Hiring an Accountant

When dealing with your business’s money it’s crucial to find a reliable accountant you’re comfortable with.  Use these tips when searching for a trustworthy accountant and accounting firm.

Tips for Hiring an Accountant:

Get Recommendations.  Ask business colleagues, your banker, or other business professionals to refer a reputable accountant. You can also find trustworthy Certified Public Accountants (CPAs) through your state’s Society of Certified Public Accountants website. Always remember to check out every candidate at bbb.org to read reviews or complaints from previous clients.

Check Credentials.  Find out if the accountant is a Certified Public Accountant (CPA). To work as a CPA, the accountant must obtain an undergraduate degree, pass an exam, and meet the experience requirements. A CPA must also participate in continuing education classes to remain licensed and certified, as well as, abide by certain ethical accounting standards.

Determine Size.  The size of the accounting firm you choose will depend on the size of your business and what types of services are needed. Large accounting firms have more resources, while small firms will be able to provide more one-on-one personal contact. Whomever you choose, be sure you feel comfortable with them because you will need to trust them with sensitive financial information.

Interview Candidates.  When interviewing candidates, it’s important to look for an accountant that has a vast amount of experience specifically in the area you need. Be sure to ask about the types of services they provide and which areas they specialize in. Some firms will be able to provide more in depth services, like financial planning advice, retirement planning, and employee benefit planning, while other firms may specialize in preparing tax returns and end of the year financial statements. Be sure to get to know the people who will be working with your account.

Request References.  Ask the accountant or accounting firm to provide references you may contact. Ask the references how often they are in contact with the accountant throughout the year. Ask what type of services the accountant provides for their business and if they are satisfied.

Discuss Fees.  Be sure to ask about service fees upfront. Find out if the accountant charges by the hour with an additional fixed cost or if they charge monthly. Get an estimate of the annual cost for the services you are purchasing and compare the bid with other accounting firms. Keep in mind you will usually get what you pay for, meaning an experienced accountant will charge more for their services, but will usually be worth the money.

Good Business Practices – Finding Professionals

When choosing professionals to help you, it is a good idea to interview several candidates and ask questions about their qualifications, fees, and references before deciding to work with one.

Lawyers

Most people check the yellow pages when seeking a lawyer, or ask a relative or friend to recommend someone. This may not be the best way to locate a skilled lawyer.

Look for someone who has experience advising businesses of similar size, ideally in your industry. Many bar associations have excellent referral services that can help you find a qualified lawyer, usually for a small.

Accountants

It’s important to find a good accountant for your business. Even if you maintain all your business records yourself, at some point, you will probably need to consult a professional about tax laws, loan applications, or other matters that affect your business finances.

Look for a Certified Public Accountant (CPA). You can get referrals from business friends. You can also locate such individuals through national or local CPA associations, which you can find through the Internet or phone book.

Licensing

Smart business owners understand that they have to obtain a license to operate when the law requires it. Since you are putting a lot of money and effort into your business, you don’t want to endanger it by failing to get something as simple as a license.

How do you learn about licensing? Consult a business adviser or the local association for your industry. You are likely to find information through the following government agencies:

City: Department of Consumers Affairs, Mayor’s Office, Economic Development or Business Development office

County: County Clerk or County Executive

State: Department of State, usually located in your state’s capital

Federal: Federal Trade Commission (FTC), and other federal agencies

How have you gone through the process of hiring professionals in the past?

The Cream of the Crop

With roughly 2 million college graduates expected for the 2013-2014 school year, there will be plenty of employees to go around. But with the shadows cast by the larger firms and corporations, it creates an uphill battle when trying to promote the great job opportunities in small business.

How can you compete with these business giants for the best employees?

First and foremost, you must stand out from your competitors in both your specific industry and the business industry as a whole. You can use these tips as a guide for attracting your desired graduates.

Job Boards. Using sites such as Indeed, Monster and even Craigslist. "These are one of the most effective ways to find fresh grads. To charm the right ones, write engaging ads. Think what specifically will excite these applicants most, and highlight that," explains Tom Gimbel.

Social Media. While many businesses are comfortably using various social media as a way to promote their products or services, it can be just as powerful of a tool when finding future employees. With a combination of sites such as Facebook and LinkedIn you can create a one stop shop for possible employees. With experience, hobbies, lifestyle and even personality highlighted it can be an easy way to pursue the best candidates for employment.

