Do You Really Need An Accountant?
80% of Businesses FAIL Within The First 5 Years, because of:
- Poor Financial Advice
- Poor Capitalization
- Poor Planning
4 out of 5 business owners turn to their accountant for business advice followed by their lawyer then banker.
3 out 4 business owners deem their accountant critical to their business’s success
1 out 20 business owners are dissatisfied with their current accountant because of:
- Poor Communication
- Lack of Concrete Business Advise
- Excessive Hourly Billing
Choosing an Accounting Professional
Choosing an accounting professional is a lot like choosing a medical professional, without all of the regulations. Sure, you can choose any medical professional that you like but then there is often that large book of those “in the network” and those “out of network”. As a smart businessperson, we tend to choose the less expensive of the two. Choosing an accounting professional fortunately does not have such constraint.
Choosing an accounting professional can be summarized as such:
Relationship- will you be able to effectively communicate with this person, while your not trying to date them, what common grounds do you have? Will they understand your business and care about those things you find important?
Knowledge- this goes without saying; of course your accountant may be knowledgeable but, what about their staff? Of course the principle is a CPA but is that person he or she has doing your work up to the tasks? Does that person understand your business or just looking for a paycheck?
Reputation- don’t be afraid to ask for referrals and retention rates. A good accounting professional is more than happy to share a few referrals with you, in fact ask them if they have ever lost a client and if so why and what did they learn from it. A professional honest with themselves with most certainly be honest with you.
Value- don’t be afraid to ask for price up front. While experience and skill sets may vary from professional to professional, be certain you get the most for your dollar. If you could drive a BMW for the price of a Chevrolet would you? The same goes for choosing an accounting professional. Be certain, the professional you’ve selected utilizes advanced technology and possess the skills necessary to take your business to the next level. An accountant that doesn’t believe in social media in today’s times is probably “out of touch” when it comes to utilizing technology to advance your business.
In closing, be certain to choose the professional that works best for you and your business. Careful selection of an accounting professional is as important as choosing the right mate and we all know how that works. Divorce can be fatal.
About the Author
Daymond M. Milam, MBA is the principal of Solutions Accounting, Tax, & Consulting, LLC , a North Carolina based consulting firm that specializes in Grant Writing, Business Planning, Accounting, Turnaround Consulting, Tax Preparation and Tax Resolution with offices located in Greensboro and Charlotte, North Carolina. firstname.lastname@example.org