Small businesses face unique challenges– not only in their own markets, but internally and structurally as well. Budgets must be met and bills must be paid at any company, though for a small business it might mean the difference of being around next year. If you own or operate a small business, it is wise to protect your finances with sound investment and prudent choices. Out of all of these, employing or contracting an accounting professional is one of the most efficient ways to stretch your dollar. Keep reading for Liu & Associates’ guide to choosing an accountant for your small business.
IN-HOUSE vs CONTRACT
All businesses need at least a bookkeeper to be financially viable, but often in small business that role may be filled by an owner, a partner or even a family member. As businesses grow, so do their needs– owners and operators will eventually have to decide on one of two options: hiring an in-house financial professional or contracting the services of an individual or firm. There are advantages to both… A salaried accountant or bookkeeper is always on the job; although third-parties can be hired on a case-by-case or renewal basis.
AN IDEAL CANDIDATE IS…
…Whatever fits your needs best! It may be frustrating to read, but only the owner or operator of a small business can decide. Employees need to fit into your culture, but they can also grow with your business. Firms and contractors are flexible, but you may outgrow them (or they may outgrow you). These are just some of the many facets that differ from in each choice and neither are mutually exclusive.
The following are some helpful ideas when choosing an accountant for your small business:
Seek referrals from similar-sized businesses;
Interview multiple candidates;
Be prepared to answer questions about your business;
Prepare questions unique to each candidate;
Negotiate fees or wages before work begins;
And much more…
Contact or visit us today: the small business accounting experts at Liu & Associates!