How to pick your accountant!

Checklist to hire an accountant

While many business owners may try to manage the books by themselves it’s often difficult to stay on top of paperwork. There’s simply too much to do.

Retaining an accountant or accounting firm will free you to focus on building your business and serving customers. That’s why so many successful entrepreneurs choose to delegate functions such as bookkeeping, generating financial statements and completing tax returns to professional accountants.

As a key member of your team you’ll likely be with your accountant for many years—so take the time to find a perfect match.

Know how much service you want

Start your talent search by deciding how much service you require. For example, will your new accountant work with you throughout the year? Or do you plan to see him or her during tax season only?

Also consider the size of accounting firm you want. A smaller firm may give you personalized attention, while a larger accounting firm may offer you access to a wide array of in-house experts (like tax specialists).

Strategies to reduce tax liability

A good accountant will help lower  penalties and interest you might otherwise pay on your taxes by keeping you current and compliant return. A great accountant will develop tax risk managment strategies for your business that will manage your taxes well into the future.

Look for an accountant able to supply both short-term and long-term solutions.

Experience in your specific industry

You may want to hire an accountant or accounting firm with experiencing in your particular industry. That way you can benefit from the knowledge they have acquired from helping companies similar to yours. For example, some accountants specialize in industries such as transportation, construction or financial services.

Talk about fees

Your next accounting firm should be transparent about fees so there are no unpleasant surprises when the work is completed. Ask about the rates that may apply to the different services you seek.

And, lastly, look for a personal connection with your choice of accountant. You want to work with someone whom you feel comfortable with. That quality alone may make it worthwhile to give your talent search lots of time.

ico Did you know?
Bailiwick means a person’s sphere of activity or interest.

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