An outsourced accounting firm is one of your most vital vendors. They are responsible for reducing your tax bill, performing all tasks related to bookkeeping, and warning you of potential financial hazards. Properly managed finance allows you to reinvest in your company’s growth, which is probably the goal of every business. As your business grows, you may likely need a new accounting firm that will be able to cope with your scale of operations.
The job of an accounting firm is more than just filing tax returns or looking after your books. It is supposed to be your strategic partner, helping you in tough situations and guiding you towards new and better opportunities. Being such an integral part of your business, it can be hard to recognize the need for consulting a new firm as your business grows. However, there are a few signs that can help you decide when it may be time to hire a new accounting firm.
You are not taken seriously
When you cannot get on the phone with your accounting firm, it is time to realize that the firm is too large to handle your unique needs. You never want to be the smallest client of any firm, as you will not get their full attention because of their profitable dealings with larger clients. Only a few firms maintain the same standard for every client, which are quite rare. When such a situation arises, chances are that something could go wrong with their work because it’s very easy to miss one critical detail in tax documents. This can lead to a quite stressful situation and calls for the need of a new accounting firm.
Lack of interest
If a situation arises and you have to explain your business operations to the firm every time you are in a meeting, it is time to get rid of them. It means that either you are a small client or your business is too complex for them to handle. Also, if they had not checked in with you for quite a while and you have to be the one to reach out every single time, you are probably better off without them. The right firm for you will stay in contact throughout the year and help you make important decisions regarding the future of your business.
When you continually find mistakes
Because of the fact that you are spending your useful resources to hire a firm’s accounting services, it is their duty to ensure everything is in place. However, that is not always the case and you may start finding mistakes in the delivered work. Don’t expect everything to be perfect just because you have hired a firm to look after your accounting issues. Instead, do regular checks and, even without an accounting degree, you will be able to spot some basic errors as you gain experience. When mistakes continually happen, this is the time to look for an alternative option and find a new accounting firm that can handle the tasks for you.
Lack of ideas to ease the tax burden
The key to haling taxation issues is being proactive and taking control of matters before they go out of control. Breaking down your business into subdivisions can help you identify the areas that can be focused upon to save you from a heavy tax burden. This is just a basic approach and every firm may have its own tactic. However, if you do not feel that your current accounting firm is really interested in that matter, you must break ties with them quickly. You have to give yourself enough time to find a new accounting firm and for them to understand your business operations. After they are aware of the numbers and other critical matters, they can proactively guide you towards lesser tax burdens.
Only the most basic deductions are presented
Your business is entitled to many deductions and your accounting firm should be able to identify all of them, not just basic ones like healthcare and child deductions. Your priority should be to improve the cash flow of your business to ensure that you cater for deductions such as a depreciation expense of new corporate assets. Filing to cater to them will unjustifiably place them of your records, which is bad for business. If your current accounting firm fails to cater to serious deduction matters, it’s definitely the time to look for a new accounting firm.
You are their largest client
It is neither advantageous to be the smallest nor the largest client of an accounting firm. Once your business grows to a certain level and you become the largest client of an accounting firm, it probably means you must go up the ladder. This implies that your operations now require professional services and a more qualified accounting firm, which will be able to handle things more effectively. An experienced firm is better equipped to handle clients such as you.
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