How To Find The Perfect Small Business Accountant Near Me

Published: 05/5/21

The business world is full of job positions for each level. From top to bottom, you need to hire an intricate team of employees but the first priority comes to finding the small business accountant near me for all the right reasons. You may begin asking yourself first if you need a business accountant at all.

You may answer, “No, why spend the money when you can do the tasks on your own?” There are several apps and accounting software that you can use for the pure purpose of accounting. Then where does the need to find the best business accountant near me come from? We get it, you may just be a startup not willing to pay large sums of money and are most likely to cut down on costs. You want to spend money on absolutely necessary things.

The thing is – A business accountant is absolutely necessary for your business.

What Is Small Business Accounting?

Small business accounting refers to the process of recording, tracking, and managing the financial transactions of a small business. This includes tasks such as bookkeeping, preparing financial statements, managing accounts payable and accounts receivable, and creating and adhering to a budget.

The purpose of small business accounting is to provide accurate and timely financial information that can be used to make informed business decisions. By keeping track of all financial transactions, a small business can identify areas where it can reduce costs or increase revenue, as well as ensure compliance with tax laws and regulations.

Small business accounting can be done manually using paper records or through the use of accounting software. Many small businesses prefer to use accounting software as it can streamline the process, save time and reduce errors. There are many software options available, including popular options such as QuickBooks and Xero.

Overall, small business accounting is an essential aspect of managing a successful small business, and it is important to maintain accurate records and stay on top of financial transactions to ensure the long-term financial health of the business.

Accounting Vs. Bookkeeping

While accounting and bookkeeping are related, they are two distinct functions within the financial management of a business.

Bookkeeping is the process of recording all financial transactions of a business, including sales, purchases, receipts, and payments. Bookkeeping involves tasks such as data entry, maintaining financial records, reconciling bank statements, and producing basic financial reports like profit and loss statements and balance sheets. Bookkeeping is primarily concerned with accurately recording and classifying financial transactions in a systematic and organized manner.

Accounting, on the other hand, involves the analysis, interpretation, and reporting of financial information. It goes beyond the simple recording of transactions to provide insight into the financial health of the business. Accounting tasks include preparing financial statements, analyzing financial data to identify trends and patterns, creating budgets and forecasts, managing cash flow, and providing advice on tax planning and compliance. Accounting is focused on helping the business make strategic decisions based on financial data.

Overall, while bookkeeping and accounting are related, they serve different functions in the financial management of a business. Bookkeeping provides the foundation of accurate financial records, while accounting is focused on interpreting and analyzing financial data to help the business make informed decisions.

What does an accountant do?

An accountant for businesses looks over the books and creates financial statements.

It is their responsibility to ensure that your data is accurate and that your taxes are paid accurately and on time. Some people might even offer bookkeeping services.

Your accountant can help you with a number of things, for example:

• Determining each tax deduction to which you are entitled.
• Recognize issues before they have a chance to ruin your company, such as vanishing inventory, rising costs for goods or equipment, or late-paying clients.
• Maintain a manageable level of cash flow
• Analyze pricing, cash flow patterns, inventory control, and business finance models to identify possible growth possibilities.
• Make the necessary financial papers so you can apply for loans and investments.
• Create your tax returns accurately and promptly.

What do you require of your accountant?

Determining what you want an accountant to perform for you is the first step in picking one. While some accountants prefer to work on more general company activities, others are happy to perform bookkeeping.

You should opt for an accounting firm like MyCountSolutions that offers both services if you need a bookkeeper to perform the tedious weekly or daily bookkeeping tasks in addition to an accountant.

If you keep your own records, hire an accountant to prepare statements and assess the health of your company on a periodic basis (weekly, monthly, or quarterly). 

A qualified accountant may dramatically increase your bottom line by setting up and structuring your plans and operations in an effective manner. They should be involved in your business on a daily basis, not just during tax season.

