As an entrepreneur, you know how important it is to have a strong grasp on money matters. Apart from having a clear vision and coming up with great ideas to get your business off the ground and start making profit, you must also know how to manage the money you earn. But as skilled as you might be at running your business, you might not have the know-how or the time to take care of all your company’s financial aspects.
The mere thought of calculating taxes can become daunting for a busy business owner. That’s why you need a good tax accountant to help you make sense of all the intricacies of tax laws and do the heavy lifting for you. This will save you a lot of time and money in the long run. But finding the right professional for the job can be a difficult task in itself, if you don’t know what to look for. Here we’re going to share a few tips that will make this mission a little less challenging and help you choose the best tax accountant for your business.
You’re not the first, nor the last business owner in search of a good accountant, so why not reach out to someone who has already gone through the process? Someone who has done all the research work and found the right accounting partner can give you valuable tips and information on how to go about things. They can also give your referrals and tell you about their experience with the accounting services they use. This doesn’t mean you have to trust them blindly and hire the tax accountant they recommend, but it can be a good starting point when you don’t know any professionals or companies in the field and you don’t have time to do a lot of investigative work.
Look for an experienced CPA
If you want to make sure your finances and taxes are being handled by a professional who knows what he’s doing and will become a trusted partner and a valuable asset for your business, choosing a Certified Public Accountant (CPA) is your safest bet. A CPA has the right training and the necessary certifications to manage your taxes.
However, keep in mind that not all CPAs are created equal. Some can take care of all financial matters, while others specialize in certain accounting areas. You don’t want to hire an accountant who has never handled taxes before, so you should look for a professional who specializes in tax law and has extensive experience in the field. Hire someone who has already worked with businesses similar to yours and understands what your company needs.
Hire someone who’s passionate about what they do
It’s important to meet with an accountant in person before you decide if you’ll be working together or not. You’ll have the opportunity to get to know him or her better and figure out if they’re the right fit for your business. A face-to-face meeting will tell you more about your future accountant than all the information you’ve read online or the things you’ve been told by third parties. Apart from credentials and expertise, it’s also important to choose a firm that’s passionate about the work they do, such as Szweda Consulting. That will guarantee your business will receive the attention it deserves and you’ll be able to develop a fruitful relationship.
Since you’ve gone through all the trouble of scheduling interviews with the accountants you’re considering for your business, you better come prepared with the right questions. Now’s your chance to ask everything you want to ask and find out everything you want to know about the professionals that you might be taking financial advice from in the future. You should definitely include questions about licensing, experience, their specialization, their style of work, their fees and any other aspect that might be of interest to you.
However, the interview shouldn’t be one-sided. The accountant should also ask you relevant questions about your business in order to figure out how your relationship would work if you were to become partners.
Big promises are big red flags
It’s always better to remain skeptical, question what you hear and double-check every information just to make sure you’re not going to regret your choice later. It doesn’t mean you’re mistrustful or have a negative approach. It just means you’re being cautious and act in a sensible and rational manner. If the accountant you’re interviewing is making promises that sound too good to be true without knowing much about your business, that’s a big red flag that something’s not right and you should look elsewhere for a tax accountant.
Perform a background check
Since we’re talking precaution, you should also perform a background check before you make a decision. After you’ve gathered some basic information about the accountants who have made the shortlist and you’ve gone through the interview, it’s time to dig a little deeper to make sure what you know is correct and there are no reasons of concern.
Run your investigation thoroughly by checking everything from their website to their social media accounts, and most importantly get in touch with your state’s board of accountancy to verify the status of their CPA license. Find out if there were any irregularities related to their professional activity or any disciplinary measures taken against them.
Don’t be afraid to change accountants
Sometimes, with all the research and precautions you take, you might still end up hiring the wrong person to handle your taxes. If this happens, it doesn’t mean you’re stuck with the wrong partner forever. You should simply assume responsibility for making a bad decision and part ways with the accountant you’ve hired. You can always decide to put an end to your collaboration, at any point you might be, and start your search anew. In the end, it will be better for both parties involved and with your lesson learned you’ll probably choose better next time.