You’ve decided to outsource your accounting. But what exactly should you look for when making a decision on which accounting firm to go with?
Well, we’ve made that process a little easier by putting together a list of things to consider while you’re on your search.
Things to Consider When Choosing an Accounting Firm for Small Business
Here are five questions to ask yourself when looking for an accounting firm for your small business.
1) What Services Do You Need?
Before really diving into your search, take a few moments to determine exactly what you need help with. Ask yourself questions about the kinds services that you’ll need. Here are some questions to get you started:
- Are you looking for someone to help you keep track of your incomes and expenses?
- What about help with taxes?
- Do you need someone to help you process your payroll?
Once you have a better idea of what you’re looking for, you can narrow down the list to firms that provide those services.
2) What Level of Involvement Would You Like?
Take a moment to consider how much you might need to contact your accountant. Questions such as:
- Do you just need them for a yearly tax service, or do you want guidance on a regular basis?
- Do you need full bookkeeping services as well?
- Do you want to not think about your finances at all or have an accounting service figure it all out for you?
Some firms might be able to meet the level of involvement you’d require, others may not. So be sure to look for the firms that will be able to meet all of your criteria.
3) What Industry Is Your Business In?
If your small business sits within a particular industry, you might consider looking for firms that specialize in working in it. Certain industries may have specific financial or tax regulations that you need to be aware of. So, finding an accounting firm that already has experience working for similar businesses will have industry-specific knowledge, preventing you from missing any important details.
4) What Are Their Rates?
Go into the initial meeting with a rough idea of budget in mind. And, don’t be afraid to ask direct questions about fees and rates, as they can vary widely from one firm to the next. You don’t want to get stuck with a firm that will charge for every minute of every phone call, especially if you’ve determined that it’s not within budget. Figure out their rates and schedule beforehand, so there are no unwelcome surprises down the road.
5) Who Are People In Your Network Using?
Sometimes the best way to find a reputable accounting service is to ask your network. If your friends, family, and/or business associates have used an accounting firm before, they’ll be able to give valuable insight on whether or not it was a good experience. When an accounting service continuously does good work, they leave behind a trail of positive reviews that can help you feel secure in your decision.
A Qualified Accountant Can Keep Things on Track
Working with a reputable accounting firm will help you keep your finances on track and allow you to grow your business. Figure out what you need in an accounting firm, do your homework, and don’t be afraid to ask questions of potential candidates. Gather the necessary information and stick to your gut, and you can be sure that you’ll find the right accounting firm that best suits your needs.
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