With tax season upon us, making sure that you have everything ready to be sent to the IRS can be nothing short of a headache. Whether you are an individual looking to make the most of itemized deductions or the owner of a business, filling out tax forms beyond the traditional 1040 can get complicated very quickly. The new year has brought a ton of changes to the tax laws, and navigating all of the loopholes and minute details by yourself can be tricky at best. If tax season is more than you can or should handle alone, it might be time to find an accountant to do the hard work for you.
Making the Right Choice
If you own a business, it can be a bit tricky to find accountants who are well suited for the job. Ideally, you will want to find a firm that has experience working with businesses similar to yours in size and nature. The right experience means that you can feel confident that the firm you hire will be able to find all of the right deductions to help you pay only what is absolutely necessary in overall taxes. You will find that the right team can work to review all of your statements and financial data to ensure that you are not paying more than needed.
Do I Need to Hire the Most Expensive Firm?
One thing that many business owners and individuals alike find themselves struggling with is whether or not it is necessary to choose the biggest or most expensive firm out there. When you are trying to find an accountant, it is important to realize that size and cost are not the most important factors to consider. Instead, look to the experience and reputation of the firms you are considering and determine which one will best fit your needs.
The Bottom Line
The most essential thing to consider when you are looking to find accountants is whether you are looking for long term or short term service. Do you just want someone to take your paperwork and records and fill out your forms accurately, or do you want someone who can also provide tax or financial planning advice? Do you want someone who can also provide auditing to help you reduce next year’s taxes? Think about exactly what you hope to gain from your accountant, then work to find the individual or firm that best fits your needs.
With tax season looming and numerous last minute changes to the tax codes, many business owners are finding themselves with an increased need for qualified accounting experts. Choosing an accountant for large business management has always been a bit of a tricky task, and knowing where to turn is not as simple as opening the phone book or asking a friend which professional they use. Let’s take a look at some things to consider when hiring large business accountants.
Consider Hiring an Accounting Team
For small businesses, the biggest dilemma is often whether to hire an individual to work in-house or to hire a firm to work on an as-needed basis. When you manage a large business or corporation, however, this need changes a bit. Instead, it may prove prudent to hire a team of accountants for large businesses. The simple fact is that your numbers will need to be monitored and balanced daily, and the need for auditing to help you manage expenses and eliminate financial waste is absolutely critical. Without the right team of experts helping you to manage things regularly, you can create a tax nightmare for your accounting experts.
Selecting Experienced Accountants
No matter how excellent someone’s education might be, experience is always going to be the biggest indicator of success. While it might not be a bad thing to allow an intern to work alongside experienced accountants, you will definitely find that your business finances are best managed in the hands of professionals who have handled large businesses like yours before. A great accountant for large business needs will have experience in your industry and with a business of your size, whether you choose to hire a firm or to hand select each accountant individually.
Determine Your Goals In Advance
At the end of the day, the best way to select the right accountants for large businesses is to perform a bit of auditing of your own. Sit down and look at each aspect of your company from a financial standpoint to determine what duties you will expect of your accountant. Do you expect financial auditing, planning, and advice or are you just looking for someone to manage invoices, financial statements, and tax records? Make sure that your needs are clear to you and then make them clear to firms and individuals you are considering for hire. It will make the process much simpler and will help you find the accounting experts who are truly best suited for the job.
As a business owner, making sure that your numbers come out perfectly is essential. While many start-ups work to manage their own numbers, this becomes increasingly harder as a business grows larger. Eventually, the need to find good accountants becomes more of a necessity than a luxury. When this happens, you need to know what to look for in order to ensure that you are getting the best service for your money. Do you want someone to work in-house, or do you want to hire an offsite accounting service? There are many questions to ask, and only after taking the time to think about them can you make the right decision.
In-House Versus Firms
There is really no right or wrong answer to this dilemma. Hiring an accounting firm can ensure that you are only paying someone to deal with your numbers and taxes when they are needed. If you manage meticulous records and keep everything properly arranged and organized, this can be an excellent strategy. If, however, you do not have the time or skill necessary to keep everything balanced and properly organized at all times, or if you just need someone to stay on top of things regularly, the best way for you to find a good accountant might be to hire a professional to work for you on a regular basis.
What’s the Difference?
The biggest difference between individuals and firms is really in their overall capabilities. When you want to find good accountants, you need to consider your specific needs. If you are looking for financial statement preparation, analyses of your business practices and expenses, or tax return prep, a solid accounting firm can be an excellent choice. If, on the other hand, you want someone to maintain accounts, manage daily transactions, manage payroll and assets, or manage bank reconciliations, an in-house accountant is definitely the better option.
Another thing you have to take into consideration when looking to find a good accountant is reputation. The simple fact is that you want to read reviews or request recommendations before hiring a firm or an individual to take over your business finances. You want to ensure that the firm or individual you are choosing not only has the education needed, but the skill and experience as well. Cut corners and missed numbers can spell big trouble with balancing budgets and with the IRS, and knowing that you have hired the right person or team for the job can give you some much-needed peace of mind.