Starting a business is no child’s play and neither is sustaining it. Across all industries and sectors, entrepreneurs grapple with issues of bookkeeping, growth, and marketing while simultaneously handling regulatory compliances and admin tasks.
In fact, 21% of SMB owners have admitted to not knowing enough about bookkeeping.
And in this ruthless and unforgiving fight for survival, the right accountant can be a game-changer.
An accountant — with the right skill set and experience — can help your business navigate the complex world of taxation, financial management, and legal compliance with ease. They can support optimizing cash flow, implementing cost-saving measures, and identifying financial opportunities.
But the question is, how to find an accountant who can truly maximize your business’s financial returns?
Fret not, as we have compiled a list of tips and strategies that can immensely help you in your quest for the perfect accountant.
Technology Adoption – Embracing Automation and Cloud-based Solutions
Technology has taken over every sphere of life and the accounting world is no exception.
To stay ahead of the curve and ensure smooth financial management, it is crucial for the accountant you choose to be well-versed in the latest accounting technology. Consider the following factors regarding technology and automation:
Opt for an Online Assessment Platform
How do you gauge if the accountant is actually versed with the technology? Enter online assessment platforms.
Whether it’s a QuickBooks online test, a Xero competence test, or an in-depth accounting skills evaluation; online assessment platforms are highly efficient in filtering potential accountants for your company.
These exams evaluate not only the candidates’ technical expertise but also examine their ability to solve problems and make informed decisions within a restricted time frame.
Why is this important?
Because in real-world scenarios, your accountant will have to make critical financial decisions in a timely manner to increase efficiency and avoid potential financial pitfalls.
How to Choose the Right Online Assessment Platform?
Choosing the right online assessment platform might feel easy. Just keep the below-mentioned factors in mind.
Look for Industry-Specific Experience
Accountants who have experience working with businesses in your particular industry understand the nuances, regulations, and specific challenges that are unique to that sector.
This knowledge enables them to provide tailored advice and implement strategies that are most relevant to your business. Some tips for finding accountants with industry-specific experience include:
Entrepreneur puts it aptly – Experts focus on what they do best and maximize your time and investment. Not only will you save money by hiring an expert but they also hold the value you are envisioning by launching new ideas for your business.
Examining Accountants’ Qualifications and Affiliations
It’s crucial to remember that, just like other professionals, accountants possess various certifications and belong to professional organizations, which serve as proof of their knowledge and skill.
As you look for the right accountant, pay attention to credentials like:
- Certified Public Accountant (CPA)
- Chartered Accountant (CA)
- Certified Management Accountant (CMA)
Having these qualifications means that the person has undertaken extensive training and successfully cleared demanding tests in their area of expertise.
Being a member of professional groups such as — the American Institute of Certified Public Accountants (AICPA), Institute of Management Accountants (IMA), and Association of Chartered Certified Accountants (ACCA) not only demonstrates trustworthiness but also helps to solidify their credibility within the field.
Communication and Analytical Skills are Important too
The popular quote ‘Communication is key’ stands true for accountants as well.
They need not only to possess knowledge and expertise in numbers but should also have excellent analytical and communication skills.
Good communication ensures that your accountant can effectively convey complex financial information with clarity and transparency. This allows you to understand the financial position of your business, make informed decisions, and maintain a healthy rapport with stakeholders.
Similarly, strong analytical skills enable the accountant to interpret financial data, evaluate business trends, and identify areas for improvement, leading to better financial management and growth.
To gauge these essential skills, consider incorporating scenarios that test communication and analytical abilities during the interview process.
In fact, the above-mentioned online assessments are perfect to evaluate these competencies in a simulated, realistic environment.
Factor in Cost and Budget Considerations
Scouring for the perfect accountant also means finding one that fits your budget. Be it on a retainer-basis, hourly rate, or fixed-fee structure, understanding the costs involved is crucial in making the right decision for your business.
Some tips to factor in cost and budget considerations include:
Explore Platforms — like Upwork, Fiverr, and Freelancer — for Quality Freelance Accountants
In recent years, freelance websites have blossomed as a reliable platform to find professional accountants, offering both full-time and project-based services.
Platforms such as Upwork, Fiverr, and Freelancer grant you access to a wide range of qualified accountants from around the world — often at lower fees because they operate remotely.
To find the best-suited freelance accountant for your business on these platforms, follow these tips:
Meet in Person; Establish Rapport, and Gauge Their Personality
While connecting remotely with an accountant can be effective, a face-to-face meeting—unless restricted by any other reason—is a great way to further develop an understanding of their personality, evaluate their professionalism, and establish trust.
During an in-person meeting, the following can be discussed:
Assess their ability to contribute to long-term business growth
While accountants play a primary role in managing finances and monetary aspects, a good fit will contribute beyond that scope by actively participating in the company’s growth strategy.
When evaluating potential accountants, keep these factors in mind:
Skyrocket your business’s financial health by selecting the right accountant
Success is hard — but with the right accountant by your side, managing your business’s financial health becomes a more attainable goal. So, what are you waiting for? Begin your search for the perfect accountant and rest assured that your financial affairs will be in good hands.
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