As a small business owner, you know that having a reliable, trusted accountant is essential to the success of your business. An accountant can help you manage your finances, make sure you’re compliant with tax laws and provide valuable advice on how to maximise your profits. But how do you know which accountant is right for your business?
Here are 10 essentials to look for when hiring an accountant for your small business.
Choosing an accountant:
1. Knowledgeable About Your Industry
When it comes to finding the right accountant, it’s important to find someone who is knowledgeable about the industry in which your business operates. This will ensure that they understand the unique challenges and opportunities that come with running a business in that particular industry. They should also have a good understanding of any regulations or laws that may apply to your industry.
2. Experienced With Your Business Structure
Your accountant should also be experienced with the type of business structure you have chosen for your company. For example, if you are a sole proprietor, they should be familiar with filing taxes as an individual and not as a corporation or LLC. Similarly, if you are an LLC or corporation, they should be knowledgeable about filing taxes as such entities. This will ensure that all of your taxes are filed correctly and on time.
3. Good Communication Skills
It’s important to find an accountant who has good communication skills so that they can explain complex financial concepts in a way that is easy for you to understand. You should also feel comfortable asking questions and discussing any concerns or issues with them without feeling intimidated or overwhelmed by their expertise. Good communication skills will also help them build trust with you and make sure that all of your financial needs are met in a timely manner.
4. Accessible
Your accountant should be accessible when needed so that they can answer any questions or address any issues quickly and efficiently. This means they should be available via phone, email, or even video chat if necessary so that there is always someone available when needed. They should also respond promptly to any inquiries so that there is no delay in getting the information or assistance needed for managing your finances properly.
5 . Detail-Oriented
The last thing you want from an accountant is sloppy work due to lack of attention to detail or carelessness when it comes to filing paperwork and managing financial records accurately and efficiently . A detail-oriented accountant will ensure everything is done correctly , from filing taxes on time , reconciling accounts , preparing financial statements , etc . This will save time , money , and stress in the long run .
6 . Up-to-Date on Tax Laws
It’s important for an accountant to stay up-to-date on all relevant tax laws so that they can provide accurate advice on how best to manage finances while staying compliant with regulations . An experienced accountant will know what deductions can be taken advantage of , what credits may be available , etc . This knowledge can save money while ensuring compliance with tax laws .
7 . Cost Conscious
When hiring an accountant , it’s important to find someone who understands cost consciousness - meaning they understand how much money needs to be spent in order for the company’s finances remain healthy while still providing quality services . A cost conscious accountant will look for ways to reduce expenses while still providing quality services - something every small business owner needs !
8 . Proactive Approach
An experienced and proactive approach from an accounting firm is essential when it comes to managing finances properly . They should take initiative by suggesting ways in which costs can be reduced , profits maximized , etc . This proactive approach ensures that all decisions made regarding finances are well thought out and beneficial for both short term goals as well as long term goals of the company .
9 . Technology Savvy
In today’s digital world , it’s important for accountants to stay up-to-date on new technologies related to accounting software programs , cloud computing solutions , etc . This ensures accuracy when dealing with financial data as well as efficiency when it comes time crunching numbers quickly during tax season !
10 . Professionalism & Integrity - and qualified!
Last but not least - professionalism & integrity ! It goes without saying but finding an accounting firm who has both these qualities is essential when looking after the financial health of your small business ! Professionalism means being organised & punctual while integrity means being honest & trustworthy - both qualities which are essential when dealing with sensitive financial information. It goes without saying they should be qualified and ideally a business owner just like you, so understand the real challenges of running a business.
If you're looking for a new accountant and not sure where to start, get in touch with David at Purple Accounts on 01925 979500 or email: david@purpleaccounts.com
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