Are you wondering how to find a small business accountant? If you need assistance managing your finances or planning for the future of your company, accounting firms for small businesses are a valuable resource. What you need done and what kind of accountant you’re searching for are major factors in deciding where to go for an accountant for your small company.
You may engage an accountant either remotely or physically, or you can staff your own accounting department with either full- or part-time help.
You’ll need a trustworthy accounting partner whether you’re looking for small business loans or trying to decide where to put your company’s money.
Small businesses would benefit greatly from working with any one of these companies due to their varied offerings and expert staff. If you’re a small company owner, keep reading to learn how to choose the best accounting firm.
What Is Small Business Accounting?
Accounting is the process through which a company collects, records, and analyses its financial data. Transactions, taxes, budgets, and predictions are all part of the big picture that is painted by an organization’s financial statements.
Similar to this description, accounting firms for small business pays close attention to every cent spent since, for most such enterprises, every dollar matters. If you want your small company to not just survive, but thrive, you need a system in place for keeping track of the money coming in and going out.
Why is it Necessary for Your Company’s Operations?
Certified Public Accountants (CPAs) with expertise working with small businesses may be invaluable resources for understanding and making sense of a company’s financial data.
These accountants may be hired on a monthly, quarterly, or yearly basis, depending on the company’s size and requirements. Small businesses, unlike bigger corporations, often use an outside accounting company or independent accountant to provide the financial services they need.
Tasks Small Business Accountants Handle
You could already have a bookkeeper or use a bookkeeping software to handle the day-to-day financial transactions for your firm.
Having a small company accountant on board means working with a trusted advisor who can help you make sense of your financial data. A small business accountant’s responsibilities include, but are not limited to:
- Undertaking financial projections
- Oversight and upkeep of accounts
- Identifying tax deductions that apply
- Aid in ensuring a consistent cash flow
- Managing payroll and the accounting of fixed assets
- Services for tax return preparation, filing, and revisions
- Providing insights into financial analysis and recommendations for potential growth opportunities
- Crafting financial statements encompassing balance sheets, income statements, and cash flow statements
How To Find a Small Business Accountant
Step 1: Define the Firm/ Accountant’s Role
The first step is to make a list of everything you need help with and send it to your accountant. This might include everything from basic bookkeeping to complex tax preparation, depending on your situation.
The time commitment of your accountant might range from a few hours per month to full-time. An accountant may help with the following projects:
- Account Setup: An accountant can assist you modify any new accounting software so that it fits your specific needs. They will assist you with creating a chart of accounts, tailoring forms to your needs, and maximising the software’s potential for productivity and savings.
- Basic Bookkeeping: This requires sorting financial dealings into categories and checking balances. Your accountant can guarantee the accurate categorisation of imported transactions if you connect your bank account to the accounting software. They may also enter and reconcile financial data manually.
- Payroll: Payroll services, such as making direct payments, paying payroll taxes, and submitting quarterly and yearly payroll reports, may all be handled by your accountant. Read on to learn about the best payroll companies for startups.
- Back-Office Tasks: A professional accountant can help with invoicing and bill payment. Having an in-house bookkeeper might be a cost-effective solution if you receive a high amount of invoices and bills. Bill.com, our recommended accounts payable software, is one choice to consider for AP duties.
- Sales Tax Returns: Your retail firm may stay in compliance and reduce the likelihood of audits by hiring an accountant who specialises in sales tax filings on a quarterly basis.
- Income Tax Returns: Having an accountant on hand around tax time is invaluable, as they can help you claim any applicable tax credits or and deductions and file your personal or company income tax forms. They can help you prepare your taxes and manage your finances for the whole year.
You need not have one individual take on all of these responsibilities. While it is preferable to have a certified public accountant handle your income taxes, basic accounting may be handled by a separate book-keeper.
Step 2: Choose In-house or Independent Accountant
Think about how much accounting work you have and if an in-house or outside accountant would be more appropriate. You may only want occasional help from your books, but an in-house accountant gives you priority access.
When opposed to operations like transaction categorisation and account reconciliation, procedures like invoicing and bill payment might be more difficult to outsource. Many developing firms find that contracting with an independent accountant or accounting company on a consultancy basis is the most financially viable option.
