Selecting the right accounting firm to partner with you on your business journey is critically important.

The right accountant will become a trusted ally you can depend on, who offers advice and guidance as your small business grows.

It’s in your company’s best interests to have an experienced and accountant handling your finances.

The right person will save you time and money continuously. Here are 10 tips for choosing the right accounting firm. We also explain why Osidon is the perfect choice for your small business.

1. Ask the right questions

It’s important to know what you need and to take the time to select your accountant carefully. Firstly, you need to understand the kind of work or responsibilities you want the accountant to handle for your business. You’ll need to think about issues such as the accountant’s availability, the workload, payment and the type of accounting software you want to use.

Osidon has a passion for entrepreneurs and SMEs and we are willing to do everything we can to contribute to the success of small businesses. We firmly believe entrepreneurs should focus on running their business and not be plagued by compliance and red-tape.

2. Certification of accounting firms in South Africa

Accounting companies in South Africa are regulated by professional bodies which look after accounting qualifications and maintain high professional standards. If you want your company to grow, you should hire a qualified accountant. While tasks such as bookkeeping and tax services might not require a certified accountant, you want someone with experience and expertise to add value to your business.

Osidon is registered with the Institute of Accounting and Commerce and the South African Institute of Business Accountants, we are registered tax practitioners with SARS, and we are certified Xero and SimplePay partners.

3. Accounting firms’ expertise

It is important to make sure the accountant you select has worked with businesses similar to yours. If they have been working for clients from a specific industry for a long time, accountants get to know the related challenges very well. This will ensure they understand your business’s needs. In general, you don’t want a one-man-band, you need a larger firm with various areas of expertise so problems can be solved in creative ways by more than one person.

Osidon specialises in accounting, tax, payroll and compliance services for small businesses and entrepreneurs.

4. Choose someone who is proactive about saving money

While most accounting firms in South Africa take care of your finances, accounts and taxes, you need an accountant who is proactive about saving you money. You need an accountant with the relevant legal knowledge to ensure you are saving money in legal ways because, if you break the law, you will be liable for penalties. Ask prospective accounting firms how they suggest to save your business money.

Osidon is committed to helping entrepreneurs and small businesses save money so they can grow their business, create job opportunities and contribute to the economy.

5. Tech-savvy accounting companies

You may find some accountants who use outdated accounting software. They do not want to switch to the latest online accounting solutions. With the fourth industrial revolution in mind, you will want an accountant who keeps up with the latest developments in the industry.

Osidon is disrupting the accounting/tax/payroll industry through automation. Our system automates a wide range of accounting, tax, payroll and compliance tasks. This makes our service delivery much more cost effective and increases accuracy and efficiency. Using the latest technology, we have built an intelligent software that enables our team of professionals to shift their focus to advising and supporting their clients, rather than wasting time on menial bookkeeping tasks.

6. Accounting software: cloud accounting is the future

Ideally, you want to use the same accounting software as your accountant. This will save time and prevent issues with sharing data. Do proper research to make sure you’re using market-leading software that’s safe and easy to use. If you use cloud accounting software, make sure your sensitive financial data is suitably encrypted. Also make sure the online accounting software you use can integrate with other systems you use.

Payment systems, sales systems and stock management systems can easily integrate with platforms such as Xero and Osidon. When these systems work together, clients have access to a one-stop shop to run their business more cost-effectively, productively and efficiently.  Osidon has integrated with Xero and also added numerous other functionalities, such as banking services, access to website platforms and legal advice to their accounting, tax and payroll services.

7. Transparent accounting services

Make sure you have clarity about what your accountant is doing. You should regularly ask for reports and feedback. Ideally, you are looking for an accountant working on a live system so you can remain up to date at all times.

Osidon’s system is completely transparent. At any given time, business owners have a clear view of their financial situation and can make informed decisions using accurate and relevant information.

8. Contract and fees

Not every accountant or accounting firm charges the same fee for its services. Ensure you know exactly what you are paying for and find out which services are not included in the standard fee. It is best to pay a fixed fee and not bind yourself to an extended contract.

At Osidon, we don’t bill per hour and there are no hidden costs, just a fixed monthly fee. We don’t have long term contracts; we operate on a month-to-month basis.

9. Location isn’t everything, thanks to cloud accounting

Because of online and cloud accounting services, it is no longer necessary to be located close to your accountant. With cloud accounting, you and your accountant can view the same real-time data at the same time, anywhere in the world. Ask yourself if it is necessary to find someone in the same city as your business or can you collaborate via email, phone calls, video-conferences, and secure accounting software.

Osidon serves clients all over South Africa, online, thus limiting travel costs, pointless meetings and infrastructure expenses.

10. Recommendations

Ask other business owners about the accounting services they use. A recommendation from your friends, family or peers can go a long way in helping you choose the right accountant. Ask other business owners about their experience of working with their Osidon.