How To Find The Right Accountant For Your Small Business?

As a small business owner, it’s important to consider all aspects of your finances. A reliable accountant can help you with bookkeeping, balance sheets, and so much more! The key lies in finding that perfect professional fit and working together for years to come. Here are some tips to find the right accountant:

Establish Needs

Before looking to hire an accountant for your business, you need to assess what you require help with. A non-certified accountant or bookkeeper, for example, is more than adequate if you just need financial statements or bookkeeping tasks carried out. However, for tax related tasks and audits or company incorporation in Singapore always choose someone who’s either a CPA or a fully certified accountant.

Go Small Over Big

Don’t choose a big accounting firm for your business. You need the help of someone well-versed with small businesses, and if they happen to have accounting experience within your niche industry, they’re an even better fit! An accountant that has a deep understanding and experience working with small businesses will help your company excel and will offer the right advice for the growth of your company.

CPA Firm Vs. Accountant

Small businesses that are just starting out will often handle their own accounting. Modern technology makes it quite easy to do bookkeeping and tax preparation on your own using popular software such as Xero, Sage or QuickBooks.

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cpa firm vs accountant

As your business branches out and grows, it makes sense to delegate certain tasks to other professionals; this will include payroll, accounting, and taxes. Based on the volume of transactions carried out each month, you need to consider whether to hire a CPA or a solo accounting firm.

Gather Recommendations

Perhaps the easiest and most trusted method of finding an accountant is to use word-of-mouth recommendations. Get in touch with other small business owners or peers you know to ask them how they handle their accounting needs. Make sure to get details as well about how bookkeeping works and how much you need to budget for these services.

Comparison Shop

Accountants all charge fees in a different manner. Some will charge you a flat rate every month for their services and this will include tax preparation and bookkeeping. However, many charge separately for the different tasks being carried out. Understanding the billing process of a firm can help ensure that you hire one you can work closely with. It’s not uncommon either to find an accountant that charges an annual fee for given services. However, you will need to carefully look at your budget and outgoing expenses to figure out which accountant works for you.

Go Social

Social media is an indispensable tool in helping you narrow down your options. Whether you’re considering an accountant or a firm, check for social media presence on LinkedIn. Having a solid presence ensures they can backup their claims, and it also allows you to look at client recommendations. In this day and age, social proof is necessary in reaffirming your belief that you’re hiring someone with the experience and expertise they claim.

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Know About Accounting Software

Some accountants still rely on old school software solutions, but you will need someone that can teach you the ropes of using the latest technology. There are many new types of software on the market that make accounting a breeze, and it is these professionals you should aim to work with. Bear in mind, the software your accountant uses is the one your company will need to adopt, so consider carefully.

Cloud Technology

Is your potential accountant using cloud technology? Many are making the switch to cloud computing as it offers a wide range of benefits such as data security, remote accessibility and electronic invoicing. Using an accountant well-versed in cloud computing allows you to have better communication. If you have a question that needs a quick answer, your accountant can respond in a timely manner using the cloud remotely.

Reporting Frequency

When you’re just starting out and looking to grow your business, it’s vital to your success that you choose an accountant who reports to you frequently. Constant communication and up-to-date financial statements can help you make better choices for the future of your company. Your accountant should really serve their purpose as a business advisor and not just someone you defer to during tax season. Know what you prefer and expect from your accountant in terms of communication and the frequency of updates. Having this established from the start, you can continue your search and easily rule out those that simply don’t fit this requirement.

Interview Several Accountants

Perhaps the most important aspect of finding the right accountant or firm for your company is to conduct an interview process. Your accountant should feel a sense of loyalty and remain on your team while they work for you. This involves understanding your needs and fully respecting them, even during the interview process. When you’re first searching for your perfect accountant, you may feel a bit of discomfort gauging them to this extent. However, when you think about the distant future of your company, you will be glad you were this thorough in the initial stages.

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Your business needs the best accountant you can afford, and in order to make wise decisions for your company, you need constant updates. An accountant that’s well-versed in modern technology and offers innovative solutions is the one you should aim to work with. Though finding the perfect fit is difficult, it’s not impossible!

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