So, you’ve decided you need an accountant. But just who should you hire to manage your finances? Accountancy services come in many different forms from basic tax preparation services for freelancers to comprehensive CFO services for large enterprises. To help you narrow down the right choice for you, here are a few tips of things to consider when shopping around.
Look for certifications and qualifications
Start by making sure that your accountant holds proper credentials. Sticking to certified public accountants (CPAs) is a safe way to ensure that you’re hiring someone professional – such accountants have to undergo rigorous exams and complete ongoing training to hold this certification. Extras like awards can also be worth looking out for.
Match services to your specific needs
Next, consider what role you need to outsource. Are you looking for someone to handle your taxes? Or do you need someone to manage your payroll? CFO services can help take over all accounting tasks while also helping with strategic financial planning. However, hiring one of these services will cost a lot more than a basic accountant. Make sure the firm also has experience working in your industry – ecommerce accounting can be quite different to real estate accounting.
Decide between a freelance or firm-based service
Some accountants are solo freelancers. They will typically be able to handle the basics and can be an economical option for small businesses and fellow freelancers. However, such services often aren’t scalable – most larger businesses need to hire a firm to handle the increasing workload. Accounting firms consist of teams of accountants and can be more qualified for complex tasks. Many of these firms will still take on small businesses and freelancers, but you should consider the fact that you may not be prioritised. An advantage of freelancers is that they have less clients and are generally more open to regular communication with each client if necessary.
Check online reviews and get references
How do you know whether an accountant is trusted by clients? The simplest way is to take a look at the online reviews they have received. If they’ve collected lots of glowing reviews, that is a good sign that they are friendly and reliable. If there are quite a few negative reviews, it could be a red flag to steer clear of them. You can also ask firms for references. Friends and fellow business owners may also be able to provide recommendations for local accountants.
Know your budget and compare fees
Finally, work out how much money you are willing to spend on an accountant. Then try to find accountants within your budget. Some accountants will offer clear pricing on their site – which may include different price tiers for different-sized businesses. Others will require you to get hold of them in order to provide personalized quotes. In most cases, freelancers will charge less than firms. However, there are some firms that offer exclusive deals for startups and solo entrepreneurs that can rival freelance accountant fees. All in all, take your time to compare many different services to get the best deal.
