Running a small business is hectic most of the time because you are likely doing more than one job to ensure success. But accountancy is a niche skill that you probably cannot do on your own without the help of an expert. An accountant will help you better structure and manage your finances, while assisting you with tax filing and compiling the financial statements for your business. Here are some considerations before getting an accountant involved in your small business:
Establish The Type Of Services You Will Need From The Accountant
To get the right accountant involved in your business, you need establish the services you will need. For example, do you exclusively need help with your taxes, or do you need the accountant to undertake daily accounting services as well? Do you need the accountant to oversee your payroll and processes surrounding it? Do you need help with compiling your financial statements together? Do you need financial reports created at the end of the financial year? You need to decide what you want so that you can find an experienced accountant that specialises in these services.
Make Sure The Accountant Is Familiar With Your Industry
It simply isn't enough to just hire any accountant because you'll need to find ways to streamline your finances in the best possible manner. To achieve this, the accountant should ideally be familiar with the unique needs and nuances of your industry. For example, you may be able to claim depreciation and tax deductions on certain items related to your business that only an accountant familiar with your industry can advise you on. At the end of the day, you'll want financial advice from someone who completely understands your industry's regulations to avoid any compliance issues with the tax office.
Be Clear About The Charges For Accountancy Services
Running a small business means you have to make your money work as hard as possible at all times, so you don't want to muck around when it comes to billing and charges. Accountants can charge fixed fees, or they can charge by the hour, depending on the jobs at hand. If you need the accountant for a few tasks, you may want to consider an hourly fee. But if you have more tasks and need more time from the accountant, you may want to consider a fixed-fee rate. Be clear about charges up front so there are no surprises later.
Follow these ideas before getting the right accountant involved in your small business.