For example, you can tack on live bookkeeping to your Intuit QuickBooks Online software for as little as $200 per month. Knowing your budget might also help to answer my previous question. As you search for an accountant, consider how much you’d like to spend on accounting services. Budgeting also falls within a small business accountant’s wheelhouse.

By working together closely and communicating openly and honestly, you can be sure that you’re using their expertise to help you make the best decisions for your business’ success. Make sure they have excellent communication and customer service skills, without leaning too much on technical jargon. Doing your own accounting can take six or more hours to do every month which adds up to almost two full nine 8-hour work days over the course of a month. Here, we’ll break down the reasons why you may need an accountant, and how to go about finding one who’s a good fit for your business.

Minimize the Risks of Business Activities

The right candidate should take accountability for their mistake and explain how they did what was necessary to make it right. Explore product experiences and partner programs purpose-built for accountants. Or would you rather have someone who can just give you the top line summaries when you need it?

Another option is utilizing the American Institute of CPAs’ directory or the National Association of State Boards of Accountancy, which allows users to search by state and region. For example, they can check whether the company’s assets are fully owned or leased or part-paid for, and whether the company has any outstanding debt. Only you can decide whether you then want to take on the franchise or not.

How Many Weeks Are In A Payroll Year: A Quick Overview Of Payroll Periods

Stop wondering how to hire an accountant for a small business—we’re right here! Milestone Business Solutions offers accounting and bookkeeping services to clients of all sizes with competitive monthly rates that are affordable. We believe in developing true partnerships with our clients, and provide each and every one of our partners a unique approach to their accounting needs. We make life easier for small business owners while helping them grow successful businesses.

• For smaller businesses, it can be tempting as the owner to try filling out all the tax forms and making payments yourself, without seeking advice.
• Check for experience, personality traits, and digital software expertise thoroughly.
• Expense management software, numerous accountants are embracing innovation.
• CPAs thoroughly understand the GAAP , which involves revenue recognition, balance sheet classification, and materiality.
• When you’re interviewing potential accountants, ask them about the type of accounting software they’re comfortable using and what they do to stay up to date with the latest accounting and tax laws.

Unless you’re expecting a windfall refund, tax season tends to be stressful for most small business owners——especially if you haven’t kept your records current. In addition to the work of getting all your information up to date, there’s also the worry of an audit or penalty for late filing. An accountant can give you peace of mind that your taxes are done correctly, provide thorough tax planning to maximize deducitons, and will provide necessary support should you be audited. Whether you’re in the scribbling-on-a-napkin planning stage or you’ve already started operations, having an accountant could save you time and money down the road. But beyond the importance of having a skilled accountant, you also need a staff you can rely on. Sign up today and get helpful recruiting advice for your business and information on the current hiring market and HR trends.

Keep with Tax Laws and Maximize Tax Savings

An how to find an accountant for small business will best be able to tell you what’s allowable, and what’s not. Are you aware that many small business owners simply file their personal and business taxes together, in one return? These types of businesses are referred to as “pass-through” entities. In late 2017, the Trump administration introduced the Tax Cuts and Jobs Act . Although there are certain restrictions, the TCJA allows for a new tax break for small business pass-through entities, equivalent of up to 20% of its income.

• Once you’ve found your new accountant, you want to ensure you get the most out of your relationship.
• If you do, and the IRS wants to take a look at your books, then maybe you need a CPA.
• With numerous accounting services being offered online, many experts agree that virtual CFO services for small businesses are crucial for companies aiming for expansion.
• That means taking risky actions that have financial consequences, many of which are unforeseeable.
• Providing advice on how to track expenses during your daily business activities.
• The level of onboarding can vary depending on the accountant’s experience.