As a business owner, you may not be comfortable with bookkeeping and accounting. So it may be a good idea to hire an accountant to help you keep track of all financial matters related to your business and comply with the laws of Denmark.
At Finklusiv, we know how important it is for your business to have a good accountant you can trust. Here are some tips to help you choose the right accountant and use their services to ensure your business’ success
What makes a good accountant?
There’s no secret: a good accountant, like a good lawyer or a good dentist, maybe the one you find through recommendations from your network. It’s always a good idea to make sure you know the people recommending services to you personally and to ask some questions beforehand.
Before you even think about meeting a potential accountant, find out about their reputation: The person you are meeting should have a good reputation and be recommended by trusted friends, family members, or business associates. It is important that the person you choose as your accountant is someone you trust.
Careful! In Denmark, anyone can call themselves an accountant, but it is not permitted to call oneself an approved, registered or state-authorized accountant. Approved auditors have undergone a long training and it is only after they have passed the exam that they are approved by the Danish Business Authority. State-authorized auditors typically have a longer training and they are the only ones who are allowed to audit listed companies, state-owned limited companies, and financial companies. Here you will find some arguments explaining why it is a good idea to choose a registered accountant.
Important to know
You can either choose to hire an independent auditor or work with an approved audit firm. It is recommended but not required that you choose an approved audit firm. Although you may pay higher fees if you choose an accountant from some of the larger accountancy firms, you often also gain access to other specialists and a network of lawyers, investors and bank connections. Therefore, it may be a better option, although it is not a requirement to have an approved auditor in most cases is.
Your Accountant’s qualities
It’s always good to find 3 different accountants and hear their offers. Once you have their offer, meet them, preferably at their place of work, as it is important to see where they work and possibly who they work with.
Some questions you can ask them:
- What experience and knowledge do you have with my type of business?
- What other companies do you work/have you worked with?
- What diplomas do you have? ( you have the right to see the diploma)
… and of course any questions about their fees (you need to be very detailed to make sure there are no hidden fees) and about how you will work together.
It is important that you hire someone who is a good partner for your business. In addition, it is important to ensure that your accountant:
- Is clear in their communication and information
- Have good organizational skills and meet deadlines
- Has a high degree of precision and an eye for detail
- Gives his opinion and gives qualified criticism
Finally, when you get a quote from an accountant, make sure it is a final quote and that there are no additional or hidden fees along the way. If there are additional fees, make sure you know when they will apply and what they will amount to.
Be careful to always have control over your communication channels! You must be able to receive messages directly from official entities such as your bank, municipality, or tax authorities. Therefore, you should never give your accountant access to your e-boks. You can forward them the messages concerning your business once you have opened them yourself, then they are legally responsible if some information is not handled correctly.