The juice or the holy grail; Traits of Good Accountants

Traits of Good Accountants 

Accountants in Cyprus like accountants in the UK and I believe everywhere in the world are unfortunately a non-licensed function. This is because regulators all over the world want to be able to do their accounting I believe firstly to understand it and secondly to assist them in the early days when cash flow is a serious issue! 

Unfortunately, this causes the issue that anyone who knows how to process few invoices believes they are accountants and offer their services to businesses and entrepreneurs (who cannot judge their knowhow) only to find out years later that their financial affairs are in poor shape and are exposed to local authorities. 

What to look for before hiring an accountant? 

• Member of a professional body, ACCA or ICAEW? 

• Do they own their own accounting and audit practice? Where do they work? 

• From where do they work? Vist their “offices” 

• Are they using specialised accounting and payroll software? Ask them to walk you through it. 

• How many clients do they have? Is the number given to you realistic? 

• Ask specific questions that apply to your business. VAT rates and perhaps some unique regulatory changes are always a great way to find out the extent of knowledge. 

Typical errors performed by weak accountants 

• Do not process payroll on payroll software 

• The accounting records are not reconciled 

• They process VAT returns without requesting bank statements 

• They do not add value to your business; they do not read your results and provide guidance 

Why you are secure with FinHub! 

• All our accountants, auditors and tax experts are licensed & monitored by their institutions 

• We only use service providers with more than 5 years of experience of running their own accounting or audit practices 

• Negative comments and Finhubs scoring system ensure that poor practices are minimized 

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