Business associates and collaborators can make or break your success. This is especially true in the architecture field, where the competition is fierce and the projects impressive (from a financial and management point of view).
This is why finding the right accountant for your business is one of the very first steps. The right collaborator (individual or accountancy firm) can help you understand the financial and legal implications of your business decisions. Additionally, they may help you develop strategies to reduce your tax burden and keep expenses down (among others).
So, if you’re just starting with your architecture business, here are a few tips to help you find the right accountant.
1. Look for Experience with Similar Businesses
Accountants have different specializations, so it’s important to find one that fits your needs. You may have to do a bit of research (reading reviews, asking around online, or posting a job ad), but it’s crucial to have a list of companies and individuals who can potentially help you run the business.
Accountants are not just there to keep track of your expenses and help you file your taxes. They can also provide valuable guidance when it comes to complex financial decisions, such as investments, mergers and acquisitions, or business expansions.
Plus, financial laws tend to have different provisions for different fields, which is why previous experience with businesses similar to yours is a must-have.
2. Understand What a CPA Does
The term accountant is quite broad and can refer to anyone who performs accounting tasks, such as bookkeeping, financial analysis, tax preparation, or auditing. On the other hand, a CPA (Certified Public Accountant) is a specific type of accountant who has taken and passed the CPA exam. This means they have a certain level of financial education and the necessary experience to become licensed in their state.
According to CPA Exam Guy, CPAs have a higher level of education and training and are licensed to provide a wider range of services than non-CPA accountants. Moreover, they are authorized to perform audits, attestations, and other specialized services that may come in handy as your architecture business grows.
3. Is Location Important for Your Business?
Do you need a locally-based accountant, or can you work with a remote one? The location of your business used to be a determining factor, but nowadays, due to cloud technologies and videoconference tools, you can work with a specialist from a different state or country (if the rules allow it).
The good news is that a remote accountant may come with a series of benefits, such as lower costs, more flexible hours, and less paper consumption. Of course, this also means you have to look for a CPA or company that understands the risks of online communication and takes all the necessary security measures.
4. Have a Face-to-Face Conversation
Before you sign a contract, it’s important to have a conversation with the person or company representatives who will become your future collaborator. Of course, in the case of remote collaborations, the conversation will happen via Zoom (or other video conferencing platforms).
The reason for this step is to get to know the person who will be managing the financial aspects of your business. Ask questions, let them know about any particularities (that are not confidential) your business might have, and see how they reply.
An experienced accountant can provide useful insight into how to manage your finances and improve profits, so you want someone with a solid level of knowledge in the field. Also, pay attention to how they react when something is unfamiliar (do they research the topic and get back to you?).
5. Check Their Availability
If you’re outsourcing your accounting needs, it’s a good idea to test your future collaborator’s response time to your inquiries. While you may not always get a reply by the following day, when it comes to urgent matters, you want to have their full support.
6. Look for Someone Involved
Lastly, a good accountant will do much more than just file taxes and manage your accounts. They will proactively look for ways to help you save money and provide valuable insight into your growth plans.
So before signing a contract, ask the candidates how they think they can add to your business’s success. Also, pay attention to see if they include possible pitfalls in their answers and if they can find solutions that work specifically for your industry.
Wrap Up
Overall, experience in the field and a proactive attitude toward supporting your success are some of the most important aspects to look for in an accountant.
