01 Nov Selecting the Right Business Accountant
Finding the right accountant for your business has been so difficult a task for so long that it practically has become an inside joke, no matter what industry you are in. Negotiating financial challenges alone simply isn’t feasible for most small business owners, so they find themselves caught betwixt a rock and a hard place in this regard. So how can businesses go about selecting the right CPA for their needs? Here are a few things to consider that can help guide you towards the correct decision, whether you ultimately decide on outsourced accounting, or hiring employees onto your own staff:
• Firm vs. Individual – This is often a question of expense. While firms undoubtedly offer more expertise than any single individual can, they also tend to cost significantly more. If your business is simple, and does not engage in a variety of complex transactions, you likely don’t need to hire a full firm at all, let alone one of the Big Six.
• Outsourced accounting vs. in-house – Should you actually hire an employee to keep your books for you, or should you outsource? For more and more businesses these days, the answer seems to be outsourcing; you just don’t have the same kind of overhead or fee structure you do when you are responsible for employing someone directly. Startup businesses in particular can take advantage of this to save money.
• Key Qualifications – Some particularly important qualifications to note regarding a potential accountant are whether or not they have professional certification (CPA or CMA), how much industry expertise they have, relevant to your own business, and the level of financial complexity they are used to dealing with. Discuss each of these factors with any accountant before you consider working with them.
If you start by addressing these first three decisions, you will likely have a much clearer idea of what you need to do next. Hiring outsourced accounting is a great way for most businesses to save both time and money; contact a professional in your area for a consultation today to see if they are able to help save your business money.