Choosing The Right Accounting Firm For You
Accounting firms in Malaysia are accustomed to the new tax laws, and many of these firms provide excellent advice and assist people, including little business, make necessary budgets and set reachable financial targets. Immediately you decide that it’s high time you require the help of an accounting services in Malaysia, the next thing to do is to select the accountant to hire.
It’s crucial that you take your time to search for the right accounting firm in Malaysia, and there exist some few things you would like to consider before doing this. You’ll need to look at things like the geographical location of the accountant, the workload division, and the type of accounting software you adopt.
Also, ensure you go for an accounting firm in Malaysia that is well accustomed to the various Tax Incentives in Malaysia. Carefully consider the rate of the accountant, and whether they can help in solving your financial issues. If you are trying to choose between the vast amounts of accounting firms in Malaysia, here are five points to have in mind.
What Qualifications Do They Have?
Every accountant has to be qualified; this is a must!
You must scrutinize the qualifications of individuals working at any prospective accounting firm in Malaysia. Most accountants have taken a finance-related bachelor’s degree, while some own a postgraduate degree as well.
Also, accountants in Malaysia must belong to one of the seven accounting bodies:
- Association of Chartered Certified Accountants (ACCA)
- Certified Practicing Accountants Australia ( CPA Australia)
- Chartered Institute of Management Accountants (CIMA)
- Institute of Chartered Accountants in Australia (ICCA)
- Institute of Chartered Accountants in England and Wales (ICAEW)
- Malaysian Institute of Accountants (MIA)
- Malaysian Institute of Certified Public Accountants (MICPA)
To become a member of these accounting bodies, an individual would have to undertake some professional exams or courses prepared by the respective accounting bodies, to prove their skill level.
When your accountant boasts one of these memberships, it offers you greater confidence and security. If peradventure an issue arises, you can make a complaint with that body directly.
Do They Offer A Range Of Accounting Services?
For businesses especially, you will need an accounting firm in Malaysia that offer a range of accounting services, like financial management, auditing, succession planning and cash flow analysis.
A firm like this will effectively complete your tax returns; they can offer you the best advice concerning the financial situation of your business.
Are They Familiar With Your Industry Or Individual Situation?
When you contact a prospective accounting firm, ask them about their current customers. Have they handled individual business? You’ll have to find an accounting firm that is well accustomed to your industry or personal problem, as this denotes that they are equipped with the necessary experience to provide you with the best accounting services.
What Are Their Fees Like?
Fees are a very significant consideration, after all the fees your accountant charge you will have to conform to your budget. Most accounting firms calculate their fees in either per hour or at a fixed rate.
How these fees are evaluated, and the general amount charged hinges on the accounting firm, so ensure that you know the cost of everything before agreeing to use their services.
Conclusion
When hiring an accountant, it is paramount that they have access to crucial information regarding your finances. It is therefore significant that you hire the services of a genuine and trustworthy accounting firm in Malaysia. Ensure that you like whoever you eventually choose, to build a good relationship.
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