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And when a business accountant helps you with tax credits and deductions, you can end up saving hundreds if not thousands on your yearly taxes. Small business accounting is complex, but it gets even more overwhelming when you serve more customers, take on more vendors, hire more employees… It just adds up.
A business accountant can keep track of who you owe and who owes you, making sure your cash flow is smooth and steady. On top of that, a business accountant can help you manage your money smartly so your business makes it in the long-haul. By taking an objective look at your costs, a business accountant can highlight areas where you can cut expenses and better manage your money.
But if you do happen to get audited , hiring an accountant will save you time, money, and stress. A business accountant can tell you how to work within the auditing process and give you best practices afterward.
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But an accountant can really help you through your business loan application. Any lender you work with for small business financing will need detailed and organized financial documents. A good business accountant can help you stay on top of your financials when it comes time to apply for a small business loan. Acquiring or selling a business is a big deal. Both processes require a significant amount of financial planning.
How to Choose An Accountant for Your Limited Company | Byte Accounting
A business accountant can help you look closely at this. As you can tell, there are a lot of situations where a business accountant can really help out. When it comes down to it, having an accountant is useful every step of the way. While you can find an accountant online, you should probably avoid hiring someone you find on Google or through an online directory.
If you hire the right business accountant, he or she can be a trusted advisor throughout the entire lifespan of your business. A great way to find an accountant who you can trust is through referrals. You can also get referrals by attending small business events hosted by your local Chamber of Commerce or Small Business Development Center.
How to Choose an Accountant For Your Small Business
But when it comes to getting advice on your business financials, you should probably work with a CPA. Qualifying as a CPA is the only form of licensed accounting qualification in the U. To become a CPA, accountants need to pass a specific exam.
If you work with a CPA, you can be confident that your accountant has been pre-screened and is probably well-trained and experienced. Plus, they need to renew their certification periodically—so you can be sure that their knowledge is up-to-date and they can handle any responsibility. Right off the bat, do some research on their experience and ask for client references.
Then, sit down with the candidate face-to-face and get a sense of how he or she will work with your business. As you call or meet with prospective accountants, here are a few questions to consider asking:. What degrees, professional certifications or training do you have in accounting? Other areas? For example, some financial services require licensing. What experience do you have working with businesses in my industry? Of my size? Some accountants can provide industry comparisons to your financials or may have useful professional contacts in your industry, while others serve a variety of industries within a certain geographic region.
Who will be my main point of contact and how quickly should I expect them to respond? Accounting firms can range from one-person shops to organizations with thousands of employees, and if you are going to be working with a junior staffer rather than the partner, you probably want to know that up front. The key is to shop around. This type of accounting service is offered by suburban accountants and large accounting firms with local offices. Take a look at our tax refund infographic to find out the average refund and how people spend it.
Accountants may also be able to help you with investment issues provided they have an Australian financial services AFS licence. ASIC's financial advisers register can tell you where a financial adviser has worked, their qualifications, training, memberships of professional bodies and what products they can advise on.