Traps to Avoid When Hiring an Accountant

The fees associated with hiring a reputable restaurant accounting service is not cheap. This is a complaint that often comes from various professional sectors. What are the things to watch for when it comes to hiring an accountant?

What should restaurateurs check out before getting a quote? This article provides a few tips and tricks to help restaurant owners from being scammed.

Get a reliable quote – from several experts

The first thing to do is make sure each quote is given by a reputable accountant. Business owners need to know that only licensed accountants have the right to offer accounting services. They are the only professionals that have the right amount of insurance, something that will be able to protect their client in case of fiscal control or error on the accountant’s part.

To verify that a quote was done by a trustworthy accountant, make sure that the person contacted is appropriately licensed and insured. If this is not the case, they may be a "fake" accountant that is looking to make easy money. Usually, almost all the quotes available on the Internet are drawn up by licensed accountants.

Does each quote include advice?

Restaurant Accounting is an obligation. All estimates given must provide a minimum amount of advice. However, some quotes do not provide information or advice or offer it as an option.

Make sure the restaurant accounting professional talks with you because, given the evolution of tax regulations, you will need a minimum of one or two hours of counseling per year (whatever the situation).

Do costs go up each year?

Like many other service providers, accountants price the first year of services lower than others, especially for business owners. This effort is usually limited to the first year's estimate. The rate will then increase in the second year and so on.

To avoid any surprises, do not hesitate to ask about the first year’s estimate and the estimate of each year after that. An evaluation may provide the backdrop necessary to increase – or decrease – rates. The accountant must evaluate all business activity volume (turnover, number of documents to be processed, number of pay slips, tax returns, etc.) to establish the company's first year’s fees.

If the volume of activity is higher than the volume initially planned in the estimate, it is normal to see rates increase. If, on the contrary, a company’s volume is less than what was planned, business owners must understand that the budget will be adjusted accordingly as well. For more details, click here.


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