Currently, the market offers many companies providing comprehensive accounting and tax services. These companies often compete on price, resulting in inconsistent service quality. Therefore, to choose a truly reputable accounting and tax service company that guarantees quality work, businesses need to consider the following four important points.
1. Request to complete the task
When choosing an accounting and tax service company, business owners should request that the company reconcile the data with their internal accounting before submitting it to the tax authorities to minimize errors on both sides.
2. Request monthly/quarterly reports.
Business owners should request that the service provider send monthly/quarterly reports via email on the following indicators: VAT deductible/or payable; Total revenue/taxable income; Total reasonable and eligible expenses that can be recognized; Projected corporate income tax value for the period and solutions for the next period.
3. Liability Agreement
When choosing a company to provide accounting and tax services, business owners need to pay attention to agreeing on terms of liability when they no longer use the accounting services, such as providing soft copies of accounting files and explaining data during tax settlements. Because if any penalties arise due to their errors, the business will bear 100% of the cost.
4. Don't be tempted by cheap services.
Some accounting firms offer very low service fees; however, they only handle tax filing, and do not include tasks such as bookkeeping, financial reporting, or representing the business in tax settlements. At the end of the year, businesses will have to spend extra money to have them complete all those tasks or hire another firm to do them.
Some accounting firms offer cheap quotes and still handle all the work, but the quality is very low. They work in an industrial style, not adhering closely to the actual data of the business and providing little advice. Their main purpose is to comply with tax regulations. Therefore, don't be tempted by cheap prices when choosing an accounting and tax service company, or you'll end up with unsatisfactory results.
5. What should businesses do?
To choose a reputable accounting and tax service company, businesses need to consider the following factors:
5.1. Company Profile:
Company profile of the accounting service provider: You need to request that the accounting service company present its professional license, business license, etc., to ensure that the business is qualified to provide accounting services. In addition, you need to pay attention to whether the service provider's direction, vision, and work philosophy align with your business's. A shared direction and work philosophy are essential for long-term cooperation.
5.2. Carefully review the service details:
Carefully review the contract to ensure it fully covers the scope of work. The most complete scope of work would include tax, accounting, consulting, and financial reporting services.
It's important to be aware of the rights and responsibilities of each party during the collaboration. Pay attention to the responsibilities of the accounting and tax service provider after the collaboration ends. You need to be handed over all soft and hard copies of the files, and the service provider must be responsible for tax settlement and protecting the data they have prepared whenever a settlement is requested.
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5.3. Consider costs intelligently:
When you receive a quote, the company that offers the lowest price isn't necessarily the cheapest; the cost should be calculated using a formula:
Cost / number of service hours per month
If an accounting service provider offers a low price but takes little time to complete the work, the quality of work cannot be guaranteed, making the fee high. Therefore, you need to know the number of hours required to determine the best cost.
