How to find the right accountant for your business

Do you really need an accountant?

You need an accountant as soon as taxes or paperwork start costing you time, money, or sleep. Typical signs include: your first GST/QST invoices, hiring an employee, incorporating a business, falling behind on bookkeeping, or filing your first business tax return. A good accountant often more than makes up for their fees through tax deductions and by helping you avoid penalties.

Not all entrepreneurs start from the same place. A self-employed person just starting out may be able to handle their own books for a while, but certain factors make professional help almost essential:

• Your sales exceed the $30,000 threshold for four consecutive quarters: you must register for the GST/QST, charge the taxes, and remit them.
• You’re incorporating your business : A corporation files a separate return (T2 at the federal level, CO-17 in Quebec).
• You’re Hiring : You need to manage source deductions, file reports, and meet deadlines.
• You’re falling behind : Overdue bookkeeping, a pile of receipts, overdue tax returns.
• You want to pay the right amount of taxes : deductions, tax instalments, and tax planning (salary vs. dividend).

Good to know: Hiring an accountant isn’t a luxury expense, it’s an investment. The time you spend struggling with a spreadsheet is time you’re not spending on sales.

What are the different types of accounting professionals in Quebec?

In Quebec, you’ll mainly come across three types of professionals: the bookkeeper (who records day-to-day transactions), the accountant (who prepares financial statements and tax returns), and the CPA, an accountant who is a member of the Ordre des CPA du Québec and authorized to handle the most complex assignments. Tax specialists, on the other hand, focus on tax planning.

• Bookkeeper: enters transactions, reconciles accounts, and prepares GST/QST reports. For monthly bookkeeping and day-to-day monitoring.
• Accountant: Prepares financial statements, T1/TP1 and T2/CO-17 tax returns, and provides advice. For year-end, tax returns and management advice.
• CPA : An accountant who is a member of the Order can sign off on supervised engagements (compilation, review, audit). This applies to financial statements for the bank, audits, and regulated financial statements.
• Tax Specialist: In-depth tax planning and optimization. For corporate reorganizations, business sales, and complex tax matters.

Many businesses combine roles: a bookkeeper for day-to-day tasks and an accountant or CPA for year-end closing and tax filings. The right mix depends on your volume and the complexity of your business.

Bankeo isn’t an accounting firm: get matched with an accountant who’s right for your needs, whether it’s day-to-day bookkeeping or a more structured project.

What criteria should you use to choose an accountant?

Choose your accountant based on five criteria: experience in your industry, the range of services offered, the pricing structure (flat fee or hourly rate), availability and quality of communication, and finally, whether you click with them. The cheapest option isn’t always the best: what matters is how well their expertise matches your actual needs.

• Experience tailored to your situation. An accountant who understands your industry can anticipate your challenges and tax deductions. Ask them if they already serve clients like you.
• The Range of Services. Just taxes, or also bookkeeping, payroll, taxes, and advice? A professional who handles it all saves you the hassle of juggling everything.
• Pricing. Flat fee, annual retainer, or hourly rate: understand what’s included. A clear quote is better than a low price with vague terms.
• Availability and communication. Do they respond quickly and clearly, without using jargon? You’ll be working with this person all year long.
• The Current. You’ll be entrusting them with sensitive information. Trust is just as important as technical expertise.

Good to know: Don’t base your decision solely on price. An accountant who misses a deduction or a deadline will cost you far more than the difference of a few hundred dollars in fees.

To get a sense of the market, the Bankeo Fee Barometer shows a median of about $3,000 per year for accounting services, ranging from $500 to $6,000 depending on the industry.

What questions should you ask an accountant before hiring them?

Before hiring them, Ask specific questions : Do you have clients in my industry? How does your fee structure work, and what’s included? Who will be my point of contact? What software do you use? How often will I hear from you? The answers reveal not only their expertise but also their transparency and the quality of the future relationship.

1. Do you have experience with businesses like mine? Industry, size, stage.
2. How do you bill, and what’s included? Flat fee, hourly rate, annual retainer; tax returns, taxes, and bookkeeping included or charged separately.
3. Who will be my day-to-day point of contact? An individual professional or a team.
4. What accounting software do you use? Bookkeeping, online access, document sharing.
5. How often will I hear from you? Monthly and quarterly tracking; due date reminders.
6. How do you handle CRA and Revenu Québec deadlines? GST/QST, source deductions, and estimated tax payment deadlines.
7. What happens if the CRA or Revenu Québec contacts me? Support in the event of an inquiry or audit.

The right answers are clear, straightforward, and free of unnecessary jargon. A professional who takes the time to explain things to you in simple terms is usually the one with whom you’ll have the healthiest relationship.

Online accountant or local accountant: Which should you choose?

A local accountant offers peace of mind thanks to their proximity and knowledge of the regional business community; an online accountant provides flexibility, cloud-based tools, and is often more readily available. In Quebec, knowledge of CRA and Revenu Québec regulations matters more than a physical address. The right choice depends on your work style, not on any hard-and-fast rule.

