How to Find Affordable Accountant Services?
Last Updated November 16, 2023
One cannot put enough emphasis on the importance of an accountant. If you do not have one by now, then quicken up your pace to find the best but most affordable accountant services. The money spent on accountants is well-spoken in terms of time, energy, and stress that you may have to deal with yourself.
The cost-benefit analysis, keep it in focus. Not only do you get to handle your business in a better way, but also will find time to keep your family happy or even read a book that is coated in the dust by now. This is just an example of what you can do once you hire an affordable accountant professional.
Table of Contents
Why Do You Need an Accountant?
A professional accountant can make your life so much easier, as well as help you save money at the end of the fiscal year.
The advice of a PA is invaluable. If you interview one in detail you can discuss a lot in 30 minutes. But that half an hour will either make up your mind to hire an accountant or call up the next candidate.
Either way, you need an accountant to grow your business, manage your finances, and take care of your books in a professional manner. You may have the passion to run your business but it would mean nothing if you can’t move in the right direction. A first-rate accountant provides a variety of value-added services that will comply;
- With up-to-date regulations
- Saves money in smart ways
- Reduce the cash flow risk
- Manage the monetary growth
- Help to measure business performance
- Manage the growth sustainability
- Provides valuable business advice and so on.
It is imperative to have an exceptional accounting mind among the rest of the employees.
When Do You Need an Accountant?
Hiring a business accountant is not essential for all businesses. However, there are some warning signs that point toward the need to hire one, especially if you are new to the industry. Some reasons you might need to hire a business accountant are:
You Are New in The Accounting Industry and Need Help with The Start-Up
If you are just getting into the business of accounting and do not have any prior experience or much information, you will need to know a little bit about accounting. You will need help running your business smoothly from the get-go. If financial statements do not make sense, writing reports sounds confusing, and accounting terms feel like gibberish, that is when you know that you definitely need a business accountant to help you out.
Business accountants can provide you with an expert opinion and strategies on finances. They can help you formulate business plans and instruct you on how to manage the business’s finances from the very start. If you start missing information and making mistakes early on in your business, you will have a lot of catching up to do later on, and it is going to cost you a lot.
One of the main reasons you need to hire a business accountant is if you are unaware of accounting basics, and need help starting off in the right direction.
You Need to Decide Your Company’s Legal Structure
You can structure your business in a variety of different ways. There are a number of options for you to choose from; be it a partnership, sole proprietorship, organization, corporation, or LLC. It is your choice to decide which option seems most suitable to you.
The decision to finalize your business’s legal structure is an extremely important step for your business and should be made after serious consideration. For example, if you go with the option of a sole proprietorship, you will work on a self-employed basis and all the invoicing will be done under your name. Selecting this option can help you save on taxes by deducting the cost of your living expenses.
Every legal structure comes with its unique complications that you might not be aware of, but a business accountant will know all about them. If you hire a business accountant, they can explain all about the legal structures, and provide you with all the pros and cons of each option, making it easier for you to decide.
You Have No Clue About Taxes
Being a business owner you might not have the time to file taxes or you may not be aware of the best practices for filing taxes. This is one of the main reasons you need to hire a business accountant, who can make sure that you are paying the right taxes for your business type and industry. An accountant can make sure that you do not receive undue fines and penalties.
Business accountants are most valued during tax seasons when you need to know your business’ tax credits and deductions. As a business owner, you might not have time to calculate your taxes, crunch your numbers, and save on your taxes, and that is where an accountant can be very useful. Getting help with tax and deductions can save you hundreds or thousands on your yearly taxes, so it’s worth hiring an accountant.
Hiring an accountant can help you with any tax implications, tax returns, and claim tax credits ensuring that your tax return is filed properly.
Your Business Is Growing Rapidly
Your business is growing so fast, and all this money is coming into your small business but you are not sure how to handle all of it. Small business accounting is complex but it gets a lot more overwhelming when you need to hire more employees, take more vendors, and serve more customers. The pressure can get to you.
Business accountants can help you keep track of what you’re owed and how much you owe somebody. It makes sure that your business runs smoothly and the cash flow is steady. Accountants can help in managing the money smartly so that the business progresses in the long run. Making money does not mean anything unless you know what to do with it.
An accountant can help you hold on to the revenue you make, and identify areas where you can cut your expenses to make even more profit.
You Have IRS Problems
CPAs and related professionals are the only ones that can represent taxpayers in a tax dispute or an IRS audit so it is worth hiring a business accountant to avoid such problems. In case your business gets audited, an accountant can save you time, money, and stress.
Business accountants can make sure that you know the best practices in the auditing process and make sure you work well within them. If your business is audited, the government will be watching when the audit is over, so you need to make sure you are not violating any tax laws afterward as well.
