Searching for the best tax consultant for your business? The 5 expert tips listed in this post can help.
Professional tax advisory firms with their expertise in compliance, laws, and planning make them ideal for challenging corporate tax requirements. As tax laws have become more stringent, reliable tax professionals’ depth and breadth of knowledge in the field provide businesses with the opportunity to operate transparently and grow rapidly.
But with so many tax consultants now offering corporate tax advisory services, how can a company choose the best? Here are 5 expert tips that can help-
1. Tax Requirements
The first step to choosing a tax advisory firm right for your company is understanding your tax requirements. For instance, will the advisory firm be provided access to all the company financials? Will they interact with your staff members, like financial advisors, attorneys, etc.? Do you need a global advisory firm or something country-specific?
Answers to these questions can help you know the type of tax services and expertise your company needs for the best results.
2. Expertise in Delivering Required Services
Once you have a brief understanding of what kind of services you need, it’ll be easier to review the available options. For instance, if you are an MNC operating from multiple countries, then choosing an advisory firm with a global footprint would be wise. Having a single team of tax professionals for global operations would be far better than hiring an individual firm for each country.
You can also try to know more about the past and existing clients of the advisory firm and even the tax planning strategies they commonly use for evaluating their potential and service quality.
3. Advisory Team
Once you’ve found a few tax service providers that match your tax requirements, the next step is the analyze the tax professionals in their team. Generally, businesses prefer teams with experts in specific tax-related fields, like indirect taxes, regulatory services, compliance, etc. This will ensure that the company can rely on the advisory firm for a host of their tax requirements.
Always prefer a reputed advisory firm as they take stringent measures to only work with professionals who have extensive experience, certification, and qualification.
4. Service Cost
In the long run, the cost of hiring a professional tax consultant is generally recovered through tax savings. But that doesn’t mean you should choose an advisory firm that is too large or expensive for your business.
You can now find tax advisors across every budget. Thus, even if you are running a small business, you should still be able to find a reputable tax firm that effectively meets your requirements and expectations. The size of your business and that of the advisory company should give you an idea about whether they are the right fit for you.
5. Year-Round Availability
While you’ll mostly need the expertise of professional advisors during the tax season, their tax services should also be accessible throughout the year. You should be able to reach them as and when a need arises so that you can take maximum advantage of every tax-saving opportunity.
Similarly, if your business is expected to face a tax audit, then the advisory firm should be available at every step to help you through the process.
Choosing the Right Tax Advisory Firm
While there are several leading corporate tax advisory firms in India, not every firm is the best choice for your business. The right tax service provider for your company is one that effectively meets your tax requirements and has an extensive team of experts who can provide valuable assistance at every step.
If you are searching for the best tax consultant, rely on the tips discussed in this post, as they will ensure that you choose a firm that perfectly matches your needs and expectations.