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A search for “small business accountant” yields thousands of results, and trying to wade through them all can be challenging. Start by gathering and asking other small business owners who they use and trust with their money. Once you’ve found several names, complete some internet research about their backgrounds and experiences and read any available reviews.
Another option is to use the American Institute of CPAs directory or the National Association of State Boards of Accountants, which allow users to search by state and territory.
Reputable small business accountants and accounting firms should have no problem setting up an exploratory meeting to satisfy your needs, as well as provide several references.
You should have it when choosing an accountant
First, you need to decide what tasks you want the accountant to help with, as well as how often you need their services. Start by making a list of priorities – things that need immediate attention and things that need to be addressed in six months. Next, you will have to choose whether you want to work with an independent accountant or an accounting firm. Whichever you choose, you’ll want to choose someone who has a lot of experience with the type of small business you have and is comfortable sharing sensitive information with.
Accounting firm, contractor or employee?
Most small businesses do not need a dedicated staff for accounting. It may seem tempting to have a member of your team handle everything financially, but remember to consider the salary and benefits you are responsible for providing. Your two main choices may be an accounting firm you contract with or an independent accountant.
If you’re on the fence about the best option, schedule interviews with both and learn how they work. Before making a final decision, consider what exact services you need and what your budget is:
- Upfront and ongoing expenses for an accountant or an accounting firm
- Their availability and working hours
- Experience working with businesses like yours
- Their communication methods
- If it’s an audit matter, can they represent you before the IRS?
- Do you always work with the same person?
Red flags to look out for
Unfortunately, there are accountants who seem ideal on paper, but who actually do. While shady bookkeeping is never a good thing, it can also be deadly for small businesses. To prevent working with the wrong person, you need to take every precaution, including interviewing, asking for references, and completing a background check. You’ll also want to stay proactive in your accounting processes and watch for red flags such as:
- An accountant who tells you not to bother with receipts
- They are asked to sign documents or checks without knowing why
- Not receiving an estimate for services until your tax refund is known
- Connection is interrupted or completely stopped
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