Nearly 82% of small businesses in the US fail due to poor cash flow management, with 60% of business owners reporting inadequate accounting knowledge. Companies can easily address these issues by hiring an accounting firm to plan financial statements, payrolls, and tax returns efficiently.
If you are thinking about hiring an accounting firm to manage your business finances, you must consider these seven factors:
Every industry has a specific set of requirements when it comes to finances. Some industries need more working capital, while others require extensive long-term liquidity. Various accounting firms specialize in a particular field or service. Make sure that the firm you are about to hire specializes in services that are essential to your business.
Word-of-mouth is still a highly effective way to find the right accounting firm. Ask for referrals and recommendations from colleagues or friends in the same profession or those who have expert knowledge about it. It will help you narrow down your search and reduce your chances of choosing the wrong firm. Make the necessary calls and ask relevant questions before finalizing a firm.
No one wants the IRS to visit them, but if that happens due to any reason, it’s helpful to have your accountant by your side. Accountants are aware of all the tax laws and policies, which can come in handy during an audit. They can help you out of such stressful situations quickly. Therefore, you should ask whether your accounting firm provides audit support before you decide to hire them.
Many financial firms can manage your finances exceptionally but fail to offer any meaningful feedback on how to improve your business. It is alright for experienced business owners, but the right guidance can make all the difference for new business owners.
Every business looks for cost-effective accounting solutions that provide maximum benefits. However, every business owner is subject to budget constraints. Therefore, you must consider whether you can sustainably afford the accounting firm’s fees over a period of time.
Range of services
A professional accounting firm can provide a wide range of services, including cash flow analysis, reporting, bookkeeping, and tax filing for your business. You should always choose a firm that offers multiple services under the same roof. It will help minimize security concerns and promote consistency.
While some businesses don’t need to regularly interact with their accountants, others need constant support. If you fall under the latter category, check whether your accounting firm’s staff is available at all times or can easily be reached during a crisis.
About Florida Global Inc
If you are looking for reliable accounting and consulting company to help with your business finances in the Miami region, Florida Global Inc should be your one-stop destination. We offer tax filing, bookkeeping, immigration, real estate services, and other financial management services. You can reach out to us at (786) 456-5140 or email [email protected] for a free consultation. You can also fill our online contact form to know more about our services.