A Small Business Guide to Hiring the Right Accountant – Three Reflective Steps for Success

It's the dawn of a new year, and you’re determined to steer your business towards growth. If you've decided it's time to bring an accountant on board, kudos to you!! Acknowledging the need for change, especially in the realm of financial affairs, is a significant step—one that can either propel your business forward or leave it stranded in a sea of regret. I've witnessed the dance from both sides—the accountant's perspective, drawing from personal experience, and the lamentations of small businesses whose accountant partnerships fell short of expectations.

My hope is for this not to happen to you.

Before you go forth to hiring an accountant, there are three vital considerations to ponder that circle around one thing…. 'reflection'. Hiring an accountant isn't a small investment. Taking the time to put things into place and mulling over it a bit is worth your time. It's not as complex as it sounds. It's simply about putting your thoughts on paper or typing them out, whichever suits you best.

Reflect on your business needs

Why do you need an accountant???

Before you start counting the costs, count the reasons. Why do you need an accountant? What specific outcomes are you expecting? Understanding your business needs is the cornerstone of investing wisely in financial expertise. Consider the tasks you need assistance with….Is it streamlined bookkeeping, managing entries, and organizing records? Are you looking for general accounting tasks like transaction recording, bank reconciliation, payroll, and preparing trial balances? Perhaps you're aiming for more profound financial insights and proactive reporting to assess your business’s financial health, net asset value, and cash position. The same holds for your tax requirement… Do you need a tax return prepared, will it be based solely on the provided information or are you seeking professional tax advice?

Something else.........., ponder how frequently you'll require accounting services. It could be project-specific, managing daily operations, or continuous hands-on involvement. Knowing your specific needs is crucial; there's a significant difference between a bookkeeper and an accountant, and not all accountants are certified in practice. Understanding your needs ensures a better chance of securing an accountant who aligns with your business requirements.

Reflect on the right fit

Searching for the ideal accountant.........

Not all accountants are created equal, and you're likely realizing this as you venture into finding the ideal fit for your business. Just like doctors or drivers with different certifications, accountants vary in qualifications and credibility. Your ideal accountant may be solely responsible for managing internal management accounts rather than signing off on publicly scrutinized financial statements or tax returns. As you envision your financial soulmate, consider their skill set. Do they need industry-specific expertise or proficiency in certain financial tools? Assess their time zone, ensuring alignment with yours, especially if working remotely. Evaluate their availability and responsiveness to your needs. Painting a clear picture of your ideal accountant will guide you in finding the perfect match for your business.

Reflect on yourself

Are you ready for that type of professional intimacy??

In the realm of hiring an accountant, an often-overlooked aspect involves turning the spotlight inward. Are you prepared to open the door to someone else in your business operations? The relationship between an accountant and a business owner can be professionally intimate. Transparency and trust are paramount; for an accountant to perform effectively, they need a profound understanding of the business's past, present, and future. Becoming emotionally ready for this level of involvement is crucial. Prepare yourself to be vulnerable, sharing the intricacies of your affairs. Assess your emotional readiness, trust levels, and willingness to cede control. This self-evaluation is fundamental, setting the tone for a successful partnership.

As you stand at the crossroads of another major decision for your business, remember this:

 "Embrace the transformative power of relinquishing trust and welcoming expert advice."

Hiring assistance for your financial affairs is a commendable step, but ensuring the right fit is where true success lies.

Navigating the vast landscape of financial expertise can be daunting, but fear not. Take charge of your journey by checking resources like the ICATT site to find practicing practitioners equipped with the skills and credibility your business deserves.

Leave nothing to chance…. communication is non-negotiable. It is the compass that will guide you through this process. Clearly state your expectations, don't be shy to interview potential candidates, and inquire about their qualifications and references. Remember, the right fit is not just about expertise; it's about alignment with your business's vision and values.

Your business deserves a financial ally. Happy hiring!

The views reflected in this newsletter are those of the author and do not necessarily reflect those of Aegis Business Solutions, its partners, or any affiliated companies.

If you found value in this article, share it with fellow entrepreneurs who might benefit from these insights. Also, feel free to reach out with our suggestions for future topics you would like me to explore. My next article will provide insights on record keeping,…. the dos and don’ts. Stay tuned!

Here's to your ongoing success! I look forward to our next chat. 😊

Cheers