Six things to look for in your accounting and bookkeeping firm
You may not realize it, but your accounting firm is just as important to your business as the team you’ve assembled for other areas of your company. An accounting and bookkeeping firm can help you grow your business by boosting profits, reducing costs, raising cash and keeping you organized. In addition, they can help you avoid costly mistakes.
Theoretically, by the end of January, your books should be closed. This is the time to start looking at what your accounting trends were – up and down – to make sure your business runs smoothly and efficiently. Working with an accounting/bookkeeping firm that offers these features will ensure your business is in good hands and that you get an effective return on your investment.
Bookkeeping services are the most important component of any accounting firm. Without up-to-date financial records, it’s impossible for any business to operate successfully or effectively manage their cash flow. When choosing an accounting firm, ask them how they keep up with your books and how they ensure they are accurate at all times. Any accounting firm can offer you an accurate set of financial statements when everything is running smoothly and clients are paying their bills on time, but comprehensive bookkeeping is an extremely valuable service you should consider when selecting an accounting firm.
There are thousands of accounting and bookkeeping firms out there, so where do you begin? We suggest looking for a firm that offers both vital services under one roof so you don’t fall behind in your books. Here are six important features to consider:
1. Experience with your industry.
While many accounting firms offer general bookkeeping services, it is important to hire one that has experience with your specific industry. For example, if you run a trades or a professional services organization, you want an accountant who understands how project management is handled and can keep track of projects profitability.
2. Accounting software knowledge.
Look for an accounting firm that has online tools. A good bookkeeper will know the ins and outs of your accounting software, including how to work around bugs or other issues that may arise while using it. They should also be able to train other employees in using the software so that they can do their own record keeping without having to go through them all the time.
3. Accounts payable/receivable management.
You should hire a firm that handles accounts payable/receivable management that manages the receivables, invoices, payroll and expense tracking. This team of SMB experts can help you get a strong handle on the day to day, and even integrate solutions that will automate and make your business run efficiently.
4. Flexible pricing model.
Every business is different and every business owner has different needs. Make sure the company you select has a flexible pricing structure that can meet your individual needs and provide you with the best value for your money. They should be able to work with you on an ongoing basis especially as your business grows and changes over time.
5. Customer service.
Look for a company that offers same day customer service so you can get help whenever you need it, especially if an emergency arises or you have questions at odd hours of the day or night.
6. Business satisfaction guarantee.
There should always be some type of satisfaction guarantee offered by the company to ensure that they’re providing a high level of customer service and taking care of your books as expected so you can keep your eyes on the prize.
Every business needs good financial reporting to ensure that it is running smoothly. Without knowing the financial health of your business, you can’t anticipate issues before they arise and have a plan in place to resolve them.
The six factors above are all important considerations when choosing an effective accounting and bookkeeping firm. Hiring one that meets your needs, is trustworthy, and offers competitive rates will help to ensure a successful year ahead.
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