Accounting Services
ACCOUNTING SERVICES – HOW TO CHOOSE THE BEST ACCOUNTANCY FIRM FOR YOUR SMALL BUSINESS
A good accounting service is vital for the success of every business. But there are so many accountancy firms ranging from sole practitioners to large national firms and from generalists to highly specialized CPAs.
Not only are tax laws constantly evolving, but the industry itself and obligations for anyone practicing in the accounting services industry are also constantly changing. With that in mind, how do you choose the accounting firm which will best serve the needs of your small business?
A good place to start is by considering what type of relationship you would like and what types of services you need.
- Size of Accountancy Firms: Is the one-on-one relationship which is typical of a smaller accounting firm important to you? Or would you prefer a team of professionals who all provide small business accounting services, as is more often the case at mid-sized and large accounting firms. At the larger accountancy firms, your work may be subcontracted out or assigned to junior staff. When you are looking for accounting services, be sure you know and are comfortable with whomever will be working on your account.
- Specialization or Concentration: Since the field of accounting is so broad, many accountants concentrate their work in one particular area. Be sure the accounting firm you choose has expertise in the areas you need by asking in which areas the company focuses its work and in which areas they are most experienced.
- Who Performs the Work: Do you only need the help of an accounting firm for the preparation of tax returns? Do you need more from an accounting firm, such as tax and financial planning advice, help constructing a business plan, a retirement plan, or an employee benefit plan? What about bookkeeping systems and equipment or training on QuickBooks? Since your relationship with an accounting firm may last a long time, think about not only your immediate needs, but any longer term needs you can foresee. You’ll want to find an accounting firm who has the expertise and experience to address your needs now and in the future.
- Reputation: Ask for a list of references. Even if you choose not to contact the references, be sure to request them. If an accounting services firm does not have former and current clients who are willing and happy to endorse them, that’s not a good sign.
- Credentials: As was previously mentioned, the accounting field is broad. Similarly the qualifications of people practicing in the field of accounting are also broad, and a CPA license should not be assumed or taken for granted. All CPAs are accountants, but not all accountants are CPAs. You can be certain that someone who is a CPA has invested time, energy and effort to meet the requirements for testing, education and experience to earn the CPA license. This person will have a great deal of knowledge about most aspects of public accounting. If holding a CPA license an important qualification for your accounting services firm, be sure to ask who in the firm holds this license.
IN CLOSING
Selecting the best accountancy firm for your small business is an important decision. When all is said and done, your financial numbers will make or break your business. If you have been with an accounting firm for a significant period of time, it might seem difficult to make a change. This is why many small businesses continue to work with an unsatisfactory accountant rather than make a change. The truth of the matter is that making the switch to a superior accounting service is not so difficult after all and your new accounting services firm can assist with many of the details, making the transition smooth and easy.