Hiring an accountant is a really smart move if you want to grow your small business. But it’s not as simple as going online and hiring the first accountant you come across.
Here’s a guide to how a great accountant can help you, how to find the right one, and how to make the most out of working with one too.
Why hire an accountant?
There are a lot of great reasons why hiring small business accountants is a good idea.
If you are just getting started, an accountant can help you decide on a structure, analyze your business plan, give you advice on opening the right business account, and other things.
They can also ensure you comply with all the regulations to avoid any problems further down the road, and they can show you how to track your daily expenses.
As your business grows, your accountant can help you in other ways. They might help you with your payroll and with hiring contractors, as well as helping you to understand what your financial statements are telling you.
One of the main ways they will help is through assisting with preparing your taxes and other paperwork.
They can even help you to take appropriate steps to avoid an IRS audit and to prepare you for an audit if it happens. They can also provide you with financial forecasts so you can make better decisions regarding your business.
How to find a suitable accountant
As you can see, there are plenty of great reasons to hire an accountant. So now how do you go about finding one?
First of all, you will want to work with a Certified Public Accountant (CPA) if you want help with your business financials. This way you know that they have the level of experience and training you need.
You should also read reviews online from previous clients. There are many places where you can read third-party reviews, and reading up on these will give you a good idea about whether an accountant is right for you.
Once you have found a few to choose from, ask them lots questions. If you can, meet them in person and find out what they are like to work with.
Ask them about other small businesses like yours that they have worked with, and also ask for references. A good accountant should be happy to provide references from previous clients so you can speak to them and ask more questions.
You should try to find an accountant with experience in your industry. Also, ask them about the various services they provide because every accountant is different, and they can help you to grow in different ways.
You should also find out about the way they prefer to work, how they communicate and whether you will work with them directly or with someone in their office.
Finally, find out how much they charge, and how they prefer to charge clients. Most will charge hourly, but some will prefer to charge a monthly retainer. You might want to get a range of quotes from different accountants, but avoid going with the cheapest.
How to get the most out of working with your accountant
Once you have found a great accountant, it’s important to get the most out of the experience so that your business benefits fully from what they can do for it.
A good accountant is not just someone to prepare your taxes. An accountant should be seen as someone who can help your business to grow and enjoy more success.
So ask them for their insights into your business and get strategic advice to help you make important business decisions. If they provide consulting services, this is an excellent way an accountant can provide more value.
They might be able to find out which parts of your business need an overhaul and to help you come up with ideas for how to improve different areas.
It can be a great idea to hold regular conversations with your accountant. Use these meetings to ask questions, and you may find over time that they will become a trusted adviser.
Find your ideal accountant
A good accountant should be seen as essential for any business owner. If you have yet to find an accountant to provide you with support and advice to help your business grow, now is the time to do so.
Don’t see your accountant as just someone who can help you with your taxes. Make your decision wisely and you could find that your accountant becomes essential for helping your business to grow.
As you may be aware KashFlow is accounting software designed to help users run a small business without needing any accounting or bookkeeping knowledge and may be an option for your small business.
Stephan Reed is a digital marketing partner for Holbrook & Manter, a small business accounting firm located in Columbus, Ohio.