Wednesday, July 24, 2024

    5 Things to Consider When Hiring a Tax Accountant

    There is no such thing as a lazy day for a business owner. There just isn’t enough time in the day to attend to all the tasks on your to-do list when you have so many. In that case, paying all of your attention to the tax filing and preparation processes can be a real struggle. 

    The good news is that hiring a professional tax accountant will help you save time and energy. They have undergone extensive training in this field and, thus, can make sure you do your taxes correctly the first time around. Another reason you can trust a tax accountant with your money is that they are required to follow a strict code of professional conduct. 

    Moreover, a tax accountant comes in handy not just when you’re filing your tax returns. All year round, you can benefit from their expert advice and make smart financial decisions regarding your business expenses and capital allowances. They will also assist you in setting up effective accounting procedures, allowing you to spend more time on business growth and less on paperwork.

    That being said, no two tax accountants are equal, and there are many factors to consider before you hire one. 

    1. Professional Qualifications and Expertise

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    It is imperative that the tax accountant you hire has the appropriate certifications in their field. Prospective employees should have the necessary credentials, such as Certified Public Accountant (CPA) status. These certifications show that they are dedicated to keeping their knowledge up-to-date and their level of skill high in the face of ever-evolving tax regulations. 

    When interviewing prospective tax accountants, it’s a good idea to inquire about their familiarity with relevant tax legislation and their experience assisting clients in maximizing tax benefits. 

    If you’re looking for a corporate accountant, particularly in the GCC region, Oblique Consult has the expertise you need. Their tax accountants are well-versed in federal and emirate-level tax regulations and ensure you stay compliant at all times. They also help customers minimize their tax obligations and interpret and identify any tax credits and incentives.

    2. Communication Skills

    Not every client possesses an expert-level understanding of accounting terminology. Therefore, strong communication skills are just as important as technical knowledge for tax accountants. A good tax accountant will never use technical jargon but will instead explain complicated financial statements in a way that anyone can comprehend.

    Observe the candidates’ communication skills during the interview. Can they explain complex tax concepts in layman’s terms? When you ask a question, are they patient and clear? Their interpersonal skills and clarity of expression can be invaluable assets for establishing and keeping client connections.

    3. Work History in Your Niche

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    For peace of mind that your accountant fully knows your business environment inside and out, it’s always advisable to engage someone with prior experience in your field. 

    For example, an accountant who is well-versed in the nuances of self-employment tax deductions and payments could be useful to a freelancer. On the other hand, an accountant whose main forte is not multinational corporations will not be an ideal recruit for any company involved in cross-border trade. 

    4. Technological Adeptness 

    The tax and accounting industry, like any other profession, has seen a gradual but steady shift towards a digital-centric workforce. You should look for a candidate who is at ease switching between multiple systems because there are many different kinds of tax, accounting, and payroll software and solutions. An accountant with an eye for technology can use these to streamline workflows, reduce human error, and give you up-to-the-minute information about your money.

    5. Analytical Thinking and Problem-Solving Skills

    Tax accountants need to be able to think critically and solve problems because they deal with complicated financial issues all the time. Their clients can consult with them when they have tax problems, want to know how to get the most out of their deductions, or need help preparing for their future tax liabilities. A competent tax accountant will be able to assess financial information, find ways to reduce taxes, and develop tax plans that are specific to each client’s requirements.

    One way to test a candidate’s analytical and problem-solving abilities is to give them hypothetical tax situations and have them explain their strategy for dealing with them. Consider candidates with a firm grasp of problem-solving methodologies and the ability to articulate their thought processes clearly. 

    Wrapping Up

    As you can see, hiring qualified tax accountants is a decision that requires a lot of forethought and deliberation. Consider both the soft and hard skills outlined in this article. An all-around tax accountant is someone who possesses the necessary skills for the position, communicates effectively, has experience in their field, is adept at using the newest accounting technology, thinks critically, and solves problems quickly.

    Arslan Hassan
    Arslan Hassan
    Arslan Hassan is an electrical engineer with a passion for writing, designing, and anything tech-related. His educational background in the technical field has given him the edge to write on many topics.

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