One of the main reasons small business owners struggle when choosing an accountant is they don?t know the right questions to ask. Many owners do not have a background in accounting and therefore need guidance on how to look for small business accountants for their Minnesota business.
Most accountants are well qualified to do basic bookkeeping and handle your taxes.? So how do you know which one to choose? As in any business relationship, it comes down to compatibility of interests, outlook, and experience. To help you make the process of choosing a small business accountant simpler, here are some questions your prospects should be ready to answer.
Are you a Certified Public Accountant?
There are a many non-CPAs who do extremely well at small business accounting and financial consulting.? But depending on the nature and size of your business, you may need a CPA. CPAs have reached a certain education level, passed state-administered tests, and must re-certify on a regular basis. Some instances like audits and most loan applications will require a CPA?s involvement. A CPA charges higher fees and can be brought in for specific needs. Business owners have to determine which is best for their needs.
Who are your other clients?
It is important than an accountant understand your specific kind of business. Reputable accountants will gladly provide a list of current clients. If some of those clients are businesses like yours, that is a good indicator this accountant may be for you. It is also essential to determine if the prospects can handle the work load of another client in your type of business. Will they have the time resources to support you adequately?
Are you tech-savvy?
Accounting packages like QuickBooks are only as functional as the person who installs and runs the applications.? Do a little homework if you aren?t tech-savy so you can ask the right questions. For example, ask how they will incorporate your computer files with the technology in their office. What role will the Internet play in keeping in touch and interchanging financial information? Their readiness and ability to answer these questions indicates if they are the right accountant for you.
What kind of business advice will you offer me?
Ask the candidate to offer a couple of quick ideas on how your business could save money right now. Ask them for examples of how they offered useful business advice to other clients. Look for something beyond tracking numbers. Having a creative business mind is a huge asset towards helping companies grow and profit.
Are you active in the local business community?
Active accountants are interconnected in the local banking and business community. Determine if the person you are interviewing can introduce you to prospective customers, bankers, investors, and suppliers. Ask the accountant for examples of introductions they?ve made in the past for other clients and how those introductions played out.
How do you calculate your fees?
If they use a time-based fee structure, make sure you know their hourly rate, as well as all fees for expense reimbursement. Does a two-minute phone call or a one page fax mean an hour of billable time? If so, keep looking. Quality accountant will have a fixed fee structure and be able to present it to you in a clear and concise manner.
Source: http://bwkaccounting.com/2012/02/considering-small-business-accountants-for-your-minnesota-business/
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