Yes, your business needs an accountant. It’s imperative to have that fact settled early on. While you may think that you can manage without one, it’s still in your best interest to have one by your side, helping you through the financial aspect of your business. You may want to cut down on costs, but this should never take the form of cutting the cost of hiring an accountant. This professional is, and will always be, an asset for your business.
The good news in this regard is that looking for an accountant for your business won’t be too difficult, as there are several available. The only challenge that you’ll face is in narrowing down your options, such that you have the guarantee of working with no less than the best.
When you’re going to be paying for an accountant on a retainer basis for your business, you’ll want this expense to be totally worth it. Keep these guidelines in mind, as you select one to work with you:
1. They Process The Proper Certifications
As much as possible, you’ll want to be working with a certified accountant. That way, you know that your business is in good hands, especially when it comes to tax filing matters. The necessary certifications that a good accountant should possess are the following:
- An undergraduate degree
- A passing score in the licensure exam
- All the experience requirements for state certification
In addition to these three, it’s better if the accountant that you’re working with regularly undergoes more training and additional seminars or education, to further their skills and update their knowledge. With that, you can rest assured that your accountant is also up-to-date with the latest accounting standards that apply to the local state or area that your business belongs to.
2. They Are Experts On Your Business’ Specific Legal Structure
Not all businesses are the same. They differ as to size, type, and business structure. So, there are many ways for you to structure your business. This includes either being a sole proprietorship, a corporation, a limited liability corporation, or a partnership. Whatever legal structure your business falls into, your accountant of choice should also have expertise and knowledge in working with that particular type.
Each type of legal structure has its intricacies, distinct from the other. So, your business accountant should be well versed with the kind of structure you come under. In so doing, you have the assurance of all your legal documents being filed the right way.
3. They Have Expertise In The Industry You Belong To
What type of industry does your business belong to? There are many, such as retail, food, auto, tech, and services, to name a few. Just like the differences in legal structures, there may also be differences in accounting procedures and styles, depending on your industry. The most obvious one will have to do with the manner of computing, recording, reporting, and filing of the taxes.
You should look for an accountant that also has experience in your business industry, or at least a similar one. This advantage can also come in handy for you, especially when you may encounter any business problems. When an accountant has expertise in the industry that you belong to, they have the right connections as to specialists that can help you solve your problem.
4. They Have Mastered Everything About Taxes
How can you say that an accountant is the best when they haven’t even mastered the basics of taxes? Accountants should know everything from A to Z about taxes. This is, after all, the main focus of their job.
Naturally, it’s quite acceptable that you’re not an expert in taxes yourself. So, having this professional helping you out is of great value. Come tax season, and you’ll have a guarantee that your taxes are being filed accurately. Apart from that, you’ll also be better able to enjoy whatever tax deductions or rebates you may have. A lousy accountant will not be able to master this and provide you with that advantage.
As a business owner, you should know that one of the most important aspects of running a business always has to do with the financial documents that you need to prepare. These papers are non-negotiable. You need them, and they have to be accurate at all times. To make sure that you achieve that goal for your business, an accountant is the best person to help you. In the process of hiring one, bear in mind the tips enumerated above, and you’re sure to end up with the best.