Choosing an accounting firm is a big decision. It’s a commitment that can be expensive to change, which means you want to make sure you’re making the right choice for your business. The following are some things to consider before signing on with one:
Fees, of course, are a major consideration.
In fact, they’re the most important one.
Your first step should be to determine what your business needs regarding accounting services. It’s not uncommon for small businesses to hire full-service firms that provide everything from bookkeeping to tax preparation to payroll processing and beyond. If you’re looking for help with such diverse tasks but don’t have the resources or experience required for independent contractors, this approach may make sense for you—or perhaps you’ll find that outsourcing only certain areas is sufficient (for example: hiring an accountant who specializes in taxes).
Be sure also to think about just how many times per year you might need assistance on any given task; if it feels like something will happen once every week or two months (or more often), it might make sense for someone other than an employee within your company’s payroll department (who already has plenty on his/her plate) handle these duties instead.
Think of the businesses you work with
If you’re thinking of hiring an accounting firm, first consider the businesses you work with. What are their goals? What are their needs? Do they have specific and distinct accounting support needs?
If you work with multiple clients who vary widely in size, consider a generalist practice that can meet the needs of each client regardless of industry or financial situation. If this isn’t possible, find an accountant who has experience working with companies similar to yours.
How available are they to you
It’s also important to consider how available the firm is to you. Do they have a large number of clients? Will your project get lost in the shuffle, or will it be their priority? For example, if you are looking for an accounting firm with experience in manufacturing and distribution, make sure they have those skills before signing on. Also, ensure that the firm has enough time for your project and can accommodate any changes.
Asking these questions is not only smart but also polite; it shows them that you care about their service and want what’s best for your needs. Don’t be afraid to ask for references from previous clients as well—that way, if something goes wrong down the road, there’s someone else who can vouch for their work ethic!
How extensive is their customer support
When choosing an accounting firm, it’s important to consider how extensive their customer support is. If you have a question or concern about your business, you’ll want to be able to get in touch with someone who can help you.
If you call them up and speak with someone on the phone or via email, can they assist with basic questions? What about more difficult financial issues? Do they offer training sessions for new clients? If so, are there any stipulations that need to be met before attending one of these sessions?
Ultimately finding an accounting firm is a personal choice based on what works best for your company and your budget. In order for this partnership to work out as seamlessly as possible, it’s important that both parties are satisfied with their decision—and knowing exactly what type of assistance will be provided by each party can make all the difference!
How much will the services cost you?
Cost is a major consideration when choosing an accounting firm. How much does the service cost? What does that price include? Will there be additional fees for additional services? Is the price affordable for you and your business?
You need to consider how much you will save by using this firm over another one. If they can offer better service at lower prices, then it may be worth it to pay more upfront.
Can your accountant provide easy-to-read monthly, quarterly, and annual reports?
You’ll want to consider not only the price of the services you’re paying for, but also how they will help your business.
If you need help with cash flow management or budgeting, ask about this when meeting with potential accountants. You want an accountant who can provide easy-to-read monthly, quarterly, and annual reports relevant to your business needs.
Accountants experienced with small businesses will be able to provide you with the information you need to make better business decisions. They should help you understand your company’s financial health and what steps you need to take moving forward.
When meeting with potential accountants, always ask them to provide a list of past clients you can contact for references. You’ll want to speak with at least two or three people who have used their services and ask about their experience. How did they handle your accounting needs? What kind of communication did they provide? Did they meet deadlines?
Choose an accounting firm that best matches your needs.
To choose an accounting firm, you should first consider your business needs. You will want to find an accounting firm with experience in your industry, as well as the ability to provide the services you need. In addition, it is important to ensure that the accounting firm is a good fit for you and your company. Finally, you need an accounting firm that can provide the financial reporting required for your company’s finances to be accurately represented on paper or online.
To sum up, your choice of accounting firm should be based on more than just price. You need to consider the other factors, such as how long they’ve been in business, how experienced they are with your type of business, and what services they offer. Remember that the fees that you pay for accounting services should be reasonable when compared to the value they bring to your company.
BookkeeperLive provides bookkeeping and accounting services at affordable prices. We will work with you to determine your needs, create a plan for reaching your business goals, and implement that plan.
Our team of experts can handle everything, so you can focus on running your business!