Starting a small business is an exciting and busy time. An important step is securing a team of advisors who will guide you to long-term success. Those advisors include professionals such as an ASBTDC consultant, accountant, legal counsel, and mentors.
A certified public accountant (CPA) may not be necessary to handle all bookkeeping, tax preparation, and financial management needs for your business, especially in the beginning.
But as you grow, you will eventually need one to assist with loan request documents, complex tax strategies, and/or an audit.
Here are some tips to assist in selecting the right professional to handle your accounting and tax responsibilities.
- Recommendations – Visit with other small business owners in your network for accountant recommendations. Questions to ask: Is their relationship with the accountant a good one? Does the accountant save their business money? Is their business structured similarly to yours?
- Location – If proximity matters, choose an accountant in the local area. With advances in technology, having an accountant near your business may not be critical.
- Credentials – Verify the credentials of the accountant. Choose an accountant with expertise relevant to your type of business.
- Responsiveness – Select an accountant who responds to your calls and emails. An accountant will advise you on items such as asset purchases, and you will need timely responses.
- Fees – Discuss fees and choose an accountant that operates within your budget. Clearly lay out which items you expect the accountant to handle for your business.
- Interview – Meet with prospective accountants. Ask for references, and check their references. You are looking for a long-time financial guide for your business, so trust your gut if someone doesn’t seem like a fit.
Choosing the right accountant is vital to managing your small business. Your accountant will have access to all of your financial information and make recommendations to guide your business as it grows.
