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E-Myth – “Why most small businesses don’t work & what to do about it”

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CFO Services | How To Hire The Right Accountant

There are many things that entrepreneurs should take into consideration when they are hiring an accountant for their business says CFO services. For example, the right accountant will be able to do efficient tax planning with an entrepreneur, create a great business plan that can help them grow, as well as end up with timely financial statements that they can use to help them make financial decisions in their business.

What entrepreneurs should be looking for, to hire an accountant with all of those traits, is to look for accountants that have their professional accounting designation. Accountants that have their CPA, not only have the theoretical knowledge that their university training has given them, but they also have a vast amount of practical experience, working directly with entrepreneurs, helping them solve their accounting problems, under the direction and guidance of another chartered professional accountant. This level of experience allows chartered professional accountants to be able to problem-solve and create plans efficiently for entrepreneurs. CFO services say that it is extremely important that entrepreneurs hire the right accountant in their business early on, since 15% of entrepreneurs fail in their first year, and 30% fail by their second year, the sooner an entrepreneur can have someone that will help them succeed, the better.

Another thing that entrepreneurs should be looking for when they are hiring a chartered professional accountant, is to ensure that the firm that they are hiring does have their designation. Many entrepreneurs are surprised to discover that not everyone who calls themselves an accountant as the same amount of schooling. CFO services says that accountants with just their undergraduate degree are allowed work is accountants as well as to open up their own accounting firm. Therefore it is it extremely important that entrepreneurs ensure the firm that they are hiring has their designation so that they know that they have the right business professional to work with. A quick way for entrepreneurs to check is by looking at their company name. Do they have the words chartered professional accountant or professional association and then name of their business? Or do they have the following letters in their name, LLP, CA, CPA, CMA or CGA? These are all indicators that they accountant that owns that firm has their designation and is a good choice for an entrepreneur.

When entrepreneurs are looking at a firm that is not owned by a designate accountant, they will not have those letters, they also may try to overplay their undergraduate degree in order to inspire confidence in the business owner that they know what they are doing. They may have their undergraduate degree on the wall, they will tell people that they majored in accounting, and let entrepreneurs assume that that is all the schooling that there is. Or, they may say that they have experience in the CPA program, but experience without completing it is not the same thing.

When entrepreneurs are looking for the best accountant for their business, they should have the best accountant, so they can end up with a great business plan and a great tax plan that is going to help them succeed in business.

CFO Services | How To Hire The Right Accountant

Many entrepreneurs understand how important it is to have a great accountant for their business says CFO services, but they are not sure how to find one, or they are trying to save money in their small business budget, and are hiring an accountant based on price alone. When this happens, entrepreneurs often not only end up with an accountant that is not of the best fit for them, but seven that might end up creating more problems than they solve. As Red Adair, the specialist and extinguishing and capping oil well fires was famous for saying, ìif you think it is expensive to hire a professional to do the job, wait until you hire an amateur.î Fixing mistakes from an experienced accountant can end up costing far more time and money to entrepreneurs. Many entrepreneurs do not have that kind of time or money.

One reason why entrepreneurs often end up with an undesignated accountant is that there trying to save money. CFO services say that when entrepreneurs are looking at the hourly rates, the ones with a lower hourly rate than others tend to be the undesignated accountants. The reason they charge less is that they lack about half the schooling that chartered professional accountants have. Therefore they charge a lower rate. However, accountants that lack experience they often take far more time to do the same job, ending up costing entrepreneurs more money by the end of the month. If entrepreneurs are looking for an accountant, they should not look purely at the hourly rate, because a great chartered professional accountant may have a higher hourly rate, but the be able to do the job much more efficiently.

Another way that business owners might end up with the wrong accountant of their looking at an hourly rate, is with their tax planning. CFO services says that tax planning is extremely important to entrepreneurs because this is going to save them thousands of dollars a year in tax payments to the government. By saving a significant amount of money in tax payments, business owners can increase the cash flow in their business, as well as be able to take money out of their business much sooner then if they did not have an efficient tax plan. By hiring the best accountant for the job, meaning a chartered professional accountant, will end up saving thousands of dollars. When entrepreneurs try to save money per hour, they often end up costing themselves thousands later.

Business owners should keep in mind that a chartered professional accountant might be more per hour, but they will have the knowledge and skills necessary to create great business plans, tax plans they are going to save them thousands of dollars, and do it all efficiently.