This is because accountants have access to your business’s records and other proprietary and confidential information. Businesses must, therefore, interview and scrutinize candidates carefully. Check for experience, personality traits, and digital software expertise thoroughly. Communication at this process must, therefore, be direct and straightforward. Finally, make sure you double-check all the references provided by the candidate. Careful due diligence should be applied at this process, as the quality of the reference can provide definite clues as to the suitability of the applicant.

• The primary job of an accountant is to keep the figures, financial data and paperwork of your business in check.
• But on the downside you will have less commercial freedom and increased overheads, because some of your income will go to the franchise parent company.
• They thrive in a stable work environment, but they also enjoy helping to create new structure and rules.
• Are you a fast-paced, high-growth environment that needs someone to work quickly with careful by-the-book execution?
• With the accrual method, you document your income and expenses when they are billed instead of when you actually receive the money.

Make sure you develop solid career paths for your accountants—whether they want to move up the ladder or grow in their individual contributor role. Do you need a problem-solver who can ferret out issues in your books? Are you a fast-paced, high-growth environment that needs someone to work quickly with careful by-the-book execution? Or do you need a more collaborative accountant who can provide advice to others? The better you can communicate this through job listings, the better your odds of attracting the right fit. While nothing short of a crystal ball could get your hiring accuracy to 100 percent, The Predictive Index gives you the next best thing.

In-house accountants vs. outsourced accounting

You should carefully consider each type before deciding which one best suits you. For example, you may do business as a sole trader or sole proprietor, working on a self-employed basis and invoicing under your own name. If this is the case, you might be able to offset some of your living expenses against tax. Running Law Firm Bookkeeping: Consider the Industry Specifics in the Detailed Guide That doesn’t mean you always need to employ an accountant full-time or hire one on a retainer basis. Opinions are our own, but compensation and in-depth research may determine where and how companies appear. By clicking “TRY IT”, I agree to receive newsletters and promotions from Money and its partners.

In a survey of 393 small business leaders, an accountant was ranked as the most important professional used by their business. Factors such as these could potentially have a significant impact on the cost of what your accountant will charge you, so ensure that you get a transparent and accurate estimate. In asking these cost-related questions, you can be sure that you will not be surprised upon receipt of your newly hired accountant’s bill. Additionally, an experienced accountant has a variety of clients, which means that if you are having a specific financial issue, they have probably already encountered it many times before. They can offer you advice, such as how similar companies have successfully navigated comparable situations in the past. Your accountant can help you do many things to grow your business as well as explain whether or not now is, in fact, a good time to expand.

Key Skills And Personality Traits

You’ll want to run a background check and ask for references before turning your books over to someone new. Perhaps nobody you know has a recommendation, and you’re not interested in hiring a CPA. You can still find a great accountant for your business with an online search. Some accounting software solutions offer live bookkeeping at an affordable price.

They aren’t loud and chatty extraverts—instead they listen carefully and speak thoughtfully. These risk-averse professionals have strong discipline and execution. They’re excellent at following established guidelines and holding others to high standards.