A good accountant is crucial to the success of every business, advising on everything from cash-flow to tax strategies. Hiring the wrong one could land you in extensive trouble. If your accountant isn’t up with everything happening around you and your business, you aren’t serious enough about your business.
Almost every business has gone through multiple accountants, at least once since they’ve started a business. The most common reason being the need for more proactive advice. So how do you know if you’ve hired the right accountant? Let’s explore a couple of tips and tricks that’ll help you identify if you need a new accountant or not.
Are they a good fit?
Many firms specialize in particular domains or companies of a specific size. So, if you go for an individual who handled your personal finances it might not be ideal to hand over your corporate finances to them. If you find a good accountant for your startup, they might not be able to keep up with your business if you scale it up.
Don’t be afraid to ask them as many questions as you want before you decide to move ahead with anyone. Ask them what size businesses they work with, what’s their range and what’s the average. It’s critical to know if your accountant has the capability to grow with your business.
One of the most basic qualities of a good accountant is regular and efficient communication. A good accountant will make sure to return your calls within a sensible amount of time (usually the same day or probably the next). They will proactively check in with you regularly to see how your finances are looking and if you have any questions or queries.
They plan strategically
Many people fall victim to the “I’ll do it when the time demands” when it comes to their taxes. Such a person shouldn’t be your accountant. Almost all of the businesses have come across tax accountants rockingham with the same attitude. They are reactive more than they should be proactive. Good accountants will stay up-to-date with all of your finances through the year and taking the necessary measures whenever needed. They’ll advise on putting away money and adjust deductions whenever you need to.
They teach you budgeting
Many small business owners learn by trial and error, and many times these errors end up costing a lot of money. Capable accountants will not just advise you on your financial situation, they’ll help you create a realistic plan and walk you through it. They shouldn’t only manage your taxes but should help you achieve the goals you set.
Do they keep up with the news?
Keeping up with the regulatory changes can be very cumbersome for a lot of small business owners. A good accountant will keep up with every change and adjust their strategy accordingly.