Sat, 20 Aug 2022

How to Find the Right Accountant for your Business

Evertise
06 Jul 2022, 22:24 GMT+10

If you're reading this article, then it's probably because you have an interest in hiring an accountant for your business. First, let us say that hiring this finance specialist is an awesome way to improve your business and keep your finances healthy. But making the right call in this matter might seem like a big undertaking, and you might fear choosing wrong. Hiring an accountant or a business advisor that can help your small business is a big step, and we want you to choose the right person or firm for your company.

So, you'll find in this blog the most important factors to ponder while seeking the best finance professional. Without further ado, let's go deep into the topic and talk about these points.

First... Firm vs Inside accountant

This is one of the first factors you should think about. Would you need an inside accountant that will take care of daily transactions, treasury and cash management, financial statement preparation, analysis, and payroll, or a firm that will handle tax returns, financial statement, analysis, and advice? If you only need help with a few things, like the tax return, then hiring a firm can be the solution for your business. On the contrary, if the business is growing in revenues and daily transactions are becoming more complicated, then an in-house accountant would be the best call.

Also, you might consider that firms usually offer an hourly rate schedule, and there may be different rates for different accounting functions. So, if you're trying to stay within budget, hiring some that would be in-house will be cost-saving. So, to sort out this point, you should consider which are the accounting functions that you need and the budget you have for hiring this finance professional.

Qualifications

After figuring out the first point, it will be time to think about which qualifications you need in the accountant you want to hire. A non-certified accountant could be good, in case you want him or her to do your bookkeeping, the business financial statements, and financial analysis. However, if you're trying to hire someone that will help you to make an accurate tax preparation, then you should consider a certified public accountant.

As a business owner, you should seek someone that it's certified and licensed. That will be useful for tax advice and return preparations. Certified accountants must meet an exam and have the required experience for acquiring the state certification.

Expertise

Keeping an eye on the industry expertise that the firm or the accountant has is a must. For example, some firms have a speciality in construction contractors, non-profit organisations, etc. To guarantee that the accountant is already familiarised with the job that he or she will be doing in your business, you must find a professional that has expertise in your industry or similar industries.

In case you're choosing a firm, sometimes they might not have the expertise you're looking. Nevertheless, it's common that they work along with networks of other firms, and they can have the advice of a specialist in the field you work to solve issues.

Size of the firm

Commonly, plenty of business owners want to go for the safe play and hire a large accounting firm, but they might not be aware that large firms tend to hire services of small firms. This is not a bad thing to do at all, but you can feel uncomfortable knowing that a third-party will be handling your account. So, to make this decision you must think about what will make you feel satisfied.

If you would like a cosier treatment, then working with a small firm could be the best choice for you.

Ask for references

Now that you have all of the above sorted out, then it would be time to ask for referrals. You can ask your friends and business colleagues to give you information about their accountants. This would be one of the best ways to find good candidates to manage your finances because you'll be listening to first-hand experience with the firm.

Also, if you're not satisfied with the information provided by acquaintances, you can still use other research methods. Internet and newspaper advice is a good source of information on this matter, and you can find good candidates there too, like the best small business tax accountants in Melbourne. Just ensure to read reviews from other clients before trying to contact the firm you find on the internet or in the newspaper.

Interviews

Now it will be time to do the interviews, and it's a step in which you should put all your attention. If you're running a small business, choosing the wrong accountant can be bad for your company and can put in jeopardy its feasibility. Remember that the person that will manage your finances will manage your books and other delicate information, so ensuring that you're hiring someone of trust is a must.

That said, taking your time with the interviews with firms and individuals would be a must. Ask about their qualifications and expertise, and don't forget to question the firm's culture. Ask all the queries you have and put on the table scenarios in which the firm or candidate will have to communicate negative news or advice to you to know how they will handle the situation. If you feel a match with the candidate or firm, then you'll be one step closer to making the right call.

Conclusion:

Accountants are a vital part of any business, and they can play a key role in its growth. They won't only be giving you important advice about your company, but also, they will handle delicate information. Therefore, it's a must to find someone or a firm that would be trustworthy, and professional. After pondering all the points we have mentioned above, you'll be ready to find someone that will fit your business' needs.

One last piece of advice, to guarantee that you won't forget to ask important questions during the interviews, make sure to make a script that allows you to maintain the thread of your questions.

Author Bio:

I am Layla Morris a professional writer from Australia. I write useful and engaging content on various niches including business, lifestyle and many more.

More Sacramento News

Access More

Sign up for Sacramento News

a daily newsletter full of things to discuss over drinks.and the great thing is that it's on the house!