A small business accountant has several functions that can help you, as the business owner. The most important is probably bookkeeping, an essential function since it generates financial records such as profit and loss statements, balance sheets and tax forms. Your accountant should have a complete understanding of your business and should be someone who can serve as a partner, since he or she will play an integral role in your company. A good small business accountant will analyze and interpret the same data a bookkeeper generates into business strategy.
Start by sharing and discussing your business plan with a prospective accountant. An accountant needs to understand your business’s vision and mission as well as your short-term and long-term financial goals. Ask for feedback on your financial projections.
Also, discuss growth and potential expansion. Financial statements are critical when applying for business loans, and since the accountant is the one who generates many of these documents, he or she should be in the loop. Tax planning for both your business and personal life is another important subject to discuss. You should also look into any technology that can help you record financial information more efficiently.
If you don’t feel that your accountant is fulfilling all your needs, don’t be shy about shopping around for someone better suited for your business. Be sure to ask for references so you can learn critical information such as how the accountant has helped other companies like yours, how he or she cares for clients, and how involved he or she is in the business community. Networking is critical, and your accountant’s level of involvement can assist you in anything from finding a banker to matching you with potential clients. You also want to be clear on how fees are calculated so you can compare it with other accountants who provide similar services.
Investing in a high-quality small business accountant needs to be a top priority for your business, so you should also make finding the correct one a priority. Remember that many of these accountants are also small business owners who face the same challenges and opportunities you do.
Let Zions Bank’s Business Resource Center assist you with your business needs. Call us for a free appointment at (801) 594-8245. We are open Monday through Friday from 9 a.m. to 5 p.m. Beth Holbrook can be reached at firstname.lastname@example.org.