Counting Pennies!
One of the most important factors that comes along with operating a business venture is having proper knowledge and control of the financial state of your firm.
For some reason despite the fact that the accounting scenario with a business is of utmost importance, many entrepreneurs choose to ignore this situation and don’t hire a Certified Public Accountant (C.P.A.).
I’m not sure if many entrepreneurs feel that this aspect of their business is not important or if the services are too expensive to acquire, but whatever the reason not having proper financial bookkeeping and advising can become very detrimental.
In fact getting proper financial advice and accounting is just as important as seeking legal advice. There are certain contractual arrangements and accounting principles that only a C.P.A. will know that can help save you a lot of money and future headaches.
Also the IRS is very strict these days and getting in trouble with Uncle Sam is a problem that no person in life would want and God forbid your business ever get audited, in situations like this it pays to have proper accounting professionals working with your venture.
There are many accounting firms and small independent C.P.A.’s within most communities that are willing to offer free initial consultations and also are willing to negotiate fees. If your business is a smaller operation and doesn’t require a lot of time and review, an accountant will also take this into consideration and your fees will not be as overwhelming.
When choosing an accountant make sure you find one that fits your needs best. Meet with C.P.A.’s personally and try to find out as much possible information about them before making a decision. Some good initial questions are:
What type of clients do they have and who have they worked with in the past? How much time will they have available to handle your venture? How long have they been in the business and how do they feel that they can help your venture? What are their rates and fees? Are their fees negotiable? Will they handle your account or will others in the office be managing it?
Will they be easily accessible for questions and concerns that may arise throughout the course of a business day or are they usually hard to reach during office hours? Are they willing to also handle your other personal financial accounting records for a discount, like investments, other ventures, etc?
Don’t be afraid to ask these guys questions, after all they are trying to acquire YOU as a client and you will be paying them for their services, so get the best possible associate for your money.
Most of all make sure you find an accountant whose personality will mesh well with you or any of your business partners. While this may not seem important the last thing you want is for a jerk that you can’t stand to be handling your financial records, definitely not a good idea.
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