So – where do you find this person or group of people? You might try the Yellow Pages, check the listings with each of the accounting bodies, ask family, friends or, maybe your banker? All of the above, possibly. But how do you know that the people on that list are reputable and right for you and your business?
What are their fees likely to be? What are their charge out rates? Do they offer a fixed annual fee for end of year tax work? This should be a “value” question for you rather than just a cost question – especially in regard to planning and problem solving work.
COST – Are the firms rates hourly, based on work-load, or a flat rate? Are the rates contingent on any change and at what point might they change? Are there any ways to minimize the cost by dividing the work load between the business and the firm?
If you are someone who is good with numbers there is nothing better than a career in accounts for you. This is the prime and only requirement you actually need to excel in this field. Cuts off half your worries, doesn’t it? We have here a few simple steps on how you can excel in an accountant career.
Don’t trust your taxes to just any tax preparer. Before you decide on a tax accountant, meet with them and ask questions. Call and set up an hour-long appointment with at least three candidates. Any accountant desiring your business will agree to meet you without charge. How long have they been in business? How many of their clients have been audited? Have they (themselves) ever been audited? If so, how did they handle it? Experienced tax preparers will be able to answer these questions with ease. If they’re a CPA, have they ever been sanctioned by the AICPA? Ask for written information about the firm and the candidate. Finally, does the candidate come across like a person who could adequately represent you?
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The accountant in charge is not accessible and never returns phone calls. In the early stages he couldn’t do enough. He used to come out to the factory at least once a year to have a look. Now he seems to have time only for the big fellows. It seems I’m too small for him to be bothered with.
The first thing to realise is that accounting firms come in all sizes. You have the large organisations that support major corporations, smaller practices with a few partners and the independent accountants who specialise in supporting smaller local businesses and sole traders. The larger firms can offer a range of experts that specialise in different aspects of accounting and are able to deal with large and complex businesses, and they will charge high fees to reflect this service. Smaller businesses don’t need such a level of expensive support, however, as the smaller amount of money flowing in and out of the business means the way it needs to be managed is also that much simpler. That being the case, what can an accountant do for a small business that will make engaging their services worthwhile?
If they are CPA’s, are they licensed? If your accountant – www.mydigoo.com, is a CPA, you can contact your state’s accountancy board and find out whether your CPA is indeed licensed. You can also find out whether there have been any disciplinary actions taken against him. Most CPA’s are members of the AICPA (American Institute of Certified Public Accountants). If yours is, you can write to the AICPA and inquire about their record.