How to Hire an Accountant for Your Business
As an organization, it’s crucial to find an accountant who understands your business model, evolving needs, and limited resources. A specialist in small business accounting and taxes can guide you through the formative early stages of your company’s growth. Beyond how to hire an accountant number crunching, accountants act as vital strategic advisors. They identify ways to reduce costs, minimize tax burdens, and improve operational efficiency. For small businesses, outsourced accountants provide invaluable expertise without needing an in-house hire.
But we’d warn against going too long without proper accounting expertise. If you find yourself needing an accountant and can afford it, then yes, it is worth it. On the other hand, if you have plenty of time and can handle it all yourself, you may decide that hiring an accountant for your small business isn’t the right next step. The onboarding process is also a good time to lay out how you plan on measuring your accountant’s performance to ensure you’re both on the same page.
How to hire an accountant for your startup.
If you are uncomfortable filing your business taxes on your own, or if you have a complicated tax situation, hire an accountant to file for you or to offer advice. You’ve probably guessed by now there’s more than meets the eye when hiring a business accountant. It’s often why so many small businesses work with an accounting firm instead of bringing someone on full-time to manage their accounting system.
Before you explore outside resources, use your connections to your advantage. Do your due diligence when investigating anyone you are seriously considering hiring. Before hiring an accountant, you should conduct a thorough search, ask thoughtful questions of potential candidates, and screen the ones you think could be the right choice.
When To Hire An Accountant For Your Business?
Then, have them meet with any department heads or employees they’ll be working with. This is also a good time to lay down any communication rules and preferences. You’ll also want to include more personal or team-based questions that can help you determine if the person is a good fit with your company culture. Interview your accountant with specific skill-related questions, but also get to know them like you would anyone else. Accountants are worth the cost for their tax planning assistance alone. In many cases, they’ll help you find numerous deductions you never knew about.
- According to the US Bureau of Labor Statistics, the median salary for accountants was $77,250 as of 2021.
- Explain what your business does, what your industry is, the number of employees and clients you have, and your budget.
- Another best practice is using interview scorecards to grade candidates.
- Please visit the Deposit Sweep Program Disclosure Statement for important legal disclosures.
- Before you hire an accountant, it’s important to know how you will pay them.
If your small business doesn’t include piles of paperwork and boxes full of receipts, you may want to consider handling your accounting yourself. There’s no shortage of excellent, affordable software options on the market and we’ve done the legwork to research the top choices for you. Check out our reviews of the Best Accounting Software to find one that will work for your needs. Take time to thoroughly evaluate multiple qualified candidates or firms to find the best fit. The best accounting invoice-generating software can assist you with bookkeeping, which will make life easier for both you and your accountant.