Business Accounting Services Cambridge MA
How to Select a Competent and Affordable Accountant
There is a lot that rides on your decision to hire accounting services for your business; far beyond the obvious. Choosing an accountant basically means that you are allowing an external entity to help manage your financials – which are really what the business is all about.
Making such a decision therefore requires much forethought ideally because it is one that has the potential to make or break the business. In choosing an accountant you really want to get the best and most affordable right from the start. Many business owners have settled for mediocre services in the heat of the moment and have unsuccessfully tried to find suitable replacements because the incumbents know too much about their business financials and other data. Finding better replacements also means spending more in most cases. How do you go about choosing the best and most affordable accountant?
1The Characteristics of a Fine Accountant
In choosing an accountant for your business you will want to work with a professional who meets several critical prerequisites in as far as his/her accounting practice is concerned. First of all, your desired accountant should be well-experienced. This means that he/she should at least have previous experience working with other businesses of the same size as yours or better yet a business in your sector. Secondly, you should be assured that the accountant will have enough time to look after your business. Let the accountant explain how this will happen – if you are dealing with a firm it is best to know which partner or junior will be directly responsible for your work. Third, have the accountant clarify about efficiency issues, i.e., the response times you’ll expect for the completion of work. Fourth, find out what extra services the accountant offers to add value to the basic accounting tasks expected of him/her. Lastly, your accountant of choice should be able to describe his/her charges and what they entail, i.e., how are the fees computed and whether you can pay all-in fees, etc.
2The Primary Role of an Accountant
In choosing an accountant to work with many business owners are basically thinking about the tax season. Indeed, accountants are responsible for preparing, or assisting with, tax planning and the filing of tax returns with information obtained from the business’ bookkeeping records. Rather than wait for the tax season it is prudent for business owners to get accountants involved much earlier such that they can benefit from expert advice on tax-efficient ways of finance structuring, tax planning and tax-saving opportunities.
There are several other roles that accountants play and which business owners can embrace for the good of their enterprises:
- Business consul...