Archive for February, 2012
When you become a solopreneur there are a million things that you are responsible for. If you can, outsource your needs to those who are better qualified to handle it for you. One of those individuals could be an accountant.
As a solopreneur you may not need an accountant starting out. With the advent of bookkeeping software like QuickBooks, you can enter your financial information. There are instructions to help you keep everything organized.
As your business grows you may hire others to work for you – full time, part time or on a contract basis. There are additional tax concerns as well as financial obligations. If you don’t have time to deal with it, then it may be time to work with someone else.
Hiring an Accountant
You have options for accounting services: hire an accountant firm or hire an individual accountant on a consulting basis. Depending on the scope of your need, you may want to start out with the latter. As the company grows bigger, you can then consider bigger issues like investing company funds, retirement accounts and such.
To find the right person for you at this time, here are some tips.
Know what you need – Accounting firms can handle such responsibilities as tax return preparation, analyzing your books and preparing fiscal statements. A part-time accountant can deal with the more day-to-day activities like balancing the books, taking care of payroll and bill payment.
Check their credentials – You want a person who is qualified for the job to handle your financial needs. Whether using a firm or contracting an accountant, know how they have been trained. Interview them. Ask for certification verification, work history and recommendations. Also ask about their specialty in accounting if they have one.
Check their work history – What type of accounts have they handled? Were they large or small?
Time commitment – Even if they are working on a consulting basis, does the accountant have time to handle your work? You will need some face-to-face time with them. If that can’t be managed when you need help, then maybe you will want to find someone else.
Ask for referrals – Do you know other small business owners? Who do they use for their accounting needs? Use this as a starting point.
Check references – Ask questions about your potential accountant. Be diligent in your pursuit. You want to find the right person who will handle your job with as much attention as any of their larger accounts.
At some point, your business may need the services of an accountant. Choosing the right one to handle your financial affairs is necessary to keep you in the black. Use the above tips to make the best choice possible.