4 Steps to Finding the Right Accountant for Your Business

You are essentially giving a stranger access to all of your personal information; you have the right to feel comfortable with them. You want to feel secure telling them about retained earnings balance sheet your mistakes or asking silly questions without feeling judged. Knowing how an accountant prefers to be paid will help you compare their rates to their peers.

Referrals from Accounting Software Providers

An accountant is dedicated to making sure your finances are clean and accessible. As your business grows, it will be increasingly difficult for you to stay on top of this task amid all the other requirements begging for your time. An accountant will also lift the weight of maintaining compliance in certain areas off your shoulders. If you think paying a third party to take on your accounting and tax work is a waste of money, consider the following benefits. Be sure to ask about your prospective accountant’s availability as part of your vetting process.

Ask potential accountants about year-round services.

• Ask around for recommendations for accountants who work with companies in your area.
• If your business is simple, you can probably find a simple bookkeeping or accounting package to meet your needs.
• In addition, accountants can help you make informed business decisions, like choosing whether your business should merge, sell, close or buy another business.
• When she’s not conducting interviews or typing away on her laptop, she loves to travel.
• Ask around and see which names come up; who knows, you may encounter the same recommendation more than once.
• There’s a wide array of small business tax deductions, some of them unique to specific business types.

Ines Zemelman, founder and president of TFX, agrees that you should get help with accounting for your small business. She says your how to find a small business accountant first priority should be getting help with filing small business taxes with the IRS. Many small business owners use the terms bookkeeper and accountant interchangeably. But you need to know the difference if you’re hiring for your business. Ask your family or friends, a business advisor, or other business owners if they can recommend any good accountants. If that doesn’t pan out, you can always attend networking events at your local Small Business Development Center or contact the Chamber of Commerce.

Make sure they’re a good fit

Here’s a closer look at what they do, how they can help your business both in the short- and long-term, and how to find the right finance pro for your company’s needs and budget. Answer a few questions to tell us more about what you’re looking for, and we’ll help you reach vendors who can provide you with more information, pricing, and products. Right off the bat, do some research on their experience and ask for client references. You can also get referrals by attending small business events hosted by your local Chamber of Commerce or Small Business Development Center. And whether you go for a sole proprietorship, LLC, partnership, or corporation, your choice will matter for your finances. Get the right financial help for your business, right when you need it.

Review your needs and their services

• Communication is key in any relationship, including the one you’ll build with your prospective accountant.
• Most accounting software automatically calculates sales tax, helping you avoid potential compliance issues.
• This means that the money behind the balance you see in your account is held at a reputable bank, and most importantly, is protected for you in the event of Currencycloud’s, or our, insolvency.
• Accounting is the backbone of any small business enabling you to manage your finances, accurately submit taxes, and plan for future growth.
• Otherwise, they may be missing valuable tax deductions, or giving you advice on your financials that isn’t based on your industry’s standards.
• Deciding your small business’s legal structure is an important decision—one that should be considered closely.

The most qualified business accountants will have more than just tax and auditing services to offer, so get a sense of what else the candidate can do for your business. This is a great (and probably the best!) reason to hire a business accountant. An accountant can make sure you’re paying the right taxes for your business type and industry, so you’re not hit with penalties and fines. If financial statements are confusing, creating reports is impossible, or accounting terms are downright jibberish, you should hire a business accountant from the get-go. If your accountant charges you an hourly rate, you can find yourself worrying about how efficient they are and how much your bill will be this month. More and more, accountants and bookkeepers are charging a flat rate per month, based on the scale of the work and the value they provide.

If you know any other successful small business owners, send them a Accounting For Architects quick email asking for recommendations. The breadth of internet-based options will likely only overwhelm you—and possibly leave you stagnated by information overload—so pinging your personal circle is a wise first step. Our research is designed to provide you with a comprehensive understanding of personal finance services and products that best suit your needs. To help you in the decision-making process, our expert contributors compare common preferences and potential pain points, such as affordability, accessibility, and credibility. Small business owners and decision-makers tend to wear many hats—sometimes too many. From sales to hiring to accounting, you take on the work of multiple departments out of a need to stretch every dollar.

• Make sure you wind up with a firm or individual CPA who has experience in your industry and understands what your specific needs are.
• The National Association of State Boards of Accountancy and The American Institute of Certified Public Accountants offer listings of official accountants by state and region.
• The average cost of professional tax preparation costs fall between $220 (filing a Form 1040 for a self-employed individual) and $800 (filing a Form 1120 for a C corporation).
• Setting the expectations you have for support early can support a healthy and efficient working relationship with your accountant of choice.
• Also, some accountants may bill you for mileage or phone calls, so you should be sure to determine this ahead of time.

Accountants help you organize and plan for taxes, comply with tax law, and ensure a business pays no more than the obligation requires. They also help employers decide if they should be doing accrual or tax-based accounting. The Relay Visa Debit Card is issued by Thread Bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc. and may be be used anywhere Visa cards are accepted.

If your small business doesn’t include piles of paperwork and boxes full of receipts, you may want to consider handling your accounting yourself. There’s no shortage of excellent, affordable software options on the market and we’ve done the legwork to research the top choices for you. Check out our reviews of the Best Accounting Software to find one that will work for your needs. Keep detailed records of all your business expenses, whether as receipts or digital tracking tools. These allow you to substantiate deductions during tax season or in case of an audit. The IRS allows businesses to deduct certain expenses, reducing taxable income.