The more your business grows, the more expenses, revenues and taxes you have to deal with. While tackling your own accounting is an option, it is always best to hire an accountant. That brings you to the question of – How do you pick the right accountant?
You want to pick an accountant who is trust worthy, gets the job done, provides quality service, and last but not least, one that you can afford.
Here are the top tips you need to keep in mind when hiring an accounting for your business.
1. Accountant Firm
Do you go for an accountant or a firm? A firm is always a better choice. An accountant will suit your small needs of keeping everything documented and filing taxes, but the bigger your business grows, the bigger the workload. So much so, that a single accountant won’t be enough. Hence, it is always better to go for an accounting firm. They will be able to handle a large workload and all your accounting needs are taken care off by a team and not a single person.
This is one of the first things you want to ask an accountant. You don’t want to hire a firm that is beyond your budget. However, be prepared to hand over a scope of work so that the accountant can give you an estimated fee.
3. Industry Experience
Many industries have their own financial compliance and tax laws, so getting an accountant who is well versed in the industry is a good idea. It is not a good idea to hire an accountant who is still learning about the laws, compliance, tax and tax breaks in the industry.
How accessible is your accountant? When you start out, you will have tons of questions, from various laws to ensure you are doing everything by the book. You need to be able to contact your accountant for simple to complex questions. Accessibility and promptness matters when you are a running a business.
5. Previous Clients
When you find a potential accountant, ask for references and get in touch with their previous clients. This is a good way to discover the quality of service the accounting firm provides so you don’t just have to go on the accountant’s word.
6. System and Processes
Discovering the accountant’s system and process is a way for you to learn how you can integrate it with yours. It is a minor point, but it can be vital for operating your business. And if the accountant’s system and process are different, then is the firm willing to adapt for you?
It’s always recommended to hire an accounting firm from the moment your business starts, rather than later. This way, your accounts, documents, book keeping, compliance and taxes are in order. Use these points to find the right accountant for you.