How to find an accountant or tax specialist who is right for your business
According to a familiar adage, death, and taxes are the only two constants. Regardless of its size or whether it is a new or current firm, every company must follow applicable tax regulations.
Accountants play a critical role in any business, regardless of its size; they are vital consultants to a company. A professional accountant keeps your books and records in order, assists with tax planning and counseling, and ensures that you meet all tax deadlines.
Finding the correct accountant or tax specialist is one of the most crucial first steps when starting a business. This person will assist you in keeping your books in order and ensuring that you comply with all applicable laws.
When you’re starting a business, one of the most important early steps is to find the right accountant or tax specialist. This person will help you keep your books in order and comply with relevant laws and regulations. But how do you find someone suitable for your business? If you are in the market for accountants chicago, here are a few tips.
Ensure your accountant is qualified
Ensure that all shortlisted accountants are entirely qualified and licensed. It is usually the first thing you should look for before shortlisting any prospective accountant. Every country has its own accounting professional body, such as the Institute of Chartered Accountants of England and Wales (ICAEW), the Association of Chartered Certified Accountants (ACCA), the Institute of Chartered Accountants of Nigeria (ICAN), and the Institute of Chartered Accountants of Ghana (ICAG) (ICAG).
Start your research very early
Before starting any business, you should consider hiring an accountant as soon as possible. An accountant gives you professional advice on forming your company, assisting with various tax meetings and resolutions with the relevant tax authorities, setting up your payroll, and registering your company for corporate and individual tax.
Consider or evaluate the size of your firm
Your firm’s size or proposed firm determines whether to hire a small limited accounting company or tax specialist. If the size of your firm is between 5 to 10 employees, we recommend you hire a small limited accounting company to cut down costs.
As time goes on, when your business starts to grow, you can hire a high-profile accountant to manage your operations and finances.
How much does it cost to hire an accountant?
Before signing the final contract, find out what costs your accountant charges and how they charge them. Also, check if the contract includes an entrance or exit fee. Also, make sure you ask if the accountant will charge you for any additional work they do.
Due to an unanticipated circumstance, will you be charged a catchup fee if you need to switch accountants before the end of the fiscal year?
Consult several accountancy firms
Talking with multiple accounting firms and requesting to meet with each accountant for a quick chat before deciding whether or not to sign up is the best method to get an idea of how much it costs to hire a professional accountant.
Finally, go for quality over price/cost when choosing an accountant; hiring an accountant because their low fee may not necessarily result in a great conclusion.
Is the prospective accountant current and very familiar with all modern accounting software packages like Xero, Sage, and QuickBooks? This software has made recording keeping easy, fun, and stress-free. With this software, you can check the status of your tax liabilities and payments.
If an accountant is not technologically inclined in this modern age, you should avoid such an accountant.
Consider referrals from someone you trust
You can contact other small businesses if they can refer any good professional accountant to you, ask them about their view and what they feel about working with an accountant.
You can also use the internet to research numerous accounting firms. Ensure you check their website, if possible, for any reviews and comments from previous clients.
Draft a shortlist of questions you intend to ask the prospective accountants
Before meeting with any prospective accountant, free your mind and ask all your questions without fear. A well-experienced accountant will always be able to satisfy your curiosity regardless of the question.
Furthermore, be sure the accountant is very familiar with working in your niche before hiring them. You can ask your prospective client about their billing rates and how it is determined. Below are a few sample questions you should ask every potential accountant.
- How many experiences do you have in this industry?
It is essential to be very sure the business accountant you intend to hire has any experience in your given industry. Furthermore, it is also necessary to ensure that any prospective accountant you intend to hire has detailed expertise working in a similar business structure.
- How can you help me grow my business?
Aside from bookkeeping, an accountant can help a business grow by providing advisory services to the firm and also help with the business formation process. Starting with an accountant that genuinely hires an accountant that understands your business from scratch will help you structure your financial model and also help you expand your business subsequently.
- How do you bill for your services?
Most accountants charge fees per hour which range from $100 to $275. However, some accountants prefer to work on a retainer basis. Before making any decision regarding billing or quote, we advise you to get quotes from multiple firms. It will give you a sense of what it costs to hire an accountant.
- What are all your services?
Most accounting firms solely provide tax and auditing services; nevertheless, you should investigate whether your prospective accountant offers other services besides tax and auditing, such as bookkeeping, business appraisals, budgeting, and risk assessments.
Benefits of hiring an accountant
They save you money
Accountants are recognized for being sensible and cost-conscious. So they ensure you avoid unnecessary liabilities by adhering to all applicable tax regulations on a timely and consistent basis. They also limit your earnings and financials to prevent any eventual tax burden.
They save your time
An accountant removes the stress and worries you might be going through regarding complying with various financial and tax obligations.
- They provide professional support during any tax issues or audit
- They act as advisors and help you set up your limited company.
Congratulations, you must have hired a professional accountant of your choice after carefully reading the tips shared in this article. However, keep in mind that you are not obligated to keep an accountant indefinitely. Therefore, if the accountant does not meet your needs, you can seek a better option.
What are you waiting for? Massey and Co have a proven track record of providing high-quality, respectable tax and accounting services to our clients worldwide, so what are you waiting for? Today is the day to get that accountant and get rid of those pesky problems.