In managing your company’s finances, you need someone with experience beyond just logging in numbers. You want to be protected. This means risk management and helping to enhance profitability.
If you are currently asking the question “Should I hire a business accountant?”, we would give you a resounding “Absolutely!” in reply.
Sir. Richard Branson once said, “Never take your eyes off the cash flow because it’s the lifeblood of business.” You want your business to stay alive, but you also want it to thrive.
When hiring an accountant, there are some factors you need to take into consideration, and here they are.
1. Licensing and Qualifications
When you hire an accountant, the most critical factor is their licensing fulfillments and academic certifications. Regardless of if you choose to work with a firm or individual, verify their experience and licensing. The following two main certifications are what you should look for.
Certified Public Accountant (CPA)
A CPA is an accounting professional who—by experience, educational training, and passing the CPA exam—has met the licensing requirements so that they have earned their CPA designation. A CPA performs financial planning and bookkeeping, prepares tax returns, and prepares profit-and-loss statements.
Certified Management Accountant (CMA)
With a CMA professional certification, individuals have proven that they know analysis, control, financial planning, professional ethics, and decision support.
Both a CPA and a CMA certification require accounting professionals to be constantly learning. They must be up-to-date on industry changes. That is how they can remain licensed.
A second factor to consider when hiring an accountant is the availability of the accountant. This will probably depend on how big your company is. A large accounting firm may choose to push a small company aside by outsourcing it or choosing a qualified junior account instead of a long-time professional.
In a large accounting practice, it may be challenging to get a hold of your accountant because of their busy schedule. You should ask for a referral so that you can do a reference check before you begin working with a professional business accountant. You want to know that the company or individual you will work with is reliable.
Lastly, you want to know what a business accountant will cost you. There is typically a billing rate or fee structure associated with a business accountant. They can charge an hourly rate or a fixed charge.
You likely have a budget that you are working with so you will know what you can afford. Remember that concerning the complexity of the work and the quantity you are requesting, the cost must be reasonably proportionate. You want to feel secure in that you are getting what you are paying them for.
Hiring an Accountant?
Not all CPAs are created equal, and we hold our firm to a higher standard. We put our clients at the heart of what we do. If you are hiring an accountant, contact Sterling Tax & Accounting.
No matter if you need help with bookkeeping, tax preparation, or anything else, we take on the heavy load so you can focus business efforts on other things. Reach out to our firm today to learn more.
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