Whether you have a growing local business in Shreveport or run a virtual startup that’s looking at possible expansion, you cannot ignore the need for financial services. Outsourcing is the best way forward if you don’t want the burden of managing an in-house team or lack the budget. Your choice will largely define how well your company affairs are managed in the long run, and it is always better to aim for long-term collaboration. Here are some quick notes before you select a Shreveport accountant.
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Identify your goals and necessities
Do you already have a team to handle recordkeeping and your accounts? If yes, you probably need someone to prepare the financial statements and help with tax filing. Depending on where you stand with the management of your accounts so far, identify what you need additionally and choose a firm accordingly. Talking to a CPA or accountant is a lot easier if you are clear about your goals.
Know the difference between services
A bookkeeper is just going to ensure your financial transactions are recorded property. An accountant will help prepare financial statements and may know a thing or two about taxes. On the other hand, a Certified Public Accountant (CPA) knows a lot more. CPAs have gone through an extensive and tough licensing process and are experts at handling accounting and taxes. If you are choosing a firm, ensure it is led by a CPA.
Understand what to expect
What can you expect when you hire an accounting firm? Service profiles may vary, but at the least, a competent firm should be able to help with the following –
- Recording and maintaining your financial transactions
- Selecting and setting up an accounting software solution
- Preparing financial statements, including profit & loss statements, every month and quarter
- Reconciling your bank accounts and preparing cash flow statements
- Assisting with filing taxes on time.
Look for additional services
As an entrepreneur, your goal shouldn’t be just about filing your taxes accurately. You should make the most of strategies, including deductions, to bring down the final tax amount, and that’s where tax planning helps. If you are comparing accounting firms, make sure to check whether they offer financial advisory services. A CPA who can advise you on all major financial decisions, help with an IRS audit, and suggest ways to improve your cash flow situation is your best bet.
Discuss communication and support
Not all accounting firms are the same when it comes to service profiles and support. No matter what type of business you own, the chances are high that you will need an accountant repeatedly. Ask the concerned firm how they intend to communicate with your team, whether they will offer support on demand, and if they can assign a dedicated accounts manager. Also, stay away from any service that only shows up during the peak tax season.
Compare beyond references
A firm that has a decent clientele will be happy to share references. However, these are happy clients who will talk of the positive things. You have to do a background check and delve deeper to know an accounting service better. Look at their social media pages to know if there are similar negative reviews. You can also find ratings on Google and other search engines. If a firm has no references to offer, that’s not a great sign.
The sooner you hire a CPA or accountant in Shreveport, the faster you can gain control over the financial affairs of your business. Even if you failed to hire one when you started your business, it is still better to correct that mistake at the earliest.