As an entrepreneur, your company is your livelihood. Every day, you work hard to make sure it runs successfully and that you are meeting your business targets. For this and many other reasons, you want to ensure your company’s finances are handled by a professional. Every year legislators twist and tweak tax laws, leaving the average business owner scratching their head when faced with financial decisions. Accounting firms stay abreast of the new tax laws, offer financial advice to businesses, and assist them with the development of budgets and other financial goals. Whether you need someone to handle weekly payroll or you just want reliable tax advice, a qualified accounting firm can help you handle your businesses finances with accuracy and ease.
So where do you begin when looking searching through the many accounting firms in your area? Here are some tips to help you hit the ground running:
Your circle: First and foremost, talk to family, friends or business peers to find out what accounting firm they use and if they would recommend them to others.
Your business: Most accounting firms specialize in a few business areas in order to offer clients better service. Consider the industry you are in and make sure you go with an accounting firm that understands your company’s needs and unique financial goals.
Fees: Billing varies greatly between accounting firms. Some charge a set rate for each financial task they perform, while others charge by the minute: raising your bill every time you call them. It is important to understand how they conduct their billing system before they start working for you, so you are not surprised with a massive invoice at the end of the month.
What you need: Think about the level of service you require before you start interviewing potential accounting firms. Some can offer detailed advice on how to keep financial records, while other accounting firms compile the necessary financial reports but offer little feedback. The amount of advice you need depends on your own financial knowledge and experience. Additionally, if you need complete bookkeeping services, look for a full-service accounting firm that employs bookkeepers. An accounting firm that does not employ bookkeepers will charge more if a Certified Public Accountant (CPA) handles routine bookkeeping tasks.
Availability: Do you require an accounting firm for tax-filing purposes or day-to-day business needs? Some accounting firms shut their doors in the spring and only re-open for the following tax season. If something comes up, you want to be able to rely on someone who can help … at any time of the year!
IRS support: When the Internal Revenue Service (IRS) calls, it is reassuring to know that your accounting firm will be right by your side. IRS audits are a way of life for some businesses, but facing an audit is undoubtedly a stressful situation. Some accounting firms offer their own offices for audit purposes and provide an accountant to represent your interests.
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