Running a small business, although ultimately rewarding, can also be challenging at times. It is difficult to be great at every part of running your business, which is why developing a proper support system is a key part to your overall success.
If finance is not your strong suit, it may be best to find a financial expert to help you manage your revenue, taxes and other financial responsibilities that come with owning and operating a business.
However, given the importance of having a competent accountant as part of your team, the decision to choose an accountant is something you should not be taking lightly.
Here are five simple factors that you can use to select the right accountant for your small business.
1. Look for Qualifications
You can benefit greatly by having an accountant with significant business, tax and accounting knowledge to advise you on ongoing business matters.
In most cases, choosing a qualified accountant with a strong financial background, qualifications, such as an account with a CPA (Chartered Professional Accountant) designation, and experience would be an ideal option for a small business owner looking to grow and succeed.
2. Find Someone You Like
It won’t matter how experienced or skilled a particular accountant is if you don’t immediately feel comfortable with him/her as a person. If you don’t like the accountant on a personal level the relationship will ultimately not be successful.
Before you make a decision to engage a new accountant, make sure you can see yourself working with this individual for many years to come. Changing accountants can be difficult and will result in an unnecessary distraction from your ongoing business activities.
3. Make Sure You’re a Priority
Don’t be shy to ask if your potential accountant has a sufficient amount of time for you. Having your accountant react to your queries in a reasonable amount of time will only be beneficial for your business.
4. Consider It an Investment
We all love to make the most of our budget. However, be very careful about choosing your accountant based on price. The money you spend on good accounting and tax advice is an investment in your business and future success.
6. Don’t Be Afraid to Be Selective
Sometimes, even with proper planning and due diligence, you may choose someone that is simply not a good fit. While it can be uncomfortable to have this discussing with your accountant, the long-term benefits of having the right team for your business is worth the short-term discomfort of having to part ways with an employee.
You work hard to build and maintain your business, so ensure you’re develop strong professional relationships; they’re an integral part to the success of your business.
The importance of finding the right accountant who understands your business’ challenges and opportunities is considerable, so take the time to choose the right team member for you.
If you want to learn more about financial basics, don’t miss Small Business BC’s TaxSense for Incorporating Your Business seminar on Wednesday, January 25 2017 from 9:00 am to 12:00 pm for more details on how to grow your business.
Are you taking advantage of Small Business BC’s wide selection of seminars for entrepreneurs and small to medium-sized business owners? Space is limited, so don’t miss your chance to register today.
And if you want specific questions answered for your business, make an appointment to meet with a Small Business BC Business Advisor or if you have financial questions, book an appointment with Small Business BC’s Ask an Accountant service now.