November 25, 2019 Hiring an Accountant for an Energy Company

How to hire the best accountant, preferably with industry knowledge, for an energy company.

November 25, 2019

Whether your company works in the petroleum industry, the gas industry, the renewable energy industry, or another energy sector, you need to hire an accountant to take care of your finances. But how do you go about finding the best accountant for your firm? Read on to find out.

Hiring an Accountant with Specific Industry Knowledge

The first step is to determine what type of accountant you need. You may prefer to employ an accountant who has experience of working in the energy industry, or a professional who has studied an accounting course for specific sectors like gas or oil. That means you can ensure the accountant has advanced knowledge and understanding of upstream activities and the financial arrangements and implications of a broad range of energy ventures. Seeing as energy rates vary for each state, it can also be beneficial to hire someone with the knowledge of industry rates for regulated states and deregulated states. By finding an accountant who has experience and skills in the energy industry, you can be sure to employ someone with the problem-solving and analytical financial modeling skills required by your firm.

Which accountants are the best?

Most accountants have transferrable skills that they can apply to work in any business industry. So, you do not necessarily need to find an accountant who has specific knowledge of the energy sector. The most important thing is to hire a professional accountant who knows how to handle your finances. You could hire a regular accountant whose duties would include elements like bookkeeping and day-to-day financial tasks. Alternatively, you could employ a certified public accountant. CPAs have to pass the rigorous CPA exam to become licensed. They also need to continue their educations throughout their careers and ensure they meet all state rules and regulations. Duties of a CPA include auditing financial-records, consulting, and determining the method of reporting. If you want to hire the very best accountant, it is best to employ a CPA.

Finding an Accountant

One of the best ways of finding the best accountant for your energy company is to ask colleagues or friends for recommendations. That is an excellent way of locating a local industry-specific accountant. Another option is to check with state and national associations. For instance, a CPA society will be able to provide you with assistance in finding an accountant or a CPA firm.

You need to interview lots of potential accountants so that you can find the right fit for your company. You need an accountant who can answer your questions, listen to your needs, and communicate well. Find someone with a thorough knowledge of your financial needs with whom you can form a long-term relationship. Other vital elements for finding the best accountant include:

• Requesting relevant information from prospective accountants, such as references, fee schedules, and a list of services.
• Evaluating if the accountant is value for money by asking for quotes and specific details.
• Asking relevant questions so that you can get a better insight into their skills, knowledge, and experience.

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