How to hire an accountant that fits your company and budget

how to hire an accountancy professional

The expectations of accounting & finance teams differ based on specific industries and business functions. For example, a real estate company can have different requirements to a mining company in the natural resources sector. Similarly, a financial reporting function would have different requirements to a managerial accounting function.

  • However, sometimes the IRS requires you to use accrual accounting if you sell a product or have inventory.
  • That doesn’t mean you always need to employ an accountant full-time or hire one on a retainer basis.
  • If you’re having serious cash flow problems, you likely need a full-time accountant.

There are 1.4 million accountants in the U.S., according to the Bureau of Labor Statistics — many of whom have the exact training and expertise to help a business maintain good financial standing. An Accountant is in charge of assessing and interpreting the financial data of a company, and for reporting on those numbers. A Bookkeeper assists the company’s accountant by handling the actual recording of the financial transactions. A Bookkeeper’s role has evolved over the years due to the advances in digital technology that no longer require as much manual entering of information. Today a Bookkeeper would assist with, recommend or train other employees on these digital tools. Depending on education and experience, you can pay anywhere from $30 – $500 an hour for an accountant.

Treasury Job Boards

An accountant can also help in areas such as Corporation Tax, PAYE, VAT and Self Assessment. Whether you use an accountant a lot or just a little, never underestimate the importance of having one. The Tax Cuts and Jobs accountancy Act of 2017 may lead to big changes in your taxes, especially if you work from home, live in a high-tax state, or have dependents. Tax season can be stressful and time-consuming if you haven’t prepared properly.

An accountant who offers audit insurance means they won’t charge any extra for the considerable amount of work they’ll have to carry out during the audit process. Preparing your tax documents correctly could save you money – perhaps more money than your accountant charges you. And a good accountant will use their knowledge of tax laws and legislation to suggest ways you can free up cash flow, save money and raise capital for expansion. It can be daunting dealing with government paperwork when you run your own business. This is why so many small business owners hire an accountant when the first tax filing is due.

The Process of Hiring an Accountant

But if you have, you should seriously consider hiring one before you sell up. This makes it easier for you and the government to see exactly what transactions have taken place over time – and who authorized them. You may also want to measure key business metrics, such as the ratio of salaries and other employee payments to total revenue. An accountant can help here by managing your payroll and producing graphs so you can see how the ratio changes over time. The strategies outlined above can help you to be both swift and thorough in your search for a senior accountant.

how to hire an accountancy professional

Accounting salaries can vary depending on the amount and scope of work, size and scope of business, accountabilities in the role, industry, required management skills and technical experiences. For example, the expected salary range of a veteran financial controller in a publicly listed tech company would often differ from the expectations of a newly minted accountant from an accounting firm. Our accounting staffing specialists are well in touch with accounting salaries, we help business owners by relating to what the salary for accountants is at other companies with similar metrics and requirements. So, if you want to rely on data and evidence to pay your employees fairly, we’re here to help you navigate that and come to the right solution. The primary role of an accountant is to be well versed with your financial statements and manage your tax situation.

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