3 Questions To Ask Yourself Before Hiring a CA For Your Business

3 questions to ask before hiring a CA

Many startups business owners make the mistake of hiring a CA from their network (dad or friend’s CA) without even thinking about whether or not he can bring any value to the startups business.

Hiring the right CA can be one of the best investments you make for yourself and your business while starting your business. Hence, this decision should be given utmost importance.

I know choosing the right CA for your business can be a huge task so, I have curated a list of 3 of the things to look into before hiring a CA to your business to get the most of the value out of your money.

 1. What job will the CA do?

Will the CA fill out the income tax forms or add more value to your business? There is nothing wrong with CAs who do their work (filling out forms for you) and stop there. However, this is not the best use of your CA. You would want to hire a CA who will look at the numbers and see how they can save you money on taxes.

For example: Is your CA helping you prepare a better chart of accounts so that you can track your business performance metrics better and take decisions to help you scale your business.

 2. Does your CA know the industry you work in?

Your CA has to have information about the industry you work in and how you conduct your business.

For example: if you are running a Tech Company online, but your CA is not tech-savvy, or is someone who still works with age-old tech tools, then there will never be any alignment between your business and your books.

 3. Your CA is proactive or reactive.

You would need to consult with your CA every time you are making any leap in your business. If your CA is not responsive enough and doesn’t guide you in your business venture, then you need to think of hiring a new CA.

For example: Is your CA available for discussion and guided you properly the next time you are raising funds from your foreign investors?

 Bonus Tip: Most business owners think the fees they are paying their CA are a cost to their business, but the right CA will bring much value in terms of tax savings or increase your profits to recover their fees from those savings more.

Let me know if you found this content to be helpful and if you haven’t already then, make sure you check out our FREE resources!

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