Working with an accounting professional who understands tax laws and bookkeeping is your best option, especially when compliance is at stake. Accountants can also guide your small business in more profitable directions, giving you “the biggest tax bang for your buck,” Cordano said. A good accountant should be involved in your business regularly, not just at tax time. They can significantly add to your bottom line by setting up and structuring financial plans and operations efficiently.
As you become busier, things can go overlooked, and even small errors in taxation and compliance can have costly penalties. By hiring an accountant, you minimise these risks and free up your time so you can focus on managing your business. You’ll also get a free detailed analysis of your account activity, which makes it even easier to keep tabs how to find an accountant for small business on your finances. Bring your completed application into an American First Credit Union branch to open your small business account, with just $50 as an opening deposit. Account holders can also send out up to five domestic wires each month for no charge. The $35 monthly fee can be waived with a $25,000 minimum 30- or 90-day average balance.
What Services Do You Offer?
Here are answers to some typical questions business owners ask when they’re considering hiring an accountant. Managing your company’s finances can be challenging if you aren’t familiar with debits, credits and recording transactions but who says you have to go it alone? An accountant can provide the financial expertise and guidance you need to run your business effectively.
- As a business owner, having an accountant as part of your team is imperative for the long-term success and growth of your business.
- They can also ensure that you have the required documentation and can prepare you with what to expect during the audit process.
- As a business owner, maximising your tax offsets (and paying the right amount of tax) is vital.
- Cummings explains an important caveat for small businesses to consider.
- Although many credit unions might offer similar services—such as administering loans as well as setting up checking and saving accounts—they might have fewer features than a typical bank.
- Some institutions may require deposits to open business bank accounts, but often that fee can be $100 or less.
As most accountants charge by the hour, you’ll likely want to maximise the time you’re paying for instead of paying for simple tasks such as bookkeeping and paying invoices. For that, you could engage a bookkeeper https://www.bookstime.com/articles/business-bookkeeping-basics-for-business-owners or find accounting software that will simplify tasks like invoicing by sending automatic invoices and recording their contents. A small business accountant can be valuable at any stage of your company’s growth.
How long have you been a CPA?
This gives you some stability in your budget and ensures that you’re not paying for downtime. Finally, even if you and your small business accountant match up on paper, you may not be a good match on a personal level. You may be looking for an outside firm to handle your books and accounting, but you still want to be sure they fit with your company culture and values, and that you enjoy working with them. At the risk of muddying the waters, we need to stop and mention that there is a lot of overlap between these two processes, at least in terms of the professionals who do them. However, if all you need is bookkeeping, it may be unnecessarily costly to hire an accountant.
- Start by crowdsourcing and asking other small business owners who they use and trust with their finances.
- Sign up to receive more well-researched small business articles and topics in your inbox, personalized for you.
- A CPA is an accountant who has done additional coursework and passed a state exam to get certified.
- Some people also prefer to work with CPAs simply for the ability to ask questions face to face.
- Our online accounting degree completion program provides students with the necessary knowledge and skills to pursue their dreams of becoming an accountant.
And, to make your banking even easier, sync up your BlueVine business checking account with payment platforms like Venmo and Square, or accounting tools like QuickBooks. There are many ways to find a good accountant, from personal referrals to online directories and professional associations. When choosing a potential accountant, consider their experience, qualifications, and fees to determine if they’re the right fit for your company. Look for someone with industry knowledge and experience working with small businesses so you can make the most of your accountant.
Should I choose an accountant with a specialty in my industry?
Accountants must be well versed in the Generally Accepted Accounting Principles, a standardized set of accounting rules, practices, and procedures issued by the Financial Accounting Standards Board. These principles act as a universal set of guidelines for all companies and industries across the United States. Select businesses earn BBB Accreditation by undergoing a thorough evaluation and upholding the BBB Accreditation Standards. To learn more about licensing for financial professionals in Canada, visit the Chartered Professional Accountants Canada website.
U.S. Bank’s Gold Business Checking Package can manage cash flow with 300 free transactions and $10,000 cash deposits (or 100 free cash transactions) per statement cycle. Small business owners can also get a 50% discount on their first check order up to $100. Bank offers overdraft protection and an EZ-Switch Kit to help you conveniently transfer a new business account.