How To Find a Small Business Accountant

An accountant is helpful in more than one way. It’s not only about the taxes. But an excellent accountant can prove invaluable for a small business to the level that no chaos occurs. Some hire CPAs for small businesses right away while some wait till the last minute. Unfortunately, there is no distinct point in time when a small business owner should hire an accountant.

However,  keeping the need to hire a small business accountant in your remind, we have collected some answers for you to find the best one near you.

• When Do You Need A Business Account?

Half of the effort remains still with this very question. If you do not know when you need an accountant then chances are, everything either is completely under control or an utter mess. There is never a right time to hire a small business accountant. Being the small business owner you have the power to appoint and make the final decision.

Depending on the ongoing scenarios in your business world, you must hire an accountant before the warning bells start to ring. To avoid any financial crisis or unmanaged budget the best idea is to start looking for one as you start hiring the rest of the employees.

• Qualifications To Look For

Each accountant has varying qualifications according to the nature of accountancy. For instance, an accounting clerk needs to have at least a high school diploma and on-job training whereas a CPA must have an accounting degree and certifications in addition.

You must hire a small business accountant who understands the ideology of tax laws, knows how to use accounting software, and so on. At the time of the interview, pay close attention to their communication skills – the way they explain the information to you. While crunching numbers is important, solid background works in favor of the CPA.

• Evaluate the candidates

Just as you wouldn’t hire a candidate without an interview and a close examination of their resume, exercise caution while selecting an accountant. Ask for client references and run a background check on the accounting firm. Additionally, confirm the certification of your prospects. To determine if they have any regulatory complaints or marks on their record, look them up online. You want your potential accountant to be able to give you sound financial counsel and probe you appropriately.

Asking the candidate whether they have any questions regarding your company is one approach to determine this. Find another candidate if they don’t. You must understand the accountant’s level of initiative. Their responsibility is to monitor your business (literally and figuratively). You will receive greater value from their services and be able to both save money and expand your business the more involved they are.

• Shortlist The Candidates

When you start looking for a small business accountant near me you will find plenty of options. Some maybe are more polished than others. So, start on with the regular chit-chat and get the questions narrowed down.

Ask them about their education, experience, and interests in the relevant industry. These three questions are the basics and will help guide you to shortlist the candidates from a long list you had initially formed.

Remember to check their professional association too. Confirm their stated qualification, whether they are valid or not with no such issues.

• Face-to-Face Meeting

Nothing beats a face-to-face meeting with the prospective accountant. However due to impending situations these days, an online interview is as good as a physical interview.

Once you start talking to the candidate, you can gauge how quick or slow their response is. assessing the CPA for a small firm is vital to evaluate their knowledge. You can even present them with an old scenario (if you’d prefer) or give them a hypothetical question to answer.

You must be able to form a long-term relationship with the accountant you have set eyes upon.

• The Billing

There is no simple formula for determining how much an accountant should charge for their services because every business is unique. Prices differ depending on your location and the type of accountant you select—a standard accountant or a CPA

You should be aware that the median annual wage for staff accountants, as reported by the U.S. Bureau of Labor Statistics, is $70,500 ($33.89 an hour).

Most accounting firms and freelance accountants charge between $100 and $275 per hour if you deal with them.

Once you are done with the meeting, make notes for the bill. You need to know how much each accountant you had interviewed so far will bill you for their services.

You can find most small business accountants near me ranging from anywhere from $100 to $ 275. However, if you are looking outside of your locality, then you might come across a different payment type. Some accountants work on the monthly retainer and so on.

Compare the notes you have made in each interview and look through the rates carefully. Getting quotes from multiple accounting firms can also give you an idea of what to expect from the offers you might receive at the time of the interview.

Bottom Line

Finding the right small business accountant near me is not as easy as it may seem. Depending on our luck, and interest to find a healthy environment you need to hire a business accountant after negotiating the fees and combining to the mutual point My Count Solutions is a reliable platform for clients all over the world. If you are interested in more information do not hesitate to Contact Us!

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