Accountants aren’t just for big companies. Hiring an accountant for your small business can provide valuable insight about your company’s financial position helping you make more informed decisions about how to grow your business. A good accountant can be your company’s financial partner for life, so when choosing an accountant there are many factors to consider.
Know Your Needs
The first step in choosing an accountant is to identify what you want the accountant to do for you. Are you looking for someone to handle bookkeeping and financial services or help you prepare and file your taxes? Are you needing day-to-day accounting or just someone who will work for you periodically? Understanding the responsibilities and work you need help with, and how often, is an important step toward finding the right accountant.
Make sure to check their qualifications. It may be beneficial to look for a financial professional who has experience working in your industry so you can be sure the accountant has a real understanding of what your business is about. The right background will be especially beneficial for tax preparation.
Ask about fees upfront as this can potentially save you thousands of dollars. Some accounting firms charge by the hour whereas others work on a monthly retainer. Determine your needs and decide on an accountant that fits into your business’s budget.
A great accountant is your financial advisor all year round, not just at tax time. They are there to support you and your business whenever needed. Find out if you will work directly with the accountant or if other employees will handle your books. It’s also important to know from who and how quickly you can expect a response to inquiries.
The best accountants will share ideas about processes that could be implemented to help your business succeed. Any accountant will let you know about potential issues, but a great accountant will recommend when it’s a smart time to open another location, hire an employee or purchase new equipment. Be sure the financial professional you choose will ultimately support, contribute and guide your business growth.
The Bottom Line
Choosing an accountant is one of the most important decisions you will make for your business. After all, they can play a pivotal role in its success or failure. A good accountant will help you achieve your goals and set your business up for long-term success. By taking the time to research different accountants and asking the right questions, you can feel confident that you will make the best decision for your business.
Let’s Work Together! If you’re looking for a corporate accountant in the Chicagoland area, Motl Accounting has the expertise you need.