It is best that you have a business accountant before you are audited so that they can easily guide you through the whole process. In case you don’t have one when you’re audited, it’s high time you do the hiring.
You Need a Small Business Loan
It is not necessary to have a business accountant to apply for a loan, but having one can really help you with the whole application process. You will need to show your detailed and organized financial documents to be eligible for a loan, and an accountant can help with that.
With the help of a business accountant, you can stay on top of your finances while applying for a small business loan. Business accountants can also help with:
- Answer questions about the state of your finances and show your revenue projections.
- Show that you are serious about the business and you have the financial capacity to pay off the loans.
- Provide expert advice on interest rates, and terms and conditions that come with the loan offer.
Do you Want to Sell Your Business or Buy Another
A huge amount of financial planning is required for buying or selling a business. An accountant can help you dig into the details and make sure that you are doing the right thing.
In case you are buying a business, an accountant can thoroughly search for details and make sure that the company is worth buying. They will let you know about the value and ownership of a company’s assets and if they have any outstanding debts on them. It can help you decide if a company is worth buying.
In case you are selling your business, a business accountant can make sure that all your financial statements and accounts are set to be shown to potential buyers. They can keep your finances on track and help you get what you are owed. Accountants will make sure that you get the reward for your work, and you do not lose any value in the acquisition process.
How To Start Looking For Affordable Accountant Services
To get a comprehensive overview of an affordable accounting services provider, ask one very basic question.
What does an outsourced accounting service provide?
Every small business keeps its budget in mind when planning to hire an affordable accountant. When they work with outsourced accounting services it must fulfill the expectations as a service provider.
Turns out My Count Solutions is one of the many outsourced affordable accounting services that offer a real deal of solutions handled by talented CPAs, accountants, and bookkeepers. But still, how do you find the right choice?
Let’s find out.
You Should Know Your Requirements
Before finding the right accountant for your business, you should first decide what kinds of roles and responsibilities you expect that business accountant to take on. If you only need somebody to keep a record of financial statements, or bookkeeping tasks, then a bookkeeper or a non-certified CPA can do that for you. However, if you need your tax returns prepared, audited financial statements filed, and tax planning advice, then a certified business accountant or CPA is definitely needed.
Some business owners choose to manage their taxes on their own with the help of software like Xero, QuickBooks, Sage, etc. However, sometimes it is necessary for a business to hire professional CPAs to handle the finances, taxes, and payroll. The scale of the business defines the need for a business accountant.
Financial Progress Report
One of the major tasks handled by the accountant is to prepare financial reports. The professional accountant is responsible for handling the finances, finding the loop in the statements (if any), and balancing the inquiries.
The financial report consists of the following;
- Balance sheets
- Trial balance reconciliation
- Monthly reviews of performance
- Income statements etc
How well dedicated the accounting services are toward their clients? This matters. The specific individual will come to learn about your business from the inside and outside. An affordable accountant service is not a cheap option but someone who you can rely on in times of need. Over the course of time, you build a respectable relationship with the accounting services.
The professional accounting services will have a team behind them that will help you grow your business and manage your finances.
A business accountant who has experience working in smaller businesses, preferably in an industry you are associated with can be very helpful for your business. Such an accountant will have experience working with clients in the same industry and thus can provide useful insight into the challenges and experiences related to clients.
A company dealing in manufacturing needs an accountant who is affordable, but also with a level of expertise in their niche. Even an accountant’s knowledge of accounting and handling books depends on their expertise in the industry.
It goes without saying the most experienced CPAs and accountants have higher charges. Even if you hire an amateur accountant, they must be able to perform basic accounting tasks, manage the payrolls, and do the tax filings on your behalf.
If you have a network of business advisors available, then you should always seek advice from them. Not only is this advice free of cost, but also reliable as it comes directly from people you know. You can ask about their experience with a certain CPA and also get an idea of the budget that is required for these services.
Recruiting new staff is an overwhelming process. To hire a prospective accountant you need someone who can do more than just numbers. He should be the Loki of the accounting world with the qualities of Thor.
In simple words, the accountant must be active and smart enough to find out if anything is wrong with the statements in the first place. Affordable accountant services may not be hard to find if they have the right letter of recommendation from their former employer. You can call them to ensure to learn about the candidate.
Accounting Price Packages
How much are you willing to pay an accountant? What does affordable mean to you? The answer to this question varies from one business to another.
For instance, at My Count Solutions, pricing is not traditional but it meets the latest standards of the simplified bookkeeping experience. If you were to hire My Count Solutions you would be offered;
1-2 accounts for $300/month
3 accounts for $325/month
4 accounts for $350/month
(Now each monthly service has a different list of services that will be provided. Therefore when you select the package make sure you are getting the desired results.)
