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What to Look for in an Accounting Firm

When looking for an accounting firm, you should have a clear idea of just what are your requirements.  Here are some recommendations:

Services Required

  • Developing revenue, expense and capital expenditure plans, assisting in preparing as break-even analysis and cash flow requirements
  • Preparing year-end financial statements and assisting in determining whether quarterly or monthly financial statements would be a greater value
  • Reviewing the present accounting system and assisting in establishment of a more sophisticated system and a means to monitor both
  • Meet regularly to evaluate and discuss current business operations, new opportunities, prospective changes and general business matters.  Develop a relationship for business advice, analysis and counsel that will assist in making this company more successful.  Develop a practical business plan.
  • Provide tax planning and compliance, addressed on a regular basis including income, business, payroll and estate taxes.  Determine the best strategies to minimize personal income tax impact relative to the company
  • Become a key business advisor

Qualifications Desired

  • An accounting firm with the appropriate technical expertise, manpower and resources to support your company.  A firm that is in business to help owners of closely-held businesses
  • An understanding of the needs of our industry and a commitment to doing what needs to be done.
  • An involvement of two principals or managers so that there will be familiarity with our account in the firm

Costs

Recognize that the activities, level of involvement and qualifications that are required necessitate a substantial professional commitment on the part of the accounting firm.  Understand that these services are not available at “bargain” prices.  But be certain that the benefits received are at least equal to or greater that the cost.

References

Obtain the names and phone number of at least three companies who are current clients of the firm.

-Steve LeFever
Business Resource Services