immediate needs and the time frame in which they must be handled.
To illustrate this point, if, for example, the tax department
is demanding a tax return, the time frame is probably less
flexible than if you are planning a new business venture.
Establish what functions
you require the accountant or management consultant to fulfill.
This list could include the following but not limited thereto:
Preparation, review or audit of financial statements
at least on an annual basis;
- Tax planning and preparation of tax returns for both
corporate and personal tax;
- Review of your present accounting and projections;
- Assistance with cash flow statements;
- Assistance in dealing with the tax authorities and other
- Assistance in presentations to your Banker;
- Review of lease versus purchase decisions;
- Evaluation of a business sale or purchase;
- Planning for change in business organization such as
the incorporation of a proprietorship or partnership
or initiating an IPO; and
- Development of a personal financial plan.
your level of management and accounting knowledge. If you
have little background in managing and accounting be sure
the accountant or management consultant you choose can explain
accounting, finance and management concepts and or new ideas
in a simple yet effective manner. An expert that you cannot
understand will be of little help regardless of his or her
technical correctness concerning the advice.
how accessible you wish your accountant or management consultant
to be in all instances. If you are in a crisis situation,
you may need someone who will be available by telephone or
by appointment immediately. Do you need to go to service providers'
office? If so, is it a convenient location? Alternatively,
you may wish the professional(s) to come to your place of
business, in the name of convenience, even though this may
incur extra cost.
Proceed to the Decision