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Startup managers are usually good at multitasking. However, handling your business’s finances all by yourself can immediately become overwhelming. And that’s why you need a professional accountant to significantly tidy your finances up and even prepare you for tax season. However, hiring small business accountants is a thorough process that requires several steps. Follow these essential steps to improve your chances of hiring an accountant.
Analyze Your Needs before Hiring an Accountant
The foremost and most important step in finding an accountant is determining what extent of financial aid your business needs. You will have to review your cash flow and financial statements to see the state they are in. This will aid in identifying the kind of accountant your business needs. You may also want to take note of industry-related issues. For instance, if you are new to the industry and finding it hard to improve your business model, you will need a professional accountant with relevant industry insights and knowledge to help you.
Determine If Your Company Needs Part-Time or Full-Time Accounting
After completing the first step, you should know whether you’ll need a part-time or full-time accountant. If your business is facing major cash flow issues, you will most likely need a professional full-time accountant. If your finances are great and you only need help to file your taxes, then a temporary accountant who focuses on taxes should be your top pick.
Develop Interview Questions
Before you begin vetting candidates, you must have identified which questions you’ll ask during the interview. Doing this will ensure you have all the information you need to make your decision. Some essential questions to ask are:
- Describe certain financial or accounting mistakes and ask how they would correct the problem.
- What types of accounting software can they use properly?
- What forms of financial statements do they commonly make?
- What are the biggest challenges they’ve overcome as accountants?
Search for an Accounting Company or Post a Job
There are several ways to hire accountants; however, none give you power quite as much as posting the job yourself. However, hiring an accountant for your startup all by yourself can be a daunting process. So, you can also consider an alternative route: accounting firms. If you’d prefer a single professional accountant for your company, then an accounting firm isn’t an ideal choice. For business owners requiring accounting services without many preferences, a firm should be considered. In accounting firms, multiple professionals come together to tackle several financial issues.
Onboard the Hired Accountant
Your work doesn’t end after you hire the accountant; you have to now integrate them into your business. However, the onboarding process will differ depending on their level of experience and insight. If you hire an experienced veteran, your onboarding should consist of just teaching them company policies. During onboarding, you will have to also establish a few guidelines. You should also lay down communication preferences and rules. It’s also important to inform your accountant about any financial reporting preferences.
Many businesses still make it far without having professional accountants, but having a finance expert by your side could make all the difference. Your search could be quite time-consuming but with these tips, you will definitely hire a professional accountant you can rely on.