Most small business owners understand that hiring an accountant is integral to the success of their business. Unfortunately, they don’t always perform enough due diligence to make the best choice for their organization.
Knowing what to ask a prospective accountant can mean the difference between working with a professional who can meet your needs and one who cannot.
Where to Start Your Search for the Perfect Accountant
Although a general Internet search can be helpful in locating a store or restaurant, it isn’t always the best resource when it comes to finding an accountant. Instead, consider asking several other business professionals in your network who they work with and whether they would recommend that person without reservation.
You might also have good luck asking for referrals from the Chamber of Commerce in your local community. Yet another possibility is to join some meet-up groups for small business owners and network with the people you meet there.
Interview Questions to Ask a Potential Accountant
Not every accountant will have the skillset and offer the services you need to ensure the proper financial functioning of your business. Here are some questions you can ask to determine if you and the accountant you’re considering hiring make a good match:
- What strategies do you recommend to prepare for tax season? Obtaining help with preparing and filing a tax return is the leading reason that small business owners seek to hire an accountant. Asking for advice on which tax deductions to claim and general strategies for how to lower your tax burden are two simple questions that can help you determine if the accountant understands your tax situation.
- What accounting approach do you take with small businesses as opposed to larger ones? Due to the unique financial needs of small businesses, it’s important that your accountant has plenty of experience working with them. Compared to larger businesses, the focus of a small business can shift quickly. For example, you may have cash flow concerns one day, hiring concerns the next, and require assistance to apply for a business loan on another day. Your accountant must be flexible enough to keep up with it all.
- How would you go about evaluating my business? Although the value of a business can change over time, it’s always a good idea to know where you stand today. An experienced accountant knows how to determine a company’s fair market value by running a discounted cash flow analysis. The accountant you hire should also have a deep understanding of your industry to ensure he or she provides you with appropriate financial advice.
We Would Be Honored to Be Your New Accounting Firm
We invite you to contact Capital Business Strategies to learn more about our services and why you should choose us. Feel free to call us at 330-856-4732 or complete the request form found on our website. We look forward to visiting with you soon and serving you in the future.