4 Steps to Finding the Right Accountant for Your Business
“Working with a professional in regards to anything having to do with money is going to require a good personality fit. Whether it’s an accountant, tax preparer, bookkeeper, or financial advisor. The better the relationship we have with these professionals, the more open we will be, which will result in better outcomes. Some accountants also partner with a bookkeeper to offer a bundle of services all in one place. This lets you have the best of both worlds without having to juggle multiple engagements. It’s also important to find a bookkeeper or accountant that uses accounting software that you’re also comfortable using.
Although all attorneys technically fall under this IRS requirement, business owners will want to work with an attorney who specializes in business taxes. Once you’ve conducted your initial research and compiled a list of a few prospects, it’s time to conduct a series of meetings or interviews with them. This is your opportunity to ask questions and gain a better understanding of how they work. Understanding the responsibilities and work you need help with, and how often, is an important step toward finding an accountant. You want an accountant who can grow with you and help you tackle any accounting needs that may come your way. If your business doesn’t already have accounting, payroll, and tax software, now might be a great time to introduce it.
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According to Salary.com, the average hourly rate for an accountant is $28 while the average annual salary is $58,940. Many accountants specialize in certain industries, so it’s best to look for someone who has that expertise so that they understand the unique needs of your business. You can also ask about their experience working with businesses with the same structure as yours, whether that’s a sole proprietorship, limited liability company , partnership, or corporation.
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Performance information may have changed since the time of publication. It depends on your situation, but accountants bring a lot more to the table than just filing taxes and handling paperwork. An accountant can analyze your business’s financial data which may show you how to make your business more profitable. Their auditors were quite knowledgeable and asked me why I wasn’t making use of tax breaks that would significantly decrease my tax liability.
Beginning your search: Where to look
There are many specialties within accounting, such as tax accountants, cost accountants, and inventory accountants. Simone has researched and analyzed many products designed to help small businesses properly manage their finances, including accounting software and small business loans. In addition to her financial writing for business.com and Business News Daily, Simone has written previously on personal finance topics for HerMoney Media. Small business accountants are professionals, often Certified Public Accountants , who have the experience and knowledge to help owners navigate through their financial records. Depending on the size and needs of the business, these accountants may work on a monthly, quarterly or annual basis.
Knowing your budget might also help to answer my previous question. As you search for an accountant, consider how much you’d like to spend on accounting services. Accountants can alleviate the administrative burden of running a business, leaving owners with more time to focus on doing what they love.
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For example, they can consult you on how to find an accountant for small businesses and other accounting needs. Using cloud accounting software can make it easier to hire the right accountant for your business because you’re not limited by geography. When you are able to work seamlessly with an accounting professional anywhere in the world, you can open up your search and focus on the services and specializations you need.
Many or all of the products here are from our partners that compensate us. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Choosing an accountant is one of the most important decisions you’ll make in the life of your business, and a good accountant really can make all the difference between success and failure. This is something you also need to keep up on your end, otherwise your accountant won’t be able to provide you with the best advice.