Whether you need a bookkeeper or someone to handle the complex accounting work of your business, choosing the right accountant for your needs is critical. Getting recommendations from other small business owners and asking for quotes from several accountants is an excellent place to start.
You want an accountant that anticipates your business needs and is as focused on helping you grow your business as you are. To help you find an accountant that will fit this need, consider these tips:
Experience
One of the most important decisions you’ll make for your business is who to work with as your accountant. A good accountant can help your business succeed, while a bad one could cost money. Researching potential candidates and interviewing them before choosing a firm is essential.
While experience is essential, you should consider whether an accountant’s qualifications and accreditations match your needs. A certified public accountant (CPA) or chartered accountant has been trained to handle complex accounting tasks. They can help you with taxation issues and audits and provide advice on financial strategies.
Some accountants specialize in a particular industry. For example, if you operate a small business in the automotive industry, you should look for an accountant with extensive experience with businesses like yours. If you do this, they will be sure to comprehend your particular obstacles and opportunities.
Some accountants are self-employed, while others work for a large accounting firm. The size of the firm you choose will also affect your decision. You may feel more comfortable working with a smaller accounting firm that provides personalized service. However, it’s worth remembering that larger firms may subcontract their work to other accounting firms or individuals. If this is the case, ask potential accountants about their experience and who they’re working with.
Fees
The best way to get to know a potential accountant is by asking them questions. During your initial interview, ask how many clients they serve and whether they have experience working with businesses in your industry. This will give you a good idea of how well they understand your business and how they can help you succeed.
It’s also essential to establish what your expectations are from your accountant. For example, how often will they provide you with financial statements? Do they prefer to communicate via email or phone? This is an essential question because it can determine how much time you spend with your accountant and whether they fit your business.
Finally, make sure to ask about their fees. While some accountants charge a flat rate, others base their fees on a percentage of your assets. Ask each potential accountant how they charge and their average price so you can choose the one that best fits your budget.
In addition to hiring the top accountant in Denver for your business, you need to be confident in understanding critical business information to make informed decisions and spot problems before they become out of hand. Take a practical Understanding Business Financials workshop to learn how to interpret and analyze financial information to help your business thrive.
Reputation
While many new business owners start out wearing all the hats as entrepreneurs, there comes a time when you need someone to help professionalize your books and ensure you pay the right amount of taxes. A certified accountant, also known as a CPA, can take over your finances and help you create a plan for growth that meets tax regulations.
When choosing an accountant, reputation is vital. You’ll want to find an accounting firm or independent accountant with a solid track record with other small businesses who can offer referrals.
A firm’s reputation is also essential for attracting top talent. Research shows that compensation and career advancement are the two most significant factors determining whether an accountant will join a firm.
You can also search for site reviews and find out how other business owners have rated each accountant you’re considering. If you’re unsure of which accountant to choose, ask each one if they are happy to share testimonials from other clients or if you can contact a current client. Ask each potential accountant or firm about their frequency of communication, too. Ideally, you want an accountant who will keep in regular touch and provide you with up-to-date financial reports.
Personality
In addition to the raw skills and proficiencies needed for accounting, the right personality traits can help you find an accountant who is a good fit. Accountants must be trustworthy and highly precise, but these qualities often don’t appear on a resume. A good accountant should be able to work quickly and keep accurate records, but they should also be a team player and enjoy working with people.
For example, a client-facing accountant who can build rapport with clients can help the company develop long-term partnerships that benefit both parties. This can include a willingness to listen to concerns and answer questions in an understandable way to non-accountants. It can also mean paying attention to small details—such as the names of family members, hobbies/activities, and personal or business milestones and goals—and following up on them later.
Finally, a desire to always be learning is a trait that can benefit both the accountant and the client. As the field continues to evolve, there are new regulations, changes in best practices, and emerging technologies that an accountant who wants to be a lifelong learner can keep up with.
It’s tempting to make a quick decision based on a candidate’s resume when it comes time to hire an accountant, but doing so could be dangerous. Instead, take the time to consider your needs, whether it’s tax preparation or daily financial tracking, and then look for candidates with those qualifications who possess the right mix of skills and personality traits.
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