Choosing an Accounting Firm

Is this how your accountant stores your important records? Unfortunately this method is all too common in today's computerized world. This accountant means well but if a disaster such as a flood or fire should strike her business location - then your records would be destroyed. Electronic data retention and off-site data backup is a must.

It's no wonder you are stressed. You have enough to worry about trying to make a living or running your business. Knowing the ever changing tax laws and making them work to your advantage is what a good accounting firm should be doing for you.

You should choose an accounting firm as carefully as you would any other professional service. Keep in mind - not all accountants are created equal. Your accounting firm can be one of your most valued assets, partnering with you or your business to provide expert service as well as timely advice. It is important to choose the right firm for your business.

You should match the accounting firm's size to the size of your business. Small accounting firms make it their business to meet the needs of small companies and they generally have the resources to serve you well. If you select a firm whose client list is comprised mainly of businesses that are larger than yours, you run the risk of becoming a low priority.

If you plan to grow your business, perhaps through a merger or acquisition, or to take it public in the foreseeable future, think ahead and go with a firm that has the necessary resources and experience to guide you through these complicated procedures.

Or maybe this is more like your not so organized accountant. He is a bit unprofessional to say the least. He not only gives you a jumble of documents but he never takes the time to explain in detail what you are to do with them. He doesn't charge much for his services, but his lack of organization and not taking time with you will cost you dearly.

Before you search for an accounting firm, think about which services you want them to provide. Accounting firms are commonly hired to prepare and file tax returns. They can also provide reviews and compilations which you or your company may need to secure bank loans or even make large purchases on credit.

A well equipped accounting firm can produce your financial statements which will enable you to periodically analyze your business performance. And you might want them handle all your bookkeeping as well as your company payroll.

Once you know what you’re looking for, interview at least three accounting firms. Communicate what you expect from each firm, asking how it proposes meeting your needs, and how much its services will cost.

Keep in mind that accountants are only as good as their listening skills. If they are going to help your business, they must be willing to take the time to learn about how your company operates.

BCSI • 3391C E Silver Springs Blvd • Ocala, FL 34470 • Phone 352-622-1444 • Fax 352-622-5610