How to Choose an Accounting Firm for Your Small Business
As legislators make constant changes to tax laws, they become more complicated, leaving the average person confused about what to do with their finances. Accounting firms stay up-to-date on new tax legislation and often give financial advice and help to individuals and small businesses with budgeting and setting financial goals.
Here are some things to keep in mind when choosing an accounting firm:
1. Consider Your Company's Needs
Small companies and startups will have different accounting needs than small corporations or midsize companies. Certain tasks such as payroll, taxes and bookkeeping are reserved for small businesses just starting. Many companies outsource accounting to a firm when they realise this task is too time-consuming or challenging to do on their own.
2. Think About Location
In the past, businesses needed their accountants close to their offices to manage their operations effectively. However, this is no longer a requirement with the advent of cloud computing and online collaboration.
Cloud accounting means you and your accountant can see the same data simultaneously, no matter where you are. Your company should decide where to look for an accountant based on what is best for its success. Your accountant could be located anywhere in the world, depending on how you want to organise your business's financial affairs.
3. Consider Your Budget
Cost is important when dealing with bookkeeping and tax preparation-related services. An accountant can provide services at a price point that fits into your budget. They can also tailor their services based on available availability, ensuring you get quality accounting services.
4. Look for Small Business Experience
If you want to bring an accountant into your existing business, knowing they have experience working with small businesses is important. They must have the skills, knowledge and expertise to help your business thrive. An accountant can help you establish rules and strategies for managing your business.
5. Find an Accountant Who Is an Expert in Your Industry
Not all accountants are equal. As with any service industry, you want to ensure your accountant has worked with your industry before to match your business needs with their capabilities. They should have a firm grasp on your industry, whether it's a specific industry such as technology or farming, or if they're a jack-of-all-trades, they're probably not the best fit.
6. Research Reliable Accounting Firms
You don't want to trust your business's financial records to a firm that can't be trusted. Many accountants take their clients' data and disappear until a bill is paid. When choosing an accountant, you want an experienced firm with a stellar reputation, demonstrable experience and excellent client reviews.
7. Consider Additional Services
While bookkeeping and tax services are crucial for your business, other services may benefit your small business. For example, your accountant can help you become a member of a professional association or an industry association that can provide referrals and advice when needed.
Whether your business is a startup or a larger organisation, you need an accountant who can regularly help you with small business accounting needs. Setting up your small business accounting system properly is a huge task, and choosing the right accountant to meet your needs can help you in the long run.
New Wave Accounting is a small business accountant on the Gold Coast, providing end-to-end accounting and bookkeeping services to help scale and grow businesses. Our experience spans working with more than 600 small businesses in various industries, allowing our Gold Coast accountants to understand every industry and create tailored solutions for every client. Set up your business right with New Wave Accounting. Book a free 30-minute strategy session now!