Once you feel that it’s the right time to hire an accountant for your business, it’s time to gear up as a lot of effort goes into hiring the right accountant.
This is an important decision that should not be hurried, and you might wish to consider a few things first. It is good to give a thought about the accountant’s location, how much workload he or she can bear, and the software he/she will use. Consider the amount you will be paying – will the accountant be able to reduce business taxes, and how much time will it save you?
Choosing the right accountant will save your company time and money year after year. The accountant should be an experienced person working for your company’s best interests and capable of handling complicated situations. Here are a few tips to consider that will help you choose the right accounting professional for your business.
1. Does Location Matter To You?
Some companies prefer hiring accountants from the same city. However, with the introduction of cloud-hosted solutions, online collaboration has become more convenient. This means that you don’t have to worry about your accountant’s location anymore – you and your accountant can see the changes in real-time.
The location of your accountant depends upon your priorities and how you wish to handle your finances. If you’re okay with remote accounting, he could be present in New York or Hawaii. The location should never be a constraint if you find the right talent. Otherwise, if you prefer the face-to-face accounting method, your search will be restricted to the same city or nearby areas or someone who is willing to travel in meetings with you.
Whatever your preference is, please ensure that you hire the right talent who is aware of the tax reforms.
2. Choose An Accountant With Relevant Experience
You will need to hire an experienced accountant who is well aware of tax reforms, filing returns, and managing similar sized companies. If your company is tech-savvy, you may need a person with a similar skillset. It is even more beneficial if you hired a person who has worked in the same industry as he/she will be aware of industry norms.
Please check if they have handled bigger clients than your organization. If yes, they can surely handle your organization and its growing needs. You could also ask for a detailed list of their clients with details like company size and yearly revenue. You might want to get in touch with these clients and get a review of the accounting services they received.
3. Do Background Checks
It’s crucial to ensure that everything is fine before finalizing things and signing a contract with the accountant. It would be best to talk to some of the clients of your potential accountant.
There are two ways to do this – ask for contacts from the accountant or use professional services. This way, you can ensure that you’re getting the desired quality of services.
It would be best if you don’t bombard the referees with tons of questions. Make the best use of their time. The key is to keep it short and sweet; a 15-minute phone call will give you the information you need.
4. Look For A Certified Professional Accountant
Professional accountants are regulated by bodies which authorize them to offer their services and also keep a check on professional standards. For instance, accountants are called Certified Professional Accountant (CPA) in the USA. They are professionals who practice accounting and have completed a degree-level study.
It is not compulsory to hire a CPA, but it is an advisable move. Simple tasks like bookkeeping, managing payroll, and the like may not need a professional accountant. However, if you wish to grow your business and draft financial strategies, you might be able to survive without a CPA.
More experienced a CPA is, the more time and money you’ll save. A CPA is your best resource to manage your funds to grow your business.
5. Dive Into Your Social Networks
Sometimes what we’re looking for is right under our nose and might go unnoticed. The same can be the case with finding the right accountant; the right candidate might be in your network. The first step is to ask your family or friends who own businesses; their accountant might be the right fit for your business.
Please keep in mind that you analyze your potential accountant’s skillsets even if someone says that he’s the best in the industry. What suits your friend might or might not suit you. It’s more of a personal and professional choice; maybe your business structure is different. The best accountant for your friend’s PR firm might not be suited for your retail chain.
Also, try searching for qualified accountants in your area on LinkedIn. It is a professional platform that lets you connect with different professionals around the globe.
6. Interview Several Candidates
Do not rush into selecting the first candidate you interview. Design a proper selection process and talk to several accountants, so you can compare their quality and fees. It would then be easier for you to decide which one suits your business the most.
Conducting the interviews for a week can be a powerful method to judge every accountant you interview. This will not only help you meet several accountants but also help you gain valuable free business advice.
This is one of the best methods to determine your business requirements and how you can better manage your finances.
An accountant will have access to your business data and will be deeply involved with every financial activity. It’s a huge decision that should never be taken lightly. You will need a trustworthy person with the required expertise who helps your organization grow.
Also, it is a good idea to see the brand and type of software they use. There is a possibility that they must be familiar with a particular brand while some value data encryption more than anything.
Choose wisely and get connected with the best.