With limited resources, small businesses in Shreveport cannot take big risks when it comes to hiring the wrong people or outsourcing work to professionals. While there are certain tasks small business owners prefer doing on their own, it is just as critical to seek help when there is an evident lack of in-house expertise. How you manage financial affairs says a lot about your small business’s performance. If you don’t have money to have a separate team to handle accounting and taxes, it is time to look for external support. Given the numerous choices, you have to be cautious about selecting a capable Shreveport accountant, and in this post, we have included some essential suggestions that will help compare and sort better.
Table of Contents
Start with your requirements
You need to define what you expect your accountant to do. Are you looking for just bookkeeping services? Do you need help with setting up an accounting system? Are you also seeking assistance with tax planning? It is always better to decide what you want from an accounting firm. You will find services that offer comprehensive support, right from handling financial transactions and accounting to payroll, tax preparation, and IRS audits. What you wish to outsource largely depends on what can be managed internally and your budget. Be clear about these aspects before you schedule meetings.
Don’t wait until the last minute
One of the biggest mistakes that small business owners and founders often make is to wait until the tax season. Someone who doesn’t understand how your company has performed all through the year is unlikely to make great decisions during the peak time. If you want to hire an accountant, you should do it now – It is never too late. If you start early, it also allows you to explore more choices.
Evaluate qualifications and expertise
Ideally, you should consider hiring a Certified Public Accountant who has gone through the complex licensing procedure and has extensive knowledge of accounting and taxes. A CPA is better than someone with just an accounting certification any day. There are firms that are led by CPAs but have accountants, payroll experts, and bookkeepers on the payroll to offer comprehensive solutions. Check the credentials of the team you would be working with.
Proactiveness matters
As a small business owner, you need to be proactive and not reactive. In other words, you should be taking all relevant steps to ensure your company remains compliant with regulatory norms, files taxes on time, and has a solid system in place to handle financial affairs. When you interview accounting services or CPAs, check how involved they intend to be. Besides filing your tax returns, they should be willing to handle monthly and quarterly accounting, which includes preparing cash flow statements, bank reconciliation statements, and profit and loss statements.
Integrated solutions are better
If an accounting firm can handle everything we just talked about, along with payroll, you can be more assured of their expertise. Also, hiring two different firms can only complicate things further. You may want to check whether the accounting firm has been offering similar services to other small businesses. The functional and operational aspects of smaller companies and startups are often unique.
Final word
Check reviews and ratings. You can always ask for client references, but the best way forward is to look at independent ratings on social media. You can find details on Google and other listing websites. Think of this as a long-term collaboration for your small business. Find an accounting firm in Shreveport that can align their experience and know-how to meet your needs and achieve financial goals.
