phoenixtax September 25, 2020Looking for a tax consultant in Chennai? Does every business need a tax consultant? Even if you need one then how to find the right consultant for your business? All this relies on the size of your firm. Generally, a small business owner will try to wear the hat of a tax consultant and try doing his taxes. It might also seem quite easy using software such as Quick Books, Quicken, and Microsoft office for accounting purposes.
Just imagine when your business starts growing, your financial challenges become too great to handle without an expert. As your business grows you might want to better the financial functioning of your business. Or perhaps, you are having trouble switching from cash to accrual accounting. These are a great sign for a business owner to look for a certified tax consultant for their business.
How hiring the right tax consultant to assist you?
Some business owners need help only with their taxes while some business owners need advice on setting up their business entity, keeping their books, figuring payroll taxes, and many others. So before hiring a tax consultant you need to understand their basic role.
Business advisor: A tax consultant should be knowledgeable about your business environment, financial statements, and manage tax-related services. You can even ask your tax consultant to come up with a business plan and personal financial plan as they can offer advice on making decisions about your business and finances. A tax consultant can also offer advice on insurance and business expansion, therefore, bringing insights that make business owners make the right decisions.
Record keeping and Accounting: An accountant takes care of record-keeping and accounting systems as that is their basic discipline. Only a good accounting system can help you evaluate profitability and change in prices also lets you monitor expenses, track a budget, and reduces accounting fees required to produce financial statements and tax returns.
Tax Advice and Auditing: tax consultants can assist you with tax-related issues such as tax compliance which refers to obeying the law, and tax planning which reduces your overall burden. Auditor helps constructs your businesses financial statements from scratch or conduct an audit for loan purposes. Auditors are well-trained in the public accounting sector so they make a great consultant for your business take it to the next level.
The other features a tax consultant can look after are:
- They help you lower your tax legally
- They analyze your taxes based on investments
- They prepare and analyze tax returns
- They judge correct deductions and settlements for your situations
Simple process to hire a tax consultant in Chennai
Ask your friend or a business owner
The ideal way to find a good tax consultant is to get referrals from other businesses about the same size as yours. This will result in faster hiring, improved employee retention, and higher business profitability. Your financial advisor or attorneys can suggest the best as they already know your financial situations and tax needs.
Take a list of suggested tax consultants and shortlist them based on who to hire, who not to hire, and what budget they offer.
Look for a local tax consultant service
Many business owners seek out for popular franchises for tax filing. But local firms can offer more advantages for your tax-related services. As local tax firms are related to your state they have many experts to take care of your taxes. A local tax consultant can help you with both federal and state tax returns to increase your savings and prevent you from overpaying. They also help you with preparing, auditing, reviewing, and compiling financial statements; managing investments; and representing you before tax authorities.
Meet the tax consultant in person before hiring
Trust is the key to any business. To create trust between you and your accountant or tax consultant is very important to meet him or her personally. This is the right time to ask a few questions so that you can know your accountant’s style and personality.
Make sure your tax consultant can understand your taxes and financial situations so that he/she can help you with your unique tax-related services.
A few of the right questions to ask your tax consultant are:
- What kind of clients you usually work with?
- Do you have a license to practice in your state?
- How long have you been in the business?
- Can I contact you even after the deadline?
- What are the additional services that you offer?
- What are your fees? And how do you calculate them?
Get to know their credentials
CPA (certified public accountant) and CMA (certified management accountant are two different terms. They both have different roles to perform in an organization when it comes to tax-related services. CMA will have experience in both management accounting and financial management. Whereas CPAs have extensive training in management experiences. In short, CMA’s are well-versed at advising and CPA’s are well-versed at managing.
It’s ok even if you make a mistake when choosing a tax consultant, you can always look around for someone else.
Choosing the right tax consultant for your business is a daunting task or you might be struggling with a tax firm forever because of your wrong decision. This is not always the case you can always look around for someone else. Choosing a tax consultant for your tax returns is a bigger decision so make sure he/she has got enough experience to do your taxes correctly.
Do you want to hire a tax consultant in Chennai today? Hiring A tax consultant can help you grow your business and reduce the amount of tax you pay. You can always count on us for all tax matters relating to your business, your situation, or even a trust fund.
