As a small business owner, it can be a big hassle and headache trying to keep up with everything business related. Whether it’s managing customer relationships, employees, operations, marketing efforts or something else, there are lots of moving parts that need attention.
One of the most important and consequential areas that needs monitoring is the company finances. You might be thinking, is an accountant worth it for a small business? Outsourcing your financial and accounting services can not only take some work off of your plate, but it can also ensure your accounting needs are getting the attention they require.
The thing is, not all small business accountants are created equal. It is important to hire the right one for your business. In this blog we take a look at the benefits of hiring an accountant for a small business and how to choose one.
What Should a Small Business Expect From an Accountant?
There are lots of things you should expect from your accountant. First and foremost, you should expect to hire someone who is qualified and committed to providing high value service.
For example, at Delta Wealth Advisors (DWA), our accountants are all certified CPAs, meaning they are legally able to help you and have the knowledge to do so. Beyond their experience and qualifications however, the professionals at DWA have the passion to deliver a full spectrum of services with the highest quality. In fact, there are several services an accountant can provide for a small business. They include:
- Opening business bank accounts
- Tracking expenses
- Establishing a bookkeeping system
- Setting up a payroll system
- Determining and setting up how your business will accept payment from customers
- Providing insight and help with all business related taxes
- Calculating financial metrics (e.g. gross margins, revenue, expenses)
- Applying for funding or grants
- Preparing financial documents
- Conducting 401k audits
- Consulting on business growth and changes
While you can expect some or all these services from your small business accountant, you might also have some specific topics of concern or questions you want them to answer.
What Should I Ask My Small Business Accountant?
It’s important to ask questions both before and after you hire an accountant. Asking questions beforehand can help ensure that you hire the right person for your company’s needs. It also will help you establish a better rapport with your accountant which will help you and your business in the long run.
Questions to Ask Before Hiring:
- Are you licensed to practice accounting?
- What types of clients do you work with?
- What is your background or speciality?
- Who will I actually be working with?
- Who will be conducting my accounting work?
- What is your typical tax return time?
- What do you expect from me as a client?
- What is your availability?
- How do you bill for your services?
- How often will we communicate?
- Do I need an accountant for my small business if I use QuickBooks?
Asking questions after hiring your account is an important step in ensuring the continued success of your small business. Clear and consistent communication with your accounting service provider will keep you informed on the financial health of your business. This could also include any immediate or long term concerns or areas in need of improvement. Similarly, the more involved you are with your finances, the more you can make educated decisions.
Questions to Ask After Hiring:
- What records should I be keeping?
- How should I prepare for taxes?
- What business expenses am I able to deduct or write off?
- When should I pay taxes?
- How can I better manage my working capital and cash flow?
- What is my breakeven point?
- How can we grow my business?
- What changes should I make to my business?
- What is the best way to structure my business?
- Is it better for me to have employees or contractors?
- What are my financing options?
- Can you help me with employee healthcare?
- Are there any industry specific updates or rules I need to be aware of?
- What’s the best way to contact you?
- What is the value of my business?
Delta Wealth Advisors…Small Business Accountants Near Me
By now, after highlighting the value an accountant can add to your small business, you are probably asking “How do I find a small business accountant?” Enter Delta Wealth Advisors. We not only provide you with accounting services, but we also offer a full gamut of financial advising and services to put you at ease when it comes to your small business finances. To learn more or start working with us, schedule a call today.