A business cannot understate the importance and value of a professional accountant service for small business. A bookkeeper is helpful for basic accounting, however investing in an accountant service can cover you for accounting, tax planning and preparation, payroll services and strategic advice on how you can grow your business. 

Accounting and tax software are also on the rise – and has in some ways replaced an in-house accountant. However, small business owners find that as their business grows, accounting issues become more complex, tax filing become too weighty for them to handle. Therefore, working alongside an accountant service for small business will assist small business owners take on financial tasks that they cannot overcome.  

How accountant services for small business can help you

Hiring an accountant service for small business is more of a business necessity rather than a nice to have. A small business accountant can maintain your books, asses financial results, prepare and file your business taxes, action and stay abreast of your payroll and work together with you on ensuring your business has a positive cash flow and year-on-year growth. 

Furthermore, accountant services for small business are your partner when it comes to tracking your sales, expenses, incomings and outgoings, and can even pay your invoices for you in a timely manner. Accountant services for small businesses can also run your payroll and keep on top of all legislations that you are required to adhere to. Think of your accountant as a one stop shop for your business. 

Your chosen accountant service for small business can also provide you with reports – including balance sheets, income statements, cash-flow statements and payroll reports – and an overall picture of your company’s financial health. With their experience, you can have the confidence that your business financials are well taken care of. 

In addition to simple accounting tasks like bookkeeping and tax filing, an accountant service for small business can offer ratio analysis and discover the areas in which your business could improve its efficiency, which in result can boost your bottom line. As a business owner, you can work together with your accountant service and implement their suggested changes that can yield bottom line profits. 

We have four things you need to consider when looking for the right accountant service for your small business.

1. What are you looking for out of an accounting service?

A helpful way to understand what you are looking for out of an accountant service for small business is to make a priority list of tasks you would like to handover. You list may include: 

  • Audit preparation
  • Bookkeeping
  • Accounts payable and accounts receivable 
  • Tax preparation and filing
  • Payroll
  • Financial reports
  • Business planning and analysis
  • Budgeting

It’s important to consider your current needs and your future needs for your business. For example, a bookkeeper may be great for the short-term, however if you are thinking of also handing over your payroll duties, then you will have to look for an accountant service. If you think long-term, you can start off with an accountant service that offers both bookkeeping and payroll services. 

2. Do you want to outsource or bring an accountant in-house? 

Whether you decide to outsource to an accountant service for small business or you hire an in-house accountant, both have benefits and draw backs. Your decision will come down to how much accounting assistance you need for your business, and if it is worth the investment of having a full-time in-house employee. 

If you hire an in-house accountant, you want to ensure that your investment into their full-time or part-time salary is maximised. Small businesses generally don’t have the constant need for a full-time accountant. Therefore, an accountant service for small business can be more beneficial from a financial perspective. You pay a set fee (whether its monthly / hourly / yearly etc) and you don’t have the headache of the extra expenses that hiring an employee has (like wages, employee payroll taxes and other benefits). 

If you’re unsure whether an accountant service for small business is for you, why not give them a try first. Provide them with a portion of your accounting workload prior to making a decision whether you want to continue. 

3. Know your budget?

Work out how much you would like to invest into your accounting services for small business. Keep in mind, investing in accountant services for small business isn’t a nice to have. It really is a necessity for your business to continue operating. Your books need to stay up-to-date to avoid tax fines and an unsuccessful audit. 

Your budget should also reflect the expertise your business requires and considers the complexity of your accounting issues. It doesn’t hurt to ask your peers how much they are investing in accountant services for small business. This can give you an idea of how much you should be allocating to accounting services per month. 

4. Utilise technology

There are so many cloud technologies in the marketplace that can assist you with your accounting, payroll and tax. If your business doesn’t already use a software, then now is a great time to start. Cloud software can automate a lot of your day-to-day accounting – including bookkeeping, and filing your quarterly payroll tax returns. 

Once you implement a cloud service for your accounting needs, your accountant service for small business can manage the platform for you and take care of the tasks you need completed. A cloud software and an accountant service for small business can work in tandem to obtain efficient accounting for your business. 

5. Compare fees

All businesses have different ways of working out their fees. Some accountant services may charge a monthly fee to do your taxes, and others may charge a bookkeeping fee and then additional charges for business and personal taxes. Before choosing the right accountant service for your business, you want to understand how they are calculating fees and how much this will be. Depending on your cash you, you may be able to negotiate how and when you fulfill payments. 

6. Look at references and small business experience

If you are looking for an accountant service for small business, then you should be looking at exactly that. An accountant that specialises in small business experience. The big accounting firms may be enticing; however, you need someone who works well with small businesses. In addition, it would be great if they also have experience in your industry! When an accountant works with clients from a specific industry, they gain industry knowledge and learn the challenges the industry has. Also gives them the expertise in legislations and government issues, and can guide you in making the right financial decisions for your business expansion and growth. 

7. Make the right choice for you

You need an accountant service for small business that you can count on. Someone who you feel is part of your greater team. It’s best to do your research and investigate at least three accounting firms before you make a decision. If you feel that the accountant service for small business you have chosen isn’t working for you, then you may need to make he decision to move on. You want the best for your business, and while changing firms may give you some short-term extra work, it will give you the long-term benefits. 

You need an accounting professional on your team. Interview at least three candidates before you select your accountant. You need to choose an accountant that is a fit for your small business. If you hired an accountant that does not feel like they are on your team, move on. While you might feel some short-term discomfort while doing this, you will get long-term benefits for your business. You need up-to-date financial information to make the best business decisions. This starts with professional accounting services. An accountant service for small businesses is an important part of your company’s success. You need a firm that is reliable and there for you when an issue arises. When you choose an accountant firm for small businesses, they can manage your accounting tasks and offer you business advice and support. Start your accounting firm search today, by getting in touch with us at R T Taxation & Accounting Services. You can take advantage of our Outsourced CFO Services to leave the administrative hassle of running your small business to the experts and for you to do what you know best.