Taxes play a very important role in a business and managing these taxes can mean the difference between the existence or liquidation of a business. each jurisdiction has its own rules and regulation for taxation and o understand and comply with these rules and regulations is the most important thing for a business. If there is any problem in the taxes of a business, the concerned government authority will issue a notice to the business and if the situation is not remedied then it may lead to the shutdown of the business in the long run.
Many people things that the need for a tax advisor arises only doing the time when we need to file a tax report or any such tax-related but in reality, good tax advisors meet with the clients and the management on a regular basis to discuss the present financials and the future path for the company.
Find a suitable Tax Advisor for your Company
Here are five tips that will help you to choose a tax advisor that will ensure that adequate measures are taken to manage the business and take it forward on the path to success and growth.
1.Understand the requirements of the business and avail of the services accordingly
First and foremost, the management should be clear on the topic of the requirements of the company. If the management understands what kind of services are required, they will be able to hire the perfect tax advisor which will be suitable for the needs of the business.
To achieve this the management should always go through a number of different tax advisors and should have a look at the services provided by them. This way the business will have various alternatives to choose from.
2.The Tax Advisor should have all the necessary certifications and experience
Just as we take medicines from a reputed and certified doctor, the tax matters of the business should be handled by a Certified Tax Advisor. Generally, CPAs (Certified Public Accountants) are considered to be the best tax professionals as these have more knowledge about the handling of the taxes.
After the certifications, the management should try to find out how much experience the CPA had in dealing with such situations. If a CPA is referred by a similar company, then this is a good sign as they must have had a good experience with the CPA.
3.The Tax Advisor should have the capability to think out of the box
Even a small saving in taxes can result in a huge increase in the profitability of the company. This is why the management should avail of the services of a tax advisor who is capable of nonlinear thinking. The advisor should be able to use the laws in a creative but legal way so that the business is able to save a lot of money in taxes in form of deductions.
The work of an advisor does not end with just making a tax strategy for the business but it is required that from time to time the advisor meets up with the management and the clients to understand the current financial situation of the business and make the relevant changes in the strategy.
4.The Tax Advisor should be fluent in the use of technology and should keep itself updated
In the last few decades, there has been a steep rise in the use of technology to conduct business operations. In the present business environment, the use of technology is very important for everyone, and similarly, the business should choose a tax advisor which can handle all kinds of technology easily.
Advancements in the field of technology such as Data Mining, data analytics, development of various software, etc. have helped tax advisor to conduct their business in a quick and hassle-free manner.
5.The Advisors which provide extra benefit to the company are always appreciated
Many tax advisors have certifications and experience in two different financial fields which provides an added bonus to the business. Such a tax advisor will be able to better understand the condition of the business and provide a more balanced solution to the problem. This is also a great way of getting more out of your Certified Public Accountant.
By following the above mentioned five tips, a business is sure to achieve a well suitable tax advisor which will take care of all the tax-related activities of the business.
If you are looking for reputed Tax Advisors in the UAE, then you should have a look at the services provided by JAXA Chartered Accountants. The experts at JAXA will take care of all the business activities while advising you on tax-related matters. For more details on JAXA Chartered Accountants, Contact Us. We will be happy to help.