The set of qualifications for the candidate is important. A professionally certified public accountant must have a high school diploma with the training or a Master’s degree in accounting. Some qualifications may be considered low-tier but if one has undergone a proper channel of qualifications then the accountant has a better chance of being hired.
Besides, do keep an eye on the accountant who has studied subjects like mathematics, business, finance, and economics. Some of the elementary accounting courses and tax law if covered would be really helpful in finding the right affordable accountant.
Make Use of Social Media
Social platforms like Facebook and LinkedIn are great ways of finding potential business accountants by searching for business accountants near me. It is a must that the business accountant you choose to hire has a LinkedIn profile. It is a great way of checking customer reviews, ratings, and if there are any recommendations. Social proof provides great validation of having an active business and recommendations of their expertise.
Some ways that social media can be used to acquire information on business accountants are to check:
- Their connections; whether they have a strong social network.
- Their communication regarding their work; whether they are enthusiastic or not.
- Recommendations from clients, if they have received any, and what they say.
- Their experience in the industry.
- Their qualifications.
- Year-round availability.
Decide If Location Matters
You need to decide if you are willing to work with somebody who might not be physically available all the time. A lot of businesses use cloud-based technology to collaborate online, which means that location is no longer an issue. Cloud accounting has made it easy for you and your accountant to view identical real-time data easily at the same time.
Small businesses should decide what suits their business best, and decide accordingly. If they can manage via emails, phone calls, video conferences, and accounting software, then you do not have to restrict yourself geographically and can find an accountant anywhere given that he/she understands the needs of your business and has the required qualifications, while also meeting your budget.
However, you might prefer a business accountant who is available for face-to-face communication and can go into business meetings with you. Thus, you will then have to choose from the accountants near you who are also willing to travel with you.
Browse online, but verify the sources’ credentials
Regardless of whether you ask Siri, “Hey, where can I find a CPA?”
Online searches are an excellent location to start looking for the ideal CPA. You can also type “small-business CPA” into Google. You’re likely to receive a list of CPAs in your neighborhood in both situations.
Since results are often sorted by zip code, you might need to expand your search area if you live in a small town to view more potential CPAs.
Make sure the person you locate during your search is indeed a Certified Public Accountant. The state of your state has granted them a license if they pass the test.
Meet them face-to-face
A face-to-face meeting with the individual who will be handling your money is always a smart idea. You want to be certain that you can trust your CPA because you will be responsible for paying for it if something goes wrong. Phone someone else if they are awkward about meeting in person when you call them.
If at all possible, bring a trusted friend or colleague to the meeting so that you can get an unbiased opinion.
Before you hire a business accountant, you should ideally interview at least three candidates before making a final decision. You need to choose a business accountant that fits the needs of your business and is suitable for the job. You should make sure that the business accountant you are choosing is somebody that you feel comfortable working with, and will eventually help you grow and succeed in the industry.
Questions you can ask a CPA to make a better decision
So what questions do you pose to a prospective CPA during your meeting? You should inquire about their qualifications, the size of their staff, and their areas of expertise (and what that specialty is).
To get you started, consider the following queries:
- When did you become a CPA?
A CPA should ideally have at least two years of experience.
- Are you accessible all year long?
If something comes up, you want to be sure that this is their full-time job and not a seasonal side business.
- Are you able to represent me before the IRS?
Having an advocate is undoubtedly consoling when facing an IRS audit, which can feel like the Spanish Inquisition.
- With whom will I be collaborating?
A CPA frequently works with staff to assist them. Find out the size of the company, the backgrounds of the employees, and their preferred methods of communication.
- What are your fees?
It is perfectly acceptable to inquire about their rates and billing procedures. Try to get a written estimate.
- How can you support my business expansion?
Beginning with an accountant who really comprehends your small business will enable them to build your financial model from the ground up, assisting you as you grow your enterprise.
How My Count Solutions is of Help
It’s not every day that a company hires affordable accounting services. Being one of the most eligible service providers in the town, quality accounting and bookkeeping services are available online too! You can count on My Count Solutions for affordable accountant services.
From formal certifications to the right expertise, the bookkeepers and accountants in the team are professional experts in the fellow niche. Our customers are offered valuable accounting services in the long run with ease.
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A business accountant is a key member of any business. You should choose somebody who is experienced, reliable, and can manage accounting tasks with expertise, while also being able to provide sound financial advice that can help your business grow in the right direction. Choosing a business accountant while keeping these tips in mind will help you reduce the risk of making a wrong choice for your small business.