Initiate the Contact. Graduates are often intimidated with the prospect of meeting and interviewing with so many employers. But by initiating contact with alumni networks and college career centers, you can begin the process of meeting potential employees earlier in their careers as interns, volunteers, and mentees. These more informal meetings allow for the creation of bonds and for their potential assessment in a much more laid back environment.

Secondly, looking to fill an open position is a two-way street. Often employers are under the impression that after posting a job, they should sit back and wait to be impressed. But to attract the best employees, you should be trying equally as hard to promote yourself. Using these tips will give you an edge when selling your company to potential employees.

Size. Depending on the size of the company many new hires often sit levels below the decision makers. By highlighting their opportunity to connect directly with leadership teams and owners in small business, it can create a great selling point for your position.

Growth. While it is common to ask potential employees where they see themselves in five years, showcasing your desire for them to take on more responsibility and pursue promotions in the future, creates a common goal.

Rewards. Be realistic the best graduates will cost the most, and many small businesses don't have the budgets to compete with larger ones. This is where you can get creative. Offering products such as an iPad or cell phone depending on the business can often be enough to sway a potential employee.

What are your feelings towards this new generation of employees?

Sources and Related Articles:

Business Case for Hiring College Grads

All Dressed Up and No Place to Work

Hiring a Business Consultant

Business consultants are great resources that can provide advice and guidance for your business ventures. It’s crucial to hire a consultant with specific experience who knows the industry forward and backwards. 

Use these tips as a guide when hiring a business consultant:

Do Your Research.  Before you start searching for a business consultant, be sure to determine your specific needs so you know exactly what to look for in a candidate. Ask friends, family members, and co-workers to suggest a business consultant. Check out consultants at bbb.org to read reviews or complaints.

Look at Credentials.  Ask consultants what type of business degree they have earned. Be sure to ask where they earned their degree and make sure it’s from an accredited institution. Although degrees are important, employment experience is even more crucial. Since you are hiring the consultant for business advice, you’ll want to hire someone that has first-hand experience running a business. Look for a consultant that has experience with your specific industry and dealing with your areas of concern.

Interview Candidates.  Once you have compiled a narrow list, meet with at least two candidates for an interview. Look for a consultant that shows organizational skills and professionalism. Ask if the consultant has prepared an outline that targets your specific business needs. If the consultant is associated with a business, ask if that may hinder their ability to cater to your needs in the future. Make sure the consultant clearly answers all of your questions and concerns. Think about if the consultant has relevant experience for the position but can also provide outside objectivity. Since it’s their job to help you, make sure the consultant is a good listener.

Request References.  A reputable business consultant will easily be able to provide testimonials from previous customers and a list of references you may contact. Ask the references about their relationship and experience with the consultant. Ask about the services the consultant provided and if the references were completely satisfied with the job that was done.

Review the Contract.  Be sure there is a written agreement with the business consultant. Make sure the agreement includes: the services the consultant will provide, when the services will be provided, and how much and when you will pay the consultant for their services.

What other tips can you offer?

Business Owners Guide to Seasonal Hiring

Summer is here and with it brings a multitude of teens, college students and many others looking for employment. Better Business Bureau reminds employers that hiring seasonal workers – regardless of age, involves following many of the laws and regulations that apply to full-time employees.

If you’re hiring seasonal employees, keep in mind:

• State child labor laws differ so it’s important to become familiar with what is allowed – and not allowed in regard to ages, restrictions and allowable types of work for youths and teens 9 and older. Check your state’s website fir specifics.
• Interns – paid or unpaid – should not be treated as replacement employees (even if just for a few months). Have specific tasks or activities designated just for them that would not ordinarily be done by a paid employee. Internships need to be for a specific length of time with no guarantee of a paid position later on.
• Be specific about the job, what it entails and how it should be performed. Don’t differentiate between seasonal and year-round employees, everyone should adhere to company policies and rules and everyone should have their own copy of the company handbook.

Provide safety training at the beginning of employment to ensure seasonal employees understand workplace risks and hazards and what to do if they’re injured on the job.

Seasonal and part-time employees are subject to the same tax withholding rules that apply to other employees.

What other tips can you offer about managing seasonal hires?