3 Questions You Should Ask Before Hiring an Accountant for Your Small Business
Hiring an Accountant for Your Small Business
As a business owner, you wear multiple hats. Running a successful business requires ongoing marketing, customer service, human resource management, and quality assurance. You also need to record, organize, and interpret your business’s financial information using accounting principles.
Most business owners have no problem taking on everyday operations. However, there are various challenges when it comes to accounting, with lacking experience and knowledge being the most significant. You may also not have the time to learn the most up-to-date accounting principles, tax laws, and bookkeeping software.
Hiring an accountant for your small business is an effective solution to free up your time and ensure that your financial records are accurate and up to date.
How Can an Accountant Benefit My Business?
If you wanted to spend your days entering transactions and reading tax laws, you likely would have become an accountant yourself. In actuality, you want to spend your valuable time serving your customers, as this is how you generate optimal returns. Hiring an accountant for your small business frees up your time to run your business and do what you love.
Contrary to popular belief, hiring an accountant saves you money. Onboarding outside assistance makes it easier to identify unnecessary expenses and opportunities to save.
As your accountant, Numerico will evaluate every aspect of your business, ensuring that it operates as cost-efficiently as possible. Tax preparation services also save you costs by minimizing your tax obligation and avoiding penalties due to non-compliance. Small business accounting services take all the stress out of tax season, and you don’t have to worry about getting an IRS audit letter or information return penalty.
What Qualifications Do They Have?
Before hiring an accountant, ask them about their qualifications. When evaluating a potential accounting service provider, you need to distinguish between an accountant and a certified public accountant (CPA).
An accountant can provide individuals and businesses with various accounting and bookkeeping solutions, including tax return preparations, advice on financial issues, and financial statement auditing.
A CPA is an accountant with a state license to provide accounting services to the public, including tax audit representation. Under Michigan law, applicants for CPA certifications need to earn a bachelor’s degree with 150 semester hours of college education along with 30 semester hours of accounting credits. Applicants also need to have passed the Uniform CPA exam.
How Can I Best Utilize My Accountant?
Professional accountants generally offer several services. Using every accounting solution that your business needs can result in long-term revenue generation and growth.
At Numerico, we offer a comprehensive range of small business accounting services, including:
- Multi-state tax compliance
- Consulting and advisory
- Business planning and valuation
- Tax strategies
- Consulting services to help you sell your business
Each one of our solutions offers unique value, helping you save valuable time and cost, and your small business can benefit from most of them, if not all of them.
Our bookkeeping services involve setting up a recordkeeping system that lets you track where your money goes. If you conduct business in more than one state, we will help you formulate a tax strategy to prevent liabilities and ensure compliance.
Making informed decisions is critical to ensure your business remains financially healthy. Our business planning, consulting, and advisory solutions will provide you with the insights you need to keep your business on track.
Numerico | Livonia CPA
Small business accounting is critical to help you track assets, liabilities, income, expenses, and cash flow. Staying on top of your business’s financial performance lets you make informed decisions, ensuring sustainable growth. Professional business accounting services also help with multi-state tax compliance concerns while keeping your obligation to a minimum.
If you need a CPA in Livonia, MI, our team at Numerico can help. We serve business owners in Livonia and surrounding areas, including Plymouth, Canton, and Farmington Hills. Contact us at (313) 278-8030 to schedule a consultation and learn how hiring an accountant for your small business can benefit you.