always go for someone nearby, but you will also find a lot of services available online too. You might be more comfortable to work with someone who has their own office in your neighborhood. There are also accountants who can do the service online but you should be willing to have electronic communication with them. Regardless, a small number of main players should be identified who can do the job for you.
Choose an Accountant Who is Fit for Your Business
Make sure that the accountant you choose is experienced in the type and size of the business you have. It is useless to choose an accountant who specializes in a different area, especially if it has no similarity whatsoever to your business. At the same time, do not go for an accountant who only works with big businesses if you have a small one.
Prepare a List of Questions You Want to Ask the Accountant
You should not hesitate to ask about billing. You can ask them about the rates and how they should be determined. Most of the time, your question is short enough to be answered through a phone call or e-mail – how are phone or email devices charged?
This way, you will find out what your accountant charges for a tax return your business needs. You should choose an accountant who is aware of the specific requirements. These can be used to find the right accountant for your business. For instance, in case your business is related to the internet, you might want to find out if the accountant knows about e-commerce. This is why you should really find out where they specialize in.
Outside vs. Inside Accountant
If your business is only starting out, searching for a good outside accountant might be the better choice. They can prepare financial statements, taxes, and give advice. Although, while your business becomes larger you may need to hire an inside accountant who can prepare general ledger, financial statements, take care of daily transactions and payroll. The size of your business should help you determine which one you need. It is not wise to hire the wrong one because you will just end up paying them for nothing.
Choose an Accountant Who Does More than Working on the Numbers
When finding the best accountant for your business in Hong Kong, you should go for someone who is both proactive and reactive. Someone who, for instance, is going to tell you what is the best way to save tax ethically and legally. An accountant who is going to identify a good accounting software that your business needs. Not one who will only crunch the numbers without saying anything useful.
Use Your Social Networks
When you are searching for the best accountants in Hong Kong, the perfect candidate might be found anywhere nearby. You can begin by asking your friends or family who have a business if they have an accountant to recommend. If this is the case, why? And if they cannot suggest anyone, why? When both questions are answered, it can be useful later in your business, when you are going to interview others. Remember that picking an accountant for your business in Hong Kong can also be a personal decision. This means what your friend needs might not be the same for you. Also, remember that business structures differ. The perfect accountant for a sole trader might not be the perfect fit for a company that has 10 employees.
Their Reputation Should be Solid
If you want to find an accountant who is right for your industry, do not think twice to ask about them. Have other owners in the business or the local IRS agent already worked with this certain accountant before? What is the experience of these business owners have with this accountant? It is not enough that you only hear about this excellent accountant because you should find out what experience these people have.
Responds Right Away
What is the length of time it takes for your accountant to respond? If your accountant makes you wait for days before responding, then you should look elsewhere. This is crucial because you might want to avoid getting penalized just because your accountant did not respond quickly.
If you need an accountant for your business in Hong Kong, make sure that you consider all of these things. Aside from that, you do not want to end up paying for anything because your accountant is useless.