Do you need an accountant for your small business in New Jersey? Some owners might think that a software program or an app is the less expensive alternative. However, you need a seasoned professional to help with those expenses. An accountant helps save you money and makes your life so much easier. Now that you know the importance of a small business accountant, where can you find one in South Jersey?
Finding an Accountant That Specializes in Small Businesses
There are a lot of reasons for hiring a business accountant. When it comes to finding one that specializes in the needs of a small business, it can be a challenging task. You want to work with someone who has your best interests at heart. Also, they need the right experience to help manage those finances.
Search for a Small Business Accountant
If you do a quick Google search, you will see plenty of ads for small business accountants. While the internet can help kickstart that search, you don’t want to see the first person and hire them. An experienced accountant needs to provide you with sound advice about how to manage your business and money. You need the right type of small business accountant for those vital duties.
Consider looking for an accountant through referrals. You can ask your lawyer, banker, or business advisor to recommend a great accountant. Remember that not every accountant is a Certified Public Accountant (CPA). For an accountant to be a CPA, they must pass a specific exam. When you work with a CPA, you can be confident that the person is experienced and well-trained. CPAs need to renew their certification regularly. Those re-certifications provide their clients with the best up-to-date knowledge.
Hire Someone With Small Business Experience
Yes, hiring someone with small business experience makes all of the difference. Managing the finances of a small business can be complex. When you work with a business accountant, they can help you handle any complications that come with a small business.
Also, you will want to know if the accountant has experience in your particular industry. Some accountants will specialize in certain types of businesses. If your business is in a specific sector, you want to work with an advisor who can meet those needs. Always ask if the accountant has experience working with structured companies like yours. LLCs, sole proprietorships, and corporations all have different accounting requirements.
Ask About Other Services
Many accounting firms will offer both tax and auditing services. However, others may assist customers with bookkeeping, budget, payroll, risk assessment, and business valuation. Some highly qualified accountants will do more than those basic services.
You should think of your accountant as a valued advisor for your business. Professional small business accounting services become beneficial advisors. They can help you understand your financial capacity. When you work with an accountant that understands your small business, they can create a financial model from the beginning, helping expand your business in the future.
Finally, you need to know how much the accountant will bill for their services. Some will charge by the hour, ranging from $100 to $275. On the other hand, a few accountants do work on a monthly retainer. Like a business purchase, you can always shop around for options. Yes, accounting firms do quote their services. Take those quotes to look for the best one for your needs. Keep in mind that an expensive option is not always the best. However, when an accountant charges more, that individual will usually provide you with more services.
Hire Your Business Accountant in South Jersey
After talking to a few South Jersey accountants, you can move on to the next steps. If you have shopped around, you might be able to negotiate the fees. Remember that many accountants have a set pricing structure. Asking for a special rate is fine, but don’t expect it.
Once you have agreed on the price, consider drafting out the terms of an agreement in writing. With this document, you can outline the exact services, fees, and duration of work provided by the accountant. Detailing the terms will define the relationship between the accountant and your business. That document allows both parties to know what to expect from each other.
Finally, you can grow your business with the help of your accountant. If you want to make the most of your business relationship, make sure to communicate on a regular basis. You should try to talk to your accountant at least once a month. Following up with them can prevent any issues or surprises down the road.
Choose the Right Business Accountant for Your Small Business
With these steps, you can find the right small business accountant to help you save money and provide valuable financial advice. You could try to manage your finances by yourself, but that can take away from growing your business. A small business accountant will help with financial management, taxes, and many more business duties. You can invest your free time in improving and growing your business with their assistance.
Do I need an accountant for my small business? The answer is yes. At TMD Accounting, we offer flexible, reliable, and affordable ways to manage your small business finances. We have been in business for over 40 years in the Gloucester County area. Small businesses throughout South Jersey trust us with their financial services. You can schedule a consultation by calling 856-228-2205.