Unfortunately, according to Forbes, 80% of all small businesses fail. The number one reason cited by The New York Times, Forbes, and others is money. More often than not, financial reasons, whether it’s bad accounting or a lack of cash flow, cause a small business to close its doors.
While there isn’t much anyone but you can do about improving your product and the cash flow coming into your business, there is plenty others can do about improving your accounting issues. Finding a reputable small business accounting service, for example, can help you take advantage of many basic accounting tips for small businesses, not to mention those small business accounting tips that only the pros really know about.
With that being said, not every firm claiming to offer accurate, cost-cutting accounting for small businesses can offer you the same quality of service. If you want to find a small business accounting service that can protect your finances and improve your company’s prospects, keep these tips in mind.
Three Tips for Finding a Small Business Accounting Service
- Who Will Handle Your Business?
- What Sort of Businesses Do They Deal With?
- Are They Involved in Their Field?
As the Small Business Association writes, finding an accounting firm that can see to your needs as a small business is all about considering the culture of the firm you’re dealing with. Will you meet with the best accountants only to be passed off to a junior accountant after you give the company your business? Further, will you be given a dedicated accountant or will you be passed around a team? The best way to find accounting success is by having one dedicated accountant, and by asking these questions, you can find a service who will give you that.
As About.com’s Business Finance suggests, small businesses need to make an effort to work with accountants who have experience with their type of company. The first thing to consider is the size of business each firm normally deals with. Accounting groups that work with small businesses exclusively have a much better understanding of applicable tax law, after all. Likewise, accountants that have experience in your field stand a much better chance of saving you big come tax season.
The mark of any good accounting firm is their continued interest in learning more about their chosen vocation. As the NFIB points out, firms that are part of the American Institute of Certified Public Accountants and their state-based accounting societies tend to be ahead of the curve when it comes to ability and passion. Subsequently, finding a group with membership in these sorts of organizations can do wonders for your small business’s financial situation.
Keeping these tips in mind can make all the difference between finding a small business accounting service that can help your business and one that can’t. If you’re tired of struggling with your accounting and scraping by as the taxman takes you to the cleaners, find a small business accounting firm who can fit your needs using these tips today. See this reference for more.