What Do I Need From My Accounting Firm?
As the owner of a small business, you make dozens of management decisions every day. Most of those decisions have some sort of an economic consequence. In other words, you are going to have more or less money either come into or go out of your business due to those decisions.
One of your primary management responsibilities is to maintain an accounting or bookkeeping system that will keep track of the money flowing through your business and hopefully provide you with that critical financial feedback about the fiscal health of your business. Studies have shown that failure to do so constitutes the most common reason that new businesses fail.
Your accountant's job is to help you with that responsibility -- to help you "keep score" so you can:
(1) understand the consequences of your management decisions, and (2) learn to manage your business more effectively and more profitably.
While your accountant may prepare bank reconciliations, payroll checks, tax filings, financial reports, or other printed information for you, those tasks should not be their primary services or products. The primary product a good accounting firm will provide to you is information about your business -- not just a monthly pile of paper.
A good accounting firm will give you:
A Fundamentally Sound Accounting Service :
- Correct Financial Statements
- Timely Reporting
- Returned Phone Calls
Business Consulting :
- Profit Management
- Cash Management
- Owners Compensation
- Debt Service
Solid Tax Services :
- Minimized Tax Burden
- Regular Tax Planning & Monitoring
- Strategies for Future Projections
A good accounting firm will give you all of the above, and more!
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