EA - Small Business Accounting - How to Choose a Service Provider

Small Business Accounting: How to Choose a Service Provider

One of the most important steps a business owner can take is hiring a pro to help with small business accounting. Not only will you have confidence knowing that your records are up-to-date at all times, but it is important to tap into the financial strategy available from someone who has industry experience.

Don’t Wait for Small Business Accounting

If you don’t already have a small business accountant to help with your financial records, why wait? Sometimes people make excuses about the cost of the accounting services. Even though you will need to add another expense to your business records, it is well worth the investment when you see how much money can be saved.

Here are a few reasons why you should consider small business accounting services as soon as possible:

  • Ongoing Tax Strategy: Your accountant can provide tax support throughout the year to ensure you are on track for the upcoming annual tax filing. Business taxes are more than crunching a few numbers before April 15th. You need to be strategic with your spending, business entity, and overall financial strategy if you want to minimize your tax burden. Since taxes are necessary for every business owner, it makes sense to enlist a tax specialist as soon as possible so you can minimize the impact on your bottom line.
  • Free Up Your Time: It is common for business owners to find it hard to step away from their offices. You are wearing many hats during the day to keep your company running. All of these responsibilities are important, but it can be burdensome to keep up with everything. If you are still managing your books, then it is time to hand the bookkeeping and accounting responsibilities over to a pro. Hiring the right accounting team will free up your time so you can turn your attention to other requirements within your company.
  • Optimize Profits: Owning a business can bring personal fulfillment, but the ultimate goal is to bring in a profit. You wouldn’t be running the company if you can’t take a paycheck home! Yes, there are times when you need to be careful with your spending, especially in the start-up stages of owning a business. With time, the right financial strategy can help you increase your profit margins so you can enjoy the full benefits of being a business owner.

Options for Accounting Services

Many business owners don’t know much about the accounting industry, which can make it overwhelming to hire a service provider. Not only do you need to know the difference in the various financial specialties that are available, but you also need to consider the specific services that are offered for your business.

Some of the most common accounting services offered for small businesses include:

  • Bookkeeping: These services focus on the ongoing financial tracking to ensure your records are up to date. Software programs can be used to automate banking transactions; then, the bookkeeper keeps track of the transactions to identify potential issues or errors that might need to be addressed.
  • Taxes: Hiring a tax accountant can be beneficial when you need to file paperwork for the IRS. The topic of tax accounting is huge since the forms vary depending on the way your business is structured. As a business owner, you don’t need to worry about tax laws and rules. Instead, let your CPA do the tax accounting. This service often includes both paperwork preparation and strategy that can be used to reduce your tax liabilities each year.
  • Strategic Services: As your business grows, it can be helping to have a financial expert who offers advice about management accounting. These services are focused on the financial data within your company, helping to create a long-term strategy that will ensure sustainable growth. These services can be expensive, but are worth the investment to ensure you are prepared for the future.

What are the Unique Needs of Your Company?

Before hiring a small business accounting expert, it can be helpful to determine which services will be a good fit for your needs. What are your business goals? Where are you falling short when it comes to your financial systems? You might not have specific answers to these questions until you have a conversation with an accountant.

Keep in mind that an experienced accountant can help you avoid common problems that arise with business growth. You don’t have hands-on experience with these aspects of business management, which means there are pitfalls that might be encountered without someone who can help you avoid these issues.

Talk to your accountant about your priorities and goals for the business. Then, ask about the best accounting services to fit your needs. Also, open the conversation to learn more about accounting services that might fill in the gaps for issues that you could potentially be overlooking.

Characteristics of a Great Small Business Accountant

We live in a digital business world, which means that you aren’t limited to hiring an accountant who is close to home. You can look online to find service providers, but it can be a challenge to choose from the many accounting firms located across the United States.

As you are researching your options, here are a few things that will help you choose the right small business accounting service:

  • Experience: For optimal results, it is beneficial to work with an accountant who has been in the industry for years. While book-smarts can be useful, nothing beats the skills that come from the day-in-day-out application. Find an accounting team that offers specialized services focused specifically on small business accounting.
  • Professionalism: Customer service matters because you need to be sure that your accountant will respond when you need to have a conversation. Not only does professionalism indicate the service you will receive, but you also feel good knowing that they will be detail-oriented with your tax return and ongoing services. Consider the interactions you have with the company to get a feel for the level of professionalism you can expect.
  • Credentials: In the United States, specific education and certification requirements need to be met before someone can offer accounting services. Just because someone knows how to use Quickbooks doesn’t mean that they are qualified to offer small business accounting advice. It is smart to check your accountant’s credentials before selecting their services.
  • Recommendations: Consider the option to talk to business contacts for accountant recommendations. Conversations with other business owners can help you find a trusted provider.
  • Accounting Team: While you can get the required services from a single accountant, there are bigger benefits that come from hiring an accounting team. You always have access to talk to someone for accounting advice, even when your point of contact is out of the office. Plus, an accounting team means that you are tapping into the experience and specialized skill sets of various industry pros, which can help to optimize the overall results that are achieved.
  • Cost: Small business accounting services are an investment. While it is worth the cost to bring in a team of experts to help with your business finances, make sure that you aren’t overpaying for the services. Compare the costs of the available services with other providers. Make sure that you are making similar comparisons – for example, the rate should reflect the same scope of provided services from each accounting team.
  • Software: One of the most effective ways to design your accounting system is by using a software program that can automate various aspects. For example, the software can pull in bank account transactions and other financial information. Then, your accountant can reconcile the numbers and use this information to help your business as needed. Ask your small business accountant about their recommendations for software programs.
  • Ongoing Services: Ask questions about the frequency of reporting, how often you will be in contact, and what the ongoing services will entail. Setting this expectation in the beginning will ensure that your needs are met throughout the year.

You can research various accounting firms to find potential providers, but don’t overlook the importance of finding a provider that has the right personality to match your preferences. Personality fit matters, especially when you will be working with the person throughout the year. You need to be sure that you get along with the accountant so that you are comfortable talking to them about your questions and needs.

Easier Accounting Offers Quality Business Services

We are dedicated to providing high-quality services for small business owners and entrepreneurs. Our team offers years of experience in the accounting industry and a proven system that works. When you choose our team for accounting services, you can have the peace of mind to know that you are working with a group that cares about your success.

Customer satisfaction is a high priority for us, which is why we are happy to customize your services based on your individual needs. If you have questions about available services, then you are welcome to contact us at any time. Reach out to have a conversation with us at Easier Accounting: (888) 620-0770.

0 replies

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply

Your email address will not be published. Required fields are marked *