How to Choose from the Best Accounting Firms for Your Small Business

Not all accounting firms are created equal. How can you choose the best one for your needs?

A good accountant is essential for the success of every business. But there?s a huge range of accounting firms from which to choose. There are everything from sole practitioners to huge national firms and from highly specialized CPAs to broad-based accounting firms.

Not only are tax regulations continually changing, but the industry itself and requirements for people in the accounting services industry are changing too. With that background, how do you choose the best accounting firm for your small business accounting needs?

Begin by taking into account both your needs and wants:

Size of Accounting Firms:

Is the one to one contact which is more typical of a small accounting firm important to you? Or are you more comfortable having a team of small business accounting specialists, which is more common at mid or large sized firms? Larger firms might subcontract out work or assign it to junior staff. Make sure you know exactly who will be working on your account and that you?re comfortable with that arrangement.

Specialization of Accounting Firms:

Accounting is a broad profession so many accountants narrow their range of specialization and primarily work in certain areas. Accounting firms may or may not have the expertise you need. Ask in which area a company focuses its work and what experience it has. Some firms belong to nationwide networks of similar firms, to whom they can turn for help on specialized issues.

Complexity and Level of Business Support:

Do you need an accounting firm only to prepare tax returns and year-end financial statements? Or do you also need tax and financial planning advice, assistance writing a business plan, or help with retirement planning? Do you need employee benefits plan design, computer system installation and support, or QuickBooks training? Since this will likely be a long-term relationship you should consider not only your immediate needs, but also the future direction of your company. In general it makes sense to develop a relationship with an accounting firm that has a well rounded depth of experience.

Reputation of Accounting Firms:

Always ask for references. Even if you don?t plan to contact the references, ask for a list of them. If an accountant does not have clients who are happy to endorse him or her, that should raise a red flag.

Qualifications of Accounting Firms:

Another result of the field of accounting being so broad based, is the large assortment of qualifications of people practicing in the field. For example, all CPAs are accountants, but not all accountants are CPAs. In addition, CPAs and tax attorneys can represent you before the IRS. You will want to understand the background, training, and certification of the people in the accounting firms who will directly handle your business.

In Conclusion:

Choosing the best accountant for your small business can mean the difference between success and failure. After all, it?s your financial results that make or break your business. Once you?ve worked with and developed a relationship with an accountant, it can seem hard to switch. In reality, the best accounting firms can make the switch painless. There is no reason to continue a relationship with an accountant who does meet your needs or expectations.

At Klein, Hall and Associates, we'll work with you to make the switch to our exemplary service smooth and easy. Call us at (630) 898-5578 to see if our accounting service is the one you're looking for. We'll answer your questions and determine if we're the best accounting firm to meet your needs.