4 Questions Small Business Owners Should Ask When Hiring An Accountant

1. 4 Questions Small Business Owners Should Ask When Hiring An Accountant

2. While software for tax and accounting have made it much easier for small businesses to manage without paying for a full-time, in-house accountant, those businesses that are growing or which plan to grow, will likely need the support of a professional at some stage. Growth is great, but it always means an increase in the complexity of accounting issues a small business must deal with, and when this happens, many business owners are simply unable to handle the demands of tax planning and filing. It’s at this point that most owners bite the bullet and hire an accountant, and when they do, they often wish that they had done so much sooner.

3. Whether in-house, remote or outsourced, accountants can help relieve the weighty burden of administrative tasks associated with running a growing business, but what should you look for in an accountant, and what would be best for the needs of your business? To help you find the right accountant for you and your business’s needs, here are 4 questions to ask of yourself:

4. 1. What services do I need an accountant to fulfil? Begin by compiling a list of all the tasks you would like an accountant to fulfil for you, and some of these may include the following: Day-to-day bookkeeping Preparing for an audit Tax preparation Accounts payable and receivable ● ● ● ●

5. Payroll Drafting financial statements Financial planning and analysis Budgeting ● ● ● ● Think carefully about the existing needs of your company and those needs that may arise in the future, particularly if you plan to try and expand.

6. 2. Should I hire an accounting firm or a single employee? There are pluses and minuses associated with both of these options, and you’ll need to think long and hard as to whether an in-house accountant would better fulfil your tax and accounting needs, or whether you could consider outsourcing them to a remote firm. Many smaller businesses find that working with a remote accounting company works better for them, especially if they don’t need an accountants services continually, day-in-day-out. When you outsource your accounting, you usually get a team of accountants helping with all the tasks you’ve assigned them, and you pay only for what they do. Hiring an in-house accountant comes with a whole host of additional costs and commitments, such as salary, health benefits and payroll taxes.

7. Take the time to mull over each option before deciding on which route to take. 3. What is my budget? How much you can afford to spend on accounting may also play a significant role in determining what type of accountant you hire.Remember that where your business is located can also impact the cost of accounting services, along with the complexity of your tax and accounting needs.

8. Ultimately, carrying out plenty of research is the best way to help you build a budget for hiring an accountant, and you can ask a number of different companies for quotes and guidance. 4. Could software lighten my accounting workload? The answer to this question is most likely a resounding yes, but it doesn’t mean that you won’t still need an accountant’s help. While the right software can help you automate many aspects of accounting, you will likely still need a professional to make sure that you’re getting the most out of your finances, and in many instances, an accountant can even help you get more out of the software itself.

9. It is a big decision to hire an accountant, whichever route you decide to go down, and not one that you should make in haste. But, by answering the above questions, and asking plenty more of your prospective accountant or accounting firm, you can arm yourself with enough information to make the right choice. At Heyer Inc, we proactively assist our individual and small business clients in meeting their goals. Our key area of focus is ensuring that our clients remain compliant with federal and state tax laws by providing them with high quality accounting and tax services Miami. If you are looking for an individual accountant in Miami, heyer inc would be a right option.