• Local Accountant: In-person meetings, local presence, and the option to submit documents in person. Ideal for those who want a personal, local connection.
• Online Accountant: Remote collaboration across the country, often more flexible, all cloud-based. Ideal for those who are comfortable with digital technology.

In reality, the line is blurring: many local accountants work in the cloud, and many remote professionals offer regular video calls. What hasn’t changed is the requirement to have a thorough understanding of the Quebec and federal tax systems.

How can you tell if an accountant is reliable?

To verify an accountant’s credibility, check their credentials with the Ordre des CPA du Québec if they identify themselves as a CPA, ask for references or client reviews, and make sure they have liability insurance. A reputable professional clearly explains their services, provides a written fee schedule, and demonstrates their experience.

• Title. If the professional identifies as a CPA, Verify that they are registered with the Ordre des CPA du Québec.
• References and Reviews. Ask to speak with one or two clients, or check online reviews.
• Liability Insurance. It provides protection in case of errors. A well-organized firm has one.
• Clarity of the proposal. Written fees, detailed services, and payment deadlines explained.

Good to know: Be wary of unusually low prices, a refusal to put anything in writing, or promises of “guaranteed” tax refunds. How taxes work doesn’t involve guarantees.

With Bankeo, accountants in the network are vetted before being recommended to you, that’s one less step for you to take. The network includes over 1,500 accountants, and the service has a 4.7/5 rating based on over 180 Google reviews.

How to find an accountant for a Self-Employed individual or an NPO?

A self-employed individual is looking for an accountant who is familiar with T1/TP1 returns, deductible expenses, GST/QST, and tax instalments. An NPO has distinct needs: reporting to members and donors, as well as tax returns specific to NPO organizations. In both cases, choose a professional who is already familiar with your type of organization.

For the Self-Employed, the right accountant:

• Maximize legitimate deductible expenses, including home office and vehicle use.
• Manages GST/QST once the $30,000 threshold is reached and calculates tax instalments.
• Acts as a liaison between income, contributions, and personal financial planning (RRSPs, etc.).

For NPO, the right accountant:

• Understands the accountability obligations to members, the board of directors, and funders.
• Has expertise in tax returns specific to nonprofit organizations.
• Is able to present financial statements that are easy for volunteer board members to understand.

A common mistake is choosing the closest or cheapest option without checking the accountant’s experience. An accountant who already works with self-employed individuals or NPO’s will save you time right from the first meeting.

How to switch accountants without causing a big fuss?

Changing Accountants It’s simpler than it seems: you don’t have to explain yourself. Gather your documents (financial statements, tax returns, general ledger, software access), notify your previous accountant in writing, and then forward everything to the new one. The best time to do this is after the end of the fiscal year, once the tax returns have been filed.

1. First, choose your new accountant, so you’re never left without coverage.
2. Gather Your Documents : latest financial statements, T2/CO-17 and T1/TP1 returns, general ledger, tax reports, and access to software.
3. Notify your former accountant in writing, simply and politely. Requesting a file transfer is a common practice.
4. Forward the file to the new professional, who will take over and ensure continuity.

The ideal time is right after filing your year-end tax returns: your records are up to date, and there’s a clear break. Avoid making a change in the middle of tax filing season.

If the relationship isn’t working out, even months after the matching process, Bankeo will support you and help you find a suitable accountant, at no cost. We’re here for you every step of the way.

How do I find the right accountant for my business?

Start by identifying your actual needs (bookkeeping, taxes, payroll, advice), compare a few profiles, check for experience in your industry, and ask the right questions before signing a contract. Bankeo simplifies the process: we match you with vetted accountants for free, usually within 48 hours.

How much does an accountant cost for a small business?

Fees vary depending on the services, the volume of transactions, and the complexity of your case. Always ask for a clear quote that specifies what’s included. The best indicator isn’t the lowest price, but whether the service matches your needs.

Do I need a CPA, or is an accountant enough?

For bookkeeping, tax returns, and general advice, an experienced accountant is often sufficient. A CPA certification becomes necessary for supervised tasks such as an audit or review required by a bank or lender. Choose based on your specific needs.

When is the right time to hire an accountant?

As soon as a trigger occurs: reaching the $30,000 tax threshold, incorporating a business, hiring your first employee, falling behind on your books, or filing your first business tax return. The sooner you get your finances in order, the less likely you are to face penalties and the more deductions you’ll be able to claim.

How long does it take to find an accountant with Bankeo?

The matching process takes an average of 48 hours. You fill out a short, free application, and Bankeo connects you with vetted accountants who are a good fit for your situation. It’s free for entrepreneurs, with no obligation, and we’ll continue to support you every step of the way.

What should I do if the matched accountant isn’t a good fit for me?

You’re under no obligation to continue. If things don’t click or your needs change, even months later, Bankeo will help you find the right accountant, at no cost. We’ll support you for as long as you need.