Step 3: Decide on Online or In-person Accounting
Once you’ve established what you need from your accountant, you may decide whether you’d want to deal with them remotely or in person. If you’re comfortable communicating and exchanging files digitally, you may want to consider working with an online accountant.
Talk to your accountant about their preferred method of contact, how they handle tasks, and when they are available for in-person meetings. Costs like gas mileage and phone calls should be discussed beforehand.
Step 4: Confirm Compatibility with Your Accounting Software
Unless you have an accountant on staff, you may have to utilise your small company accounting software at some point. If you want advice and help getting through the learning curve, your external accountant must be familiar with the accounting software you’re using.
Our top selection for small company accounting software is QuickBooks Online due to its extensive feature set and user-friendly features like QuickBooks Live. Bookkeeper360 is a Xero Platinum Partner that offers accounting and bookkeeping services in the cloud.
Step 5: Seek Industry-specific Expertise
Look for accounting firms for small business that specialises in the field in which your company operates. Oil and gas, restaurants, trucks, NGOs, churches, farms, and ranches are just a few examples of specialised industries.
Professional accountants who focus on your industry will be well-equipped to manage the special rules, laws, and accounting subtleties that apply to your company.
Step 6: Review Their Credentials
Make sure your prospective accountant has the appropriate certifications before hiring them. A CPA is an accountant who has completed the CPA programme and is licenced by their state.
Certified Public Accountants (CPAs) are committed to lifelong learning in the area of taxation. Check the accountant’s credentials with organisations like the Accredited in Business Valuation (ABV), the Certified Valuation Analyst (CVA), or the Personal Financial Specialist (PFS).
When looking for an accountant, a small company owner must weigh various factors. Once you’ve figured out what it is you need assistance with, you may hire either an in-house accountant or a virtual one. There are a lot of Accounting Firms in London out there who can help you, and many of them will even have experience in your specific field of business.
For small firms looking for certified accountants, SKZEE stands out as the clear winner. They have a staff of professional accountants in London, so you know they keep up with the newest industry standards and tax legislation, and they have a lot of experience in financial affairs. Accountants Preston, Accountants in Romford, Accounting Firms in Liverpool Street, Accountants Middlesbrough, Accountants Canary Wharf, and Accountants Ilford are just few of the locations that make SKZEE’s services available to a wide variety of organisations.
What sets SKZEE unique is their commitment to customer empowerment; in addition to handling accounting duties, they also provide hands-on accounting training, giving your in-house staff a leg up. SKZEE is the reliable partner your small company can trust on since their solutions are customised to meet the specific demands of each client.
What is an accountant?
An accountant serves as the financial bedrock of your enterprise. They play a pivotal role by handling various financial tasks, including tax preparation, meticulous scrutiny of financial records to ensure precision, crafting financial reports for both individuals and businesses, ensuring clients’ adherence to tax laws and regulations, and offering invaluable advice when required.
Accountants are often instrumental in devising and implementing business processes, complete with controls to maintain impeccable asset management. Within the realm of accounting, there exists a spectrum of specializations, ranging from tax accountants to cost accountants and inventory accountants.
For small business owners seeking accounting expertise, the process typically begins with the quest for accounting firms for small businesses. Finding the right small business accountant involves considering factors such as specialization, experience, and compatibility with your business needs. Hence, the question of “How to Find a Small Business Accountant” becomes a crucial one in your journey toward financial success.
What is a small business accounting firm?
Accounting firms for small businesses are a financial expert who focuses on issues unique to managing a company’s limited resources. Depending on the requirements of your company, you and your small business accountant may work together on a variety of fronts.
Monthly account reconciliations, yearly tax compliance, and quarterly disclosures are only a few examples. There is the possibility of a more integrated connection in which payroll and tax withholding are both handled for you.
What features should I look for in accounting software?
All of the top-tier accounting software options out there give a solid set of tools, so it’s up to you to prioritise which functions are most crucial for your company. This will guide you towards the finest accounting software for your requirements. Some programmes excel at tasks like accounts payable (A/P), while others are better suited to retail businesses by providing tools like cost monitoring, inventory management, and sales tax collection and filing. Whether or whether the software has a mobile app, the quality of its customer care, and its performance with accounts receivable (A/R) and financial reporting are other important factors to examine.