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How to Select the Best Accounting Company for Your Business

How to Select the Best Accounting Company for Your Business
The Siliconreview
18 October, 2022

As a business owner, finding the right company to work with can be one of the most important decisions you ever make, especially when it comes to crucial matters such as accounting. Most businesses, especially small ones, find it challenging to manage their bookkeeping and accounting, which is why many consider outsourcing these duties to accounting companies. Here are a few tips for choosing the right one for your business:

Certification

You must ensure that the accounting firm has trained accountants who can meet the demands and expectations that you have of them. You can ask the firm about their experience, and if they will assign a specific accountant to handle all your business needs or if a team will be tasked with the work. You should remember that every CPA is an accountant; however, not every accountant is a CPA.Services

By choosing an accounting firm to handle all your accounting needs, you will have more time to focus on other aspects of your business. Accounting firms can also specialize in other functions, such as payroll, tax filings, and financial statements. While most of these tasks may seem simple when the business is still new, as you grow, these functions become crucial, and having a company handle them from the beginning will make everything streamlined. One of the essential services you will need is a firm such as Pherrus Financial that deals with tax issues such as filing and devising strategies to ensure tax deductions are correct. This will also ensure that you keep up with the business tax regulations.

Technology

There have been many technological advances, such as accounting software with automation features.

Finding an accounting firm that has invested in this software will ensure you receive proper feedback and real-time information. The company you’re hiring should already have the right tools like QuickBooks in place. However, you need to consider if they are using the same platforms or if these platforms are compatible with yours. This ensures that data gathering and processing are seamless so you will get the most out of the experience.

Apart from the right accounting software, the company should also be capable of handling cloud-based platforms that allow you to access and edit data anytime and anywhere. There are several cloud-based software you can use alongside QuickBooks to make every accounting-related task less prone to compatibility errors. You just need to determine the kind of cloud software the accounting company is using and check if it matches your needs.

Experience

Even if an accounting company shows you its certifications and licenses, these are not enough to convince you they’re the right fit for your business. You need to make sure the company has experience when it comes to dealing with businesses in your industry. They should also have relevant experience handling the needs of companies the same size as yours. For this reason, consider checking out the company’s website and the list of industries they serve. Other than that, you may need to reach out to the company and let them know about your unique business situation. That way, you will enjoy services tailored to your needs. 

Costs

Hiring a virtual bookkeeper costs money, so you will need to know how much you are willing to spend to get a professional to handle your bookkeeping needs. For this, consider shortlisting a few bookkeeping companies and requesting quotes. Compare the costs and see which company offers the most value. The best accounting company isn’t always the most expensive or the cheapest, so balance the quality you are aiming for with the amount you are looking to spend.

Positive Reviews

Before you sign a contract with an accounting company, check their social media pages for comments and reviews. Apart from positive sentiments about their services, you should also focus on the negative things people say about the company.

Red flags such as requiring an hourly charge and missing deadlines for tax filings should be enough reason to skip to the next in your list. Aside from social media, you should also check the company’s Google My Business listing for high ratings among former clients. With the amount of money that’s involved, you wouldn’t want to entrust your accounting to a company that doesn’t match your needs.

Customer Support

You can’t always expect things to go smoothly between you and the accounting company you are hiring. Miscommunication and other issues will affect the outcomes you want and can even put the bottom line at risk. Before onboarding, a potential accounting company, check to see if they offer 24/7 customer support. That way, you can always have someone to turn to in case you run into problems.

Most accounting services use email as their main channel for accepting questions and requests, but it’s a big plus if you can find a company offering multiple customer service channels. Check if the company has a hotline or a chat support team to handle urgent problems. Availability is critical in making sure your business doesn’t stumble when it comes to bookkeeping and tax preparation.

Security and Privacy

With the amount of data you entrust to an accounting company, you need to make sure they have the right systems and methods in place to prevent any form of cyberattack. Data leaks and data theft can leave a significant toll on the bottom line. Without a robust cybersecurity infrastructure in place, you could be exposing your business to critical risks.

An accounting company that offers multiple ways of securing critical data in line with data privacy regulations such as the General Data Protection Regulation. For this, they should be using a secure platform for transmitting and receiving financial data about your business. An accounting company should also be proactive in keeping its security infrastructure up-to-date in the face of newer threats.

With the right accounting company, you will be able to save money and avoid hefty fines without sacrificing precious time for growing your business.