Every business—big or small—needs accounting. It’s essential if you want to be able to grow your business in a measurable way. Plus, it helps to track your business’ assets, liabilities and income to avoid audits and other IRS penalties come tax season.
As a business owner, you essentially have three choices when it comes to accounting: You can do it yourself, which can be a scary proposition if you don’t have accounting experience or if your business continues to grow; You can hire someone to handle the accounting in-house, which can be very expensive if you want someone with ample experience; Or, you can outsource your accounting and bookkeeping services to a reputable CPA firm like Ferguson, Timar & Company. This is often a great solution that gives you all the accounting services you need for much less than the cost of having a full-time (or even part-time) accountant on staff.
When choosing to hire a CPA, there are certain things to look for:
1. Knowledge and Experience
These should go without saying, but you want to hire a CPA that knows what they are doing and has a strong track record of success. Put an experienced and knowledgeable accounting professional (or firm of professionals) on your side.
Any accountant who says they are perfect is probably not to be trusted. The first question you should always ask is what their weaknesses are and a genuine answer should tell you all you need to know. Find someone you can trust and who complements your own approach to business.
3. Small Business Expertise
If you run a small business, you’ll want to work with a CPA firm that specializes in small business accounting. It’s a much different field than major corporation accounting, so find a CPA that is the proper fit for your business entity.
If a CPA makes you feel completely confused and overwhelmed within the first few minutes of talking with them, that’s not a good sign. Communication is very important and the CPA should be able to relate everything in ways that you can understand. They should be your partner in success, which means communication is vital.
5. Team Approach
Why hire just one CPA when you can have a team working for you? A good CPA will be backed by a staff that works to cover every detail and makes sure your best interests are protected.
Looking for expert accounting services? The team at Ferguson, Timar & Company specializes in small business accounting that can help your business succeed. Whether you need full accounting services, bookkeeping or tax preparation, we’ve got you covered with knowledge, experience, communication and transparency. Call Ferguson, Timar & Company today to schedule a consultation.