As someone who owns or runs a small business, there will come a time when you need a business accountant. Once you know that this is the right step for you, the main concern you will likely have is deciding which accountant you should choose to ensure your needs are met.
This is a process that needs to be done carefully and only after a lot of consideration. Everything from the location of the accountant to how you'll divide the workload and which accounting software should be used is important to consider.
You'll also want to think about how much you can pay the accountant for your small business and whether the person you choose has the chops to help you reduce your business taxes. Having an experienced, knowledgeable person to handle your finances can help your business find the success you hope for. The perfect accountant will help you save money this year and well into the future.
This article will delve into the important things to consider when choosing small business tax accountants.
Decide How Important Location Is
A few years ago, it was essential to have an accountant located near your business. However, as more companies collaborate online, this has become less important. Location may not be as important since you can make use of cloud accounting. This lets you and your accountant look at the same data at the same time, even if you're halfway across the country from each other.
The location of your accountant should be based on your preferences. Some people are happy to work with an accountant anywhere in the world through emails, phone calls, and video conferences. Others are more comfortable with face-to-face conversations and business meetings. Decide which option is right for your business and let that guide your search.
Choose A Business Accounting Service with Relevant Expertise
When selecting an accountant, you want someone who can handle everything from preparing tax returns to creating financial documents for companies of the same revenue and size as yours. If your company is tech-forward and uses cloud software, selecting an accountant who does the same can make things easier for everyone involved.
Another thing to look for is an accountant who has worked with businesses in the same industry as yours. This can provide peace of mind that the accountant understands the specific challenges and needs of your company. It can also be an intelligent idea to choose an accountant who also has larger clients, as that shows they can scale with you as your company grows.
Interview Several Candidates During Your Search
When you are looking for the right option in terms of accounting for business, it's a lot like investing in anything else. It's never a good idea to choose the first option without researching other choices. You want the option of comparing various accountants against each other to decide which is right for you. While the first company might have what you need, someone else might do it better, for a lower price, or in a more efficient way.
Going through an interview with various business accountants can also give you insight into how you work with a specific person. Having a series of interviews with various accountants can help you decide what kind of accountant you need and even provide you with free advice that you can use. Sometimes it can help you pin down your business requirements for future success.
Choose Someone Dedicated to Saving You Money
Some accountants will focus on nothing more than filling out tax returns and managing your accounts, while others will take a more proactive stance with your finances. When you are choosing a business accountant, you should always ask what recommendations they have for saving your company money. The best accountants will be able to share thoughts about processes that could be put into place to help your business succeed.
Keep in mind that in most cases, tax avoidance and tax evasion are considered two different matters. Avoidance is often legal while evasion is not. An excellent accountant will have the latest knowledge about tax law to ensure they can save you money in a variety of legal ways without going too far and putting you in a situation where your business could get in legal trouble.
Your Accountant Will Help Your Business Grow
The tips above offer some insight into how to choose the right accountant, which is important for small businesses as well as large corporations. The best accountant for your business should be one that is highly involved in your operations, so they know the best ways to help you out. This should be an accountant you trust who has plenty of experience and who will show up whenever you need them.
The right accountant will help you grow by providing advice on business issues and completely challenging financial work. This helps you save money now and far into the future. Don't be afraid to take some time to ensure the accountant you choose is right. When you select the appropriate person to handle your finances, there's no way you can lose.
Here at Lawrence Grant, we have years of experience working with small businesses. Our accounting team can help with everything from business start-up needs to bookkeeping, business recovery, and even selling your business. Get in touch today so we can chat and help you come up with a plan.