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An accountant is always at the core of the financial standing of your business. That’s why you need to invest in a good one for the best results.
Hiring a good account helps you avoid expensive mistakes such as unpaid invoices, tax miscalculations or fines. If ignored, any of these mistakes will be costly to your business.
If your business is starting out, you should get an accountant immediately. Here’s what you need to know when you are looking for a good accountant for your business.
What are Your Business Needs?
If you know the type of accounting advice you need, you will have an easier time looking for an accountant. You can start by making a list of requirements. For instance, if you’re a SME, you will need varying advice from regular businesses.
The same goes if you’re in a specialist sector requires expert knowledge. You should also decide if you want an accountant working on a permanent retainer or one you can hire on an hourly basis.
Ask for Referrals
You can easily find an accountant by asking people you know such as friends, family, relatives or colleagues.
If you know someone with a more established business, ask for a referral to a good accountant who can assist you with your own business. However, when asking for a referral you need to beware because different accountants are suited to specific businesses.
Therefore, you should use the recommendations to make a list of potential choices before making your final decision.
What Are the Accountant’s Credentials?
Don’t forget to check the credentials of the potential accountant you’re looking to hire. Make sure that the individual you’re thinking about hiring is professional, has the right expertise and is compliant with regulations.
As a small business owner, you might be worried about your budget and end up hiring someone cheaper without the right professional qualifications. However, if they mess up your accounts, you will pay much more in the long run especially with tax issues. This is why you should be careful choosing someone when looking for fiscal representation.
What’s the Accountant’s Fees?
The fees you pay will depend on the reason why you’re hiring the accountant. If you need him/her to reduce your operating costs, you should hire an accountant based on a project basis, allowing him/her to do simple bookkeeping while managing your expenses.
On the other hand, if there are bigger issues, an ongoing contract might be the best option where you pay a monthly fee.
Keep in mind that the monthly fee will be fixed and cover your administrative costs, unless contract changes. We’d recommend that you research how much accountant’s can expect to make before negotiating their salary or fixed-rate fee.
What’s the Back-Up Procedure?
In case your accountant is not available, there should be a procedure in place for someone else to pick up the backlog, especially if it’s a big project requiring a specialist.
What’s the Working Relationship?
Find someone you can work with, especially if it’s a long project like doing your taxes or keeping your books in check. That’s because if you ever need your accountant to handle other duties than what’s specified in the original contract, they can do it for a lesser fee.
Therefore, right from the start, you should identify whether he/she will be a good partner in your business or bring more an unnecessary hustles. If you’re having a hard time understanding specific issues, the accountant should be able to take you through it effortlessly.
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