When preparing financial records, consider hiring a financial professional.
Whether you want to put together financial statements or pay taxes for your small company or startup, an accountant in Ireland will assist you in setting up your financial information and compliance with CRO and the Revenue.
As an added benefit, many accountants stay updated with the most recent tax laws and practices. They can assist you in identifying each potential tax break you are eligible for, leading to greater tax deductions and savings.
In this blog, we will explore the ways to hire an appropriate accountant for startups in Ireland.
Table of contents
- How to hire an accountant for your startup
- Where do you look for the right accountant?
- Final thoughts
What you should know before hiring an accountant
When you hire an accountant to assist your company grow, you invest in the future.
You must make an appropriate choice when employing an accounting professional for your small business Ireland. You could save money and time by recruiting the right one for your requirements.
Here are some of the variables you should consider:
1.Expertise
Before hiring someone, determine your needs so you can look for someone who will meet them promptly.
Understanding your company’s needs will help you to seek someone experienced in your industry who will offer you reliable guidance when the time comes.
2. Key Qualifications
Knowing what skills to look for before hiring an accounting professional is crucial.
Most accountants are capable of fundamental duties like financial statements and accounting.
For technical details like tax planning and audit, owners and hiring managers should keep watch for approved and licensed accountants.
3. Complexity
Companies also need to think about the duties that their accountant will perform.
It necessitates some inspection of your own company’s requirements.
Do you want someone to do just your Irish company tax returns, or perform group audits, manage investor relations and cross border taxation?
Manage your financial statements? Or do you require additional technical financial assistance, like planning for retirement advice, and money management?
Identifying an accountant with an understanding of these complex accounting services implies companies must first identify their specific needs and then look for candidates who match those requirements.
4. How much can you afford?
If you’re hiring an accounting professional full-time, you’ll have to consider the accountant salary, perks, and other compensation.
If cost is an issue, outsourcing the accounting tasks makes sense at first since being employed with a third-party firm is likely less expensive.
Alternatively, to hire a full-time employee who requires a salary and benefits, you might hire a part-time accountant who can be paid hourly.
While employing a financial professional for startups can be an important cost, not hiring an accounting professional can also be expensive.
This involves the cost of your time spent on accounting duties and the potential cost of bookkeeping mistakes that accounting professionals detect and fix before they become severe problems.
5. Deciding between a full-time vs. freelance accountant
Hiring a full-time accountant for your startup can be valuable for a company with an ongoing and high volume of accounting work.
A full-time accountant can offer more predictability and attention to detail while taking on additional financial planning and analysis responsibilities.
On the other hand, employing a freelance accountant may be a cheaper option for companies with fluctuating or lower accounting duties.
Freelance accountants are often hired individually, enabling companies to pay only for the services they need.
They might also have a wide range of skills and be able to offer services beyond just the standard accounting duties.
However, it is vital to meticulously identify and determine a strong working relationship with a freelance accountant, as they may not have the same affiliation and accessibility as a full-time employee.
Where do you look for the right accountant?
1.Hiring employees
If you want to hire employees, traditional job portals like Indeed or LinkedIn may be an excellent place to start.
2. Referrals from friends and family
If you are looking to hire a professional firm of accountants, then before going this route, remember that an accountant suitable for someone you know may not be the right person for handling your business accounting needs.
That does not imply that the accountants won’t be an appropriate.
It indicates that you’ll want to find out additional information before diving in and hiring this accountant to see whether it fits your business needs.
3. Connect with other entrepreneurs
Getting in touch with other entrepreneurs will provide you with qualified and talented accountants within the community that you will discover at events or other small business associations.
4. Use Google?
Well, that’s what we all do when we don’t have a solution- just google it.
While it will bring some good results- the challenge is your browsing history, location drive the first page results, and how good SEO those accountants did.
This doesn’t guarantee that the accountants are a good match for your startup!
5. Use matchmaking platform- Experlu
An alternate and simple solution is to use Experlu!
All you have to di is to post a job; in no time, 3 accountants will send you customised fee quotes. You can review these proposals, share messages, and arrange audio/ video calls.
Experlu has automated many things, but we still realise the importance of the human touch! So you will have access to a dedicated customer success manager.
Experlu is committed to finding you the best accountants in Ireland for you and your startup.
Final thoughts
While hiring a small business accountant can cost you money, it will save you a lot in the long run. If you hire an accountant who is up to date on tax laws, you’re likely to gain a lot of financial advantage.
If you are starting your business journey without employees, beginning with accurate accounting software and an effective management system will be enough to keep you functioning for some time.
But once growth begins, take action to identify a good accountant in Ireland who will keep your company interests in mind.