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Hiring an accountant is an important decision that can greatly impact your financial health, whether you’re an individual managing your personal finances or a business owner overseeing a company’s accounts. The right accountant can help you save money, stay compliant with tax laws, and provide valuable financial insights. However, the process of finding the right accountant can be overwhelming. This guide will walk you through everything you need to know about how to hire an accountant who suits your needs.
Of course, you can save a lot of time and heartache by simply signing up for our outsourced accounting services here at TGG—especially if you don’t have a full-time need for a certain position in your accounting department. Outsourced accounting provides a full-scale accounting department for your business, including a staff accountant, accounting manager, controller, and CFO. This is different from a traditional bookkeeping service or CPA firm. The benefits of outsourced accounting include scalability, accuracy, reduced risk, and increased profitability. Learn more about why outsourced accounting teams work, the benefits of outsourced accounting, and the TGG Way™ on our Outsourced Accounting Services page. And if you would rather have help with how to hire an accountant, check out our Staffing & Recruiting Services page.
Why You Need an Accountant
Before diving into how to hire an accountant for your business, it’s essential to understand why you might need an accountant. Accountants do more than just prepare taxes—they can offer a wide range of services, including:
Tax Preparation and Planning: Ensuring you comply with tax laws and helping you maximize your tax savings.
Financial Reporting: Creating financial statements that reflect your business’s performance.
Budgeting and Forecasting: Helping you plan for the future by setting financial goals and strategies.
Bookkeeping: Keeping track of daily financial transactions.
Compliance: Ensuring that you meet all financial regulations and legal obligations.
Types of Accountants
Knowing what kind of accountant you need is a critical step in understanding how to hire an accountant for your small business. There are different types of accountants, each with a specific focus. Understanding the differences can help you find the right match.
Certified Public Accountants (CPAs)
CPAs are licensed professionals who have passed a rigorous exam and met experience requirements. They are qualified to provide a wide range of services, including tax preparation, auditing, and financial planning. CPAs are ideal for complex financial needs.
Management Accountants
These accountants focus on helping businesses manage their finances. They work closely with management to develop budgets, forecasts, and cost analyses. If you’re running a business, a management accountant can provide valuable insights into your financial operations.
Tax Accountants
Specializing in tax-related matters, tax accountants are experts in tax law and can help you with tax planning, filing, and any issues with the IRS. They are ideal for both individuals and businesses needing tax assistance.
Forensic Accountants
Forensic accountants specialize in investigating financial discrepancies and fraud. They are often called upon in legal cases to provide expert testimony.
Testimonies for Outsourced Accounting with TGG
“If time machines were a thing, we’d hop right in to tell ourselves about you years ago! We had no idea how blissful it could be to have a well-functioning team of experts on tap as needed. Our in-house financial staff also gained useful experience and lowered stress by working alongside TGG. The relief was truly immediate.”
“Our team was missing the experience of an accountant, the expertise of having differently skilled accounting professionals on our team, and the ability to interact with a number of highly qualified accounting experts based on our specific issue of the moment. We lacked the rigor and internal accounting systems to consistently and accurately run our business. This was an issue limiting our growth. We needed the type of help that TGG delivers; a trusted team of accounting experts that have become part of our family and given us the training, systems and support so we are prepared for our next growth stage.”
“We’ve experienced several improvements including migrating to online financial systems, improving our regular processes for reviewing revenue growth, profitability, inventory management and payables. The month-end reporting package produced by TGG allows us to identify and track key trends quickly and easily.”
Steps to Hire the Right Accountant
If you’re fully committed to hiring a full-time accountant instead of using outsourced accounting, we can still help.
That’s right, at TGG Recruiting, we hire for positions including but not limited to:
- Executive (CEO, COO, CFO, CMO, and so on)
- Accounting
- Finance
- Tax
- Human Resources
- Administrative
- Sales/Business Development/Account Management
We use cutting-edge technology to find the right candidates, rigorous testing once we’ve found them, and thorough reference checks to vet the final choice.
With a network of thousands of professionals, staffing positions with the right fit isn’t a challenge for us.
Here are the steps you’d want to take if you were hiring an accountant yourself:
- Define Your Needs: Start by identifying what you need from an accountant. Are you looking for someone to handle your taxes, help with bookkeeping, or provide financial advice? The more specific you are, the easier it will be to find the right professional.
- Ask for Recommendations: One of the best ways to find a good accountant is through word-of-mouth. Ask friends, family, or business associates if they can recommend someone. You can also check with professional organizations like the American Institute of CPAs (AICPA) for a list of certified accountants.
- Check Credentials and Experience: Once you have a list of potential candidates, it’s important to verify their credentials. Make sure they have the necessary qualifications and experience in the areas you need help with. For example, if you want to know how to hire an accountant for taxes, ensure they have experience in tax accounting.
- Interview Potential Candidates: Don’t hesitate to interview multiple candidates. While interviewing, you want to assess as best as you possibly can if they have the skills needed. At TGG-Recruiting, we rigorously test all candidates before allowing them to pass muster.
- Discuss Fees and Billing: Wondering how much to hire an accountant for? Accountants can charge by the hour, offer a flat rate, or use a combination of both. Make sure you understand how they bill and what services are included. Transparency in fees is crucial to avoid surprises down the line.
- Consider Compatibility: Your accountant will be handling sensitive financial information, so it’s essential that you feel comfortable working with them. Trust and good communication are key factors in this relationship. You may also want to learn how to check on your accountant’s work to ensure that they’re a good fit once they’ve started working for you.
Common Mistakes to Avoid When Hiring an Accountant
When hiring an accountant, be mindful of these common pitfalls:
Not Verifying Credentials: Always check that the accountant is certified and in good standing with professional organizations.
Choosing Based on Price Alone: The cheapest option isn’t always the best. Focus on value, not just cost.
Neglecting to Define Your Needs: If you’re unclear about what you need, you might end up with an accountant who isn’t equipped to help you.
FAQs About Hiring an Accountant
How much does it cost to hire an accountant?
The cost of hiring an accountant can vary widely depending on the services you need, the complexity of your financial situation, and the accountant’s experience level. Some accountants charge by the hour, which can range from $100 to $300 per hour or more, while others may offer flat rates for specific services, such as tax preparation or bookkeeping. It’s important to discuss fees upfront and ensure you understand what is included in the cost.
When should I hire an accountant?
You should consider hiring an accountant at key financial moments in your life or business. This could include when you start a business, when your business experiences growth, during tax season, or if you’re going through a major life event like getting married, divorced, or planning for retirement. If you find that managing your finances is taking too much of your time or causing stress, it might be a good time to bring in a professional.
What questions should I ask before hiring an accountant?
When interviewing potential accountants, consider asking the following questions:
- What experience do you have with clients in my industry?
- How do you typically communicate with your clients? (e.g., in person, over the phone, via email)
- What services are included in your fees?
- How do you stay updated on changes in tax laws and regulations?
- Can you provide references from other clients?
These questions can help you gauge whether the accountant is a good fit for your needs.
Can an accountant help me save money?
Yes, a good accountant can help you save money in several ways. They can identify tax deductions and credits you might have missed, help you with tax planning to reduce your overall tax liability, and provide advice on financial strategies to improve profitability. For businesses, accountants can help optimize expenses and improve cash flow management, leading to long-term savings.
Do I need an accountant if I have accounting software?
While accounting software can help manage day-to-day financial tasks, it doesn’t replace the expertise of a professional accountant. An accountant can offer personalized advice, handle complex financial situations, and ensure that you comply with all tax laws and regulations. Software can be a great tool, but it often works best when used in conjunction with professional accounting services.
How can I tell if an accountant Is reputable?
To ensure an accountant is reputable, check their credentials, such as whether they are a certified public accountant (CPA). Look for reviews or testimonials from previous clients, and ask for references. It’s also important to verify that they are in good standing with relevant professional organizations, such as the American Institute of CPAs (AICPA). Meeting with them in person or virtually can also help you assess their professionalism and communication style.
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Matt Garrett is the Founder and Chief Executive Officer of TGG. He is a regular speaker across the country on behalf of Vistage educating business owners on the need for sound financial practices, and is Vice President of the Board of Directors of FINACA. Under Matt’s leadership, TGG has received the following recognition: INC. 5000 top companies in the U.S. five years in a row; one of “San Diego’s Fastest Growing Companies” the past four years; and is among San Diego’s “Best Places to Work.”
