For some small business owners, taking care of their own financials is a given. They are on a tight budget and spending the money on an accountant really isn't within the realm of what they can afford. However, there will be certain components of maintaining your financial records, not to mention filing your business taxes, where an accountant could definitely come in handy. Before dismissing the idea of a business accountant, really take some time to think about what you could be gaining and how, in the long run, using such a service could save you money.
What if your business is growing rapidly…What if you know next to nothing about accounting…trouble with the IRS? These are just a few of the reasons you may want to enlist the aid of a business accountant, regardless of how small your company may be. So how do you go about finding a reputable accounting professional? Below are a few resources you might start with:
Your professional network. Hopefully, you've joined a professional, industry-related organization or two. The people you communicate with may know of some exceptional accountants. And bonus if they are familiar with your industry.
Referrals from friends. You probably know other business owners, they, in turn, may know some accountants who specialize in startups and smaller companies. Never hurts to ask.
Interview accountants. Once you do compose a list of four or five candidates, you want to take the time to vet them. Some of the items you might inquire about: billing practices, accessibility, how they handle the rush of tax season, their experience with your particular industry, among others.
If your accounting knowledge is limited, or even if it isn't, you should seriously think about working with an accountant, at least on key projects. And if you're expanding rapidly, hiring a full-time, on staff financial professional may just make sense. First Union has worked with numerous businesses, getting the funding for things such as adding more staff members. We'd love to discuss your personal needs. Call today and see how we can help!