Consult with your accountant to gain an accounting industry overview. The industry is dominated by two types of firms: large, multinational, multi-service firms providing a wide range of services and smaller, localized firms providing accounting expertise to businesses. Accounting firms charge by the hour for the services provided, with different rates for different levels and types of expertise.
Review your needs to understand exactly what type of service you require and hire the type of firm that meets your needs. All accounting firms assign a senior accountant to manage your firm. Discuss your specific needs and expectations with them to ensure the correct level of accountant is provided. Ask about supervision, as most firm assign basic accounting work to students or recent graduates and simply review the work. Review the items listed below to help you decide the best arrangement for your firm.
1. Get to know the big accounting firms.
2. Engage an accounting services firm.
3. Explore accounting software.
Investigate full service accounting firmsReview the services provided by an international business accounting firm. There are about 10 major accounting companies that dominate the accounting industry. These firms hire the brightest students directly from university to be business accountants.
Look into a business accounting firmList the services that you require from an accounting firm. Most small to medium business needs are managed by an accounting service firm. These companies specialize in tax filings, setting up accounting information systems and providing business advice to owners throughout the year.
Research accounting softwareAccounting information software has completely changed the accounting industry. All accountants must have a high level of skill with a wide range of computer software packages and systems to function as accountants. Each accounting firm must be able to respond quickly to clients requests and be able to work with all types of systems, large and small.
- Write an engagement contract with your accounting firm with a clear list of deliverable, expectations and billing rates. Accountants bill by the hour, just like lawyers.