Selecting the perfect accountant for your business is a big decision. One that can have significant implications on your finances and success. The right partner provides invaluable support, while the wrong choice can quite literally cost you dearly. This guide will walk you through the essential tips for choosing an accountant tailored to your unique business needs.
Many business owners put off this task altogether or go with the cheapest option. But this neglects the complexities of business finances. Falling behind on tax payments or making errors in your books can lead to audits, penalties, and disrupted operations.
Tip 1: Get clear on your business needs
Any good business initiative starts with getting clear on your goals and requirements. This logic also applies when bringing an accountant onto your team. Before even beginning your search, take time to outline your needs and expectations.
What specific pain points do you want them to solve? Define the scope of responsibilities between what you want to handle in-house and what you want to outsource. This clarity will allow you to better assess candidate fit during the vetting process.
Everyday accounting needs include:
- Tax Preparation
- Financial reporting
- Payroll processing
- Budgeting and forecasting
- Accounts payable/receivable
- Audit support
With your unique requirements defined, you can now start the hunt for the perfect match accountant.
Tip 2: Choose a certified or chartered accountant
When it comes to your finances, you want someone you can trust. That's why most businesses opt to choose a certified or chartered accountant. These are accredited professionals who have passed rigorous certification exams.
In most countries, accountants can obtain a few standard designations. It guarantees that they meet ethical, educational, and experience requirements:
- CPA – Certified Public Accountant
- CA – Chartered Accountant
- CMA – Certified Management Accountant
You can usually verify these credentials online. Or you can ask for their accreditation number and verify it with the relevant organization. Getting referrals from business contacts is also a good idea. But don't rely solely on word-of-mouth – do your homework by checking reviews and credentials.
Tip 3: Look for relevant expertise
Just like doctors have specialties, accountants have niches, too. For example, an accountant focused on eCommerce will grasp sales tax nuances better. One for restaurants may understand tips reporting better. Seek out professionals with extensive experience in your particular industry.
Someone immersed in the realities of your vertical can offer more tailored guidance. They'll be familiar with the unique challenges and opportunities you face. Plus, they'll know all the ins and outs of industry-specific regulations and tax laws. They will also likely have connections to valuable partners and be up-to-date on emerging trends.
To find an accountant with relevant expertise, ask for recommendations from others in your industry. You can also search for accountants who specialize in your field. Many accounting firms have dedicated teams for specific sectors, so that's an excellent place to start.
Tip 4: Consider technology compatibility
In our modern world, it's imperative that your accountant utilizes technology effectively. It's the way we do business, and it starts with everyday communication methods like email, video calls, and cloud-based file sharing.
At a basic level, you'll want to be able to have video calls with your accountant using tools like Zoom. But it goes deeper in terms of accounting systems too. You'll also want to consider what software they use for things like bookkeeping and financial reporting. Make sure it's compatible with your own systems to avoid any headaches down the road.
For instance, Chaser provides accounts receivable automation software that integrates directly with major platforms like QuickBooks Online, Xero, Microsoft Dynamics Business Central and many other integrations, to power efficient data syncing between systems.
Find accountants aligned with Chaser
For further assistance finding accountants, check out our partner directory. Here, you can discover professionals who are already using Chaser's leading AR software to streamline their client invoicing and collections. Connect with Chaser-powered finance experts in your area to achieve new heights of efficiency together.
Tip 5: Talk to multiple candidates and get quotes
When you're looking for a new supplier or manufacturer, you probably don't just settle for the first one you find. You shop around, compare prices, and evaluate their products and services. The same goes for finding an accountant.
Interview at least three professionals to get a sense of their offerings and approach. Key aspects to discuss include:
- Services offered
- Communication/work style
- Industry experience
- Pricing and fees
- Client responsiveness
Don't be afraid to ask for quotes from each candidate for a clear idea of what you can expect to pay for their services. Transparency is a must and remember, the cheapest option isn't always the best. Look for an accountant who provides value for their fees.
Ideally, you should consider at least three different candidates before making your final decision.
Tip 6: Choose an accountant that has your best interests in mind
Beyond technical competencies, the ideal accountant also cares about your business's long-term prosperity. They go above and beyond compliance work to provide holistic support, including:
- Proactive insights to capitalize on growth opportunities
- Client training resources and workshops
- Strategic connections to partners
- Awards programs to strengthen community ties
Essentially, they take a vested interest in seeing you succeed and offer forward-thinking advice. During your search, favor candidates that emphasize value-added services instead of only deliverables.
At the end of the day, you want an accountant who is more than just a number cruncher. You want a partner who is invested in your success and will work hard to help you achieve your goals.
Take control of your accounts receivable process
Choosing the right accountant for your business is a big decision, but it doesn't have to be complicated. Follow the tips outlined above to find one who is a good fit for your organization.
If you're ready to take control of your accounts receivables process, Chaser can help. This tool makes it easy to automate your invoicing and collections so you can focus on growing your business. Speak to an expert at Chaser today and learn how we can help you secure your business's financial health.
