- Have a wealth of business experience. Experience with other businesses in your sector is even better.
- Think strategically about your business options. They should offer suggestions on how to grow your business next year and not just compile reports from last year.
- Help you execute a tax plan that legitimately allows you to keep more of what you earn. This extends past the taxes that the business pays and includes the income taxes paid by the investors and principals.
- Are candid and direct in their conversations and communications. It is easy to find an accountant to meekly agree with your decisions but you want someone to tell you when they think you are heading down the wrong road and why.
- Help you protect your business from embezzlement, fraud, and dishonest employees through good financial controls and procedures. They should also help you implement internal procedures to more quickly detect any errors or omissions.
- Provide an objective perspective about your business performance. Your sales manager will overestimate sales and the operations manager always fails to add in one-time expenses so you need a clear and accurate picture to make informed decisions.
- Save you money and increase your profit by helping you identify “best” practices. This is where their experience gives them actionable insight into the business.
- Be involved in the business community. They should have contacts that can help you grow your business and form strategic alliances.
Action Steps
The best contacts and resources to help you get it done
Ask for referrals
A good first step is to ask your business associates for referrals. Remember this a first step and should only give you a start on a candidate list.I recommend: You should seek out the referrals from the most successful people you know. One option is your linked in network.
Expand your candidate list.
Add to your candidate list with an online search.I recommend: The Accounting Aisle provides you with great accountants in your area.
Interview your candidates
You should be comfortable with your accountant. An interview will give you a gauge of their personality.I recommend: Monster for information on running a good interview.
Check references.
Don't get lazy and forget to check their references. This is an important decision and deserves this step.I recommend: The American Institute of Certified Public Accountants (AICPA) keeps a report on all members in good standing.
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