It’s difficult enough to run a business without the added difficulty of filing taxes every year. The net amount of taxes owed by a corporation is determined by its revenue after the general tax reduction.
As a chief executive officer, you undoubtedly want to maximize your company’s profits while minimizing your tax liability.
Making financial decisions without contacting an accountant or tax consultant can put your finances at risk and end up costing you more money in the long run.
Working with the best corporate tax consultants in Kenya throughout the year, rather than just when you file your tax return, can be the key.
Also read:
- Explaining The Digital Service Tax (DST)- A Guide For Compliance
- How To Choose The Best Accounting Firms In Kenya
- How To Choose The Best Audit Firms In Kenya
- Factors To Consider When Looking for The Best Company Secretary Firm in Kenya
How To Identify the Best Tax Consultants in Kenya
Today let us look at some of the qualities the best corporate tax consultants in Kenya should have to deliver the best service.
Proper training and continuing professional education
The skills of the tax consultant make the foundation of successful tax practice. With the constantly changing tax code, new KRA regulations for tax consultants, and the ever-growing online tax preparation software, the best tax consultants have a continuing professional educational (CPE) program that improves their professional credentials and ensures they stand out from the rest.
Experienced consultants must have the knowledge to tackle complex tax issues that tax software cannot handle. The best way to get this knowledge is through a good CPE program.
You should be very attentive to the topic listings and descriptions of the courses covered when choosing the CPE program you want to attend.
Viable and practical business plan
Developing a business plan can seem nearly sacrilegious to many seasoned accountants and tax consultants. However, while it’s undebatable creating and maintaining a comprehensive business plan takes time, it can also be highly beneficial in keeping you, and your company focused and efficient in achieving your objectives.
The most crucial components of a business plan should include the following:
- Your mission statement should capture your general focus.
- Information about your firm, such as when it was founded, the founders and their positions in the company, the number of workers and locations, and any other relevant information.
- Highlights of company expansion (if you are already established). In a growth chart model, this typically incorporates your profit gains or losses.
- A description of your products and services
- Financial information, particularly if you are or will be seeking outside funding.
- A summary of your long-term objectives should be organized by year, with goals for each year listed and a brief description of how those goals will be pursued and achieved.
Excellent Customer service
Let’s face it, there would be no business without the consumer. So what makes clients choose one firm over the other when they are both offering similar services?
Sometimes it is the price, but more often than not, it is the service they receive.
Customers will feel special if they feel that you are paying attention to their problem, listening to them, and asking questions. Sure, customers can obtain the same service for less money in another firm, but is it the same service?
The best corporate tax consultants understand the need to communicate clearly to your customers. Most misunderstandings are caused by a breakdown in communication. So whether it’s your team or your employees, make sure you’re clear on what you’ll do and what you expect of them.
Image branding and marketing strategies
One of the most challenging issues facing businesses in today’s economy is deciding how much to spend on marketing.
Businesses, families, and individuals have been driven to cut costs due to the recent economic downturn caused by the Covid19 pandemic, and these cuts have often harmed what is invested.
It’s important to understand that marketing has many different aspects. Image creation and maintenance, public relations and community outreach, and advertising are all significant aspects of it.
Having a professional and personal appearance is one of the most effective ways to set up your marketing program and maintain consistency so that it continues to produce positive results.
Excellent time management skills
We all have the same amount of time each day to complete our tasks (24 hours). But why do some people get so much more done in those 24 hours than others?
“Well, I just need to manage my time better” is often our first thought, and this is probably true. However, it is more about devising a system for getting things done on time.
We can spend more time working on systems to manage our time than actually getting anything done regarding time management. It all comes down to making an efficient “To Do” list and get the items on the list done.
Having multiple lists can come in handy. if you make one “to do” list with “complete project z” on it, that will not be helpful. “Project z” possibly has 10 to 15 various steps to it before it gets completed.
Having numerous lists that you refer to for different purposes is far more potent than having one super-long, super-scattered list.
Final thoughts
Based on our years of experience working in the industry, we believe those are the essential qualities that make up an excellent tax consultant. If they’re all used and maintained correctly, they’ll ensure long-term success.
Ensure to check out these qualities when looking to hire the best corporate tax consultants in Kenya and take full advantage of your corporate profits. Taxmart Kenya are the best corporate tax consultants in Kenya with a combined experience of over 50 years. Book a no-commitment appointment today.