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Published 03 December, 2024
5 Things Business Owners Should Consider When Hiring a Small Business Accountant
As a small business owner, finding the right accountant can make a big difference in your financial success and peace of mind. While technical skills are essential, there are other critical factors that will influence your working relationship and the overall value an accountant brings to your business.
Here are five key things to consider when hiring a new small business accountant:
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Clear and Open Communication
Effective communication is crucial for any business relationship, especially when it comes to finances. You want an accountant who can explain complex financial terms and concepts in a way that makes sense to you. Look for someone who listens to your concerns and is proactive about offering advice or clarifications. Regular check-ins and updates should be part of the package, so you’re always in the loop about your financial standing and any issues that might arise.
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Timely Response and Accessibility
Time is money, especially when it comes to financial decisions. Choose an accountant who is responsive and reliable. You need someone who can meet deadlines and provide quick answers when you need them. Ask about their typical response time to emails or calls, and whether they are available for urgent consultations, especially during tax season or periods of growth.
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Year-Round Business and Tax Planning
An accountant should do more than just help you file taxes at the end of the year. Look for a professional who offers year-round support with strategic business planning, tax optimization, and forecasting. They should work with you proactively to find ways to reduce your tax burden, maximize deductions, and plan for future growth, rather than just reacting to problems as they arise. This level of proactive involvement will help you avoid surprises and keep your business on track.
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Industry Experience and Specialization
Different industries face unique challenges when it comes to finances and taxes. Find an accountant with experience in your specific industry or sector. Whether you’re in retail, real estate, or tech, an accountant who understands the nuances of your business will be able to offer more relevant advice and insight. Ask about their experience with similar-sized businesses and whether they understand the particular financial pressures you face.
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Technology and Tools
In today’s digital age, it’s important that your accountant is comfortable using modern accounting software and tools that integrate with your business systems. Whether it’s QuickBooks, Xero, or other platforms, ask about their familiarity with the tools you’re already using. A tech-savvy accountant can help streamline your financial processes, offer better data insights, and make it easier to track performance.
Conclusion
Hiring the right accountant is a crucial step for any small business owner looking to thrive. Keep these five factors in mind as you search for a professional who will not only help you stay compliant but also support your business’s growth and success in the long term. The right fit can help you navigate financial challenges and keep your business on a solid foundation, year after year.
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