While it may seem counter-productive, many small to medium-sized businesses hire accounting firms for help during the COVID-19 pandemic for several reasons. For one, hiring a team of professionals helps reduce the anxiety and stress associated with tax management. Of course, no one wants that dreaded phone call from the government.
For the other, a professional account firm can help you find legal ways to reduce your tax obligations and enhance your venue. What’s more, instead of diverting valuable resources towards managing your taxes, you can concentrate on improving your business and enhancing your profitability.
Of course, it’s critical to pick the right team of professionals.
Select a Firm That Specializes in Small to Medium-Sized Businesses
It’s critical to partner with a team like Tangs Accounting that specializes in serving small to medium-sized businesses. Such a team will have a unique understanding of your operation’s nuances. On the other hand, an accounting firm that usually serves big companies may not have the in-depth understanding you need. In addition, they may not give your company the attention it deserves, especially if their attentions are focused on larger, more lucrative clients.
Pick an Experienced and Compassionate Firm
Select an accounting firm with at least a decade of experience serving industries such as insurance, real estate, food, dental, retail, legal, construction, etc. They’re less likely to make critical mistakes if they’ve managed your situation many times before.
Likewise, find a firm that prides itself on being compassionate. If you need professional help with a mistake, the last thing you need is to be rebuked or ridiculed. Remember, anempathetic firm will always be on your side.
Your Accounting Firm Should Offer Digital Services
In the age of the COVID-19 pandemic, it’s a good idea to hire an accounting firm that follows physical distancing protocols. Hiring such a firm is especially critical if your business faces lockdown or shelter-in-place orders from the government.
An accounting firm with digital solutions in place should serve you just as well remotely as they would face-to-face. With their help, you can easily organize, track, and plan your finances professionally online with the following options:
- Physical system set up.
- Business bank account creation.
- Personal and business system division.
- Invoice and receipt recordkeeping.
- Tax obligation education.
- Payment collection systems.
- Payroll systems.
- Fiscal forecasting.
They Should Offer a Full Suite of Services
Modern small business accounