Choosing an accountant for your business can be a daunting task. There are so many accountants and all have their own set of different areas of expertise. If you have no experience in accounting you may find it difficult to ask the right questions. It can get confusing whether you should ask about sundry creditors or trial balance sheets. The following questions will give you a better understanding of what your accountant does as well as give you an insight into whether the accountant is knowledgeable. Hence, essentially these questions will help you figure out if this person is the best fit for accounting for your business.

1. What are the characteristics of a successful corporate accountant?

A great corporate accountant will have strong interpersonal skills, including the ability to communicate effectively with clients and colleagues alike. The best accountants also possess good problem-solving skills, which are necessary for maintaining accurate records and financial reporting systems that accurately reflect their client’s financial condition at all times.

2. How would you differentiate between a balance sheet and an income statement?

The difference between a balance sheet and an income statement is that the balance sheet provides information about a company's financial position at a point in time, while the income statement provides financial information that shows how much money has been earned by a company over a certain period of time.

3. What is the relationship between a chief financial officer (CFO) and the chief accounting officer (CAO)?

The chief financial officer (CFO) is in charge of the finance department of the company. The CFO is responsible for all financial activities within the company, including budgeting and forecasting, cash flow analysis, and accounting. The CFO also manages the accounting function and ensures that all of the company's financial information is accurate and complete.

The chief accounting officer (CAO) is responsible for overseeing all of the financial statements produced by the accounting department. The CAO also manages budgeting, forecasting and analysis functions within this area. In addition to these responsibilities, the CAO is also responsible for ensuring that all of the company's financial information is accurate and complete.

4. What is the importance of annual tax returns?

The annual tax return is an important document that would help you to know your financial standing. You can use it for budgeting and planning, for example, for buying a new car or paying off debts.

5. What is the importance of cash flow statement?

It's used when you have a big purchase or need to pay a large amount of money. For example, when you buy a house, pay off debts, or start a business. It's also used when your business income is high and expenses are low, which means that there is enough cash flow coming in to cover all payments made during the year (this can be determined by looking at the balance sheet). 

6. Explain calculation of break-even point?

The break-even point is calculated using data from the balance sheet and income statement. This will tell you how much sales revenue needs to be generated in order to cover all costs related to making sales (such as rent, and salaries paid to employees).

7. Experience with different accounting software available?

There are a number of accounting software packages available on the market today, and finding the right one for your business can be a daunting task. One of the most important things to consider when selecting an accounting package is whether it has features that support your company’s needs, as well as whether it is flexible enough to accommodate changes in the business over time.

Additionally, you can go into detail with this question and see the interviewee’s level of knowledge in that particular accounting software. For instance, if they have experience with tally, make sure they also know tally prime shortcut keys as that would give you an insight into whether the person is efficient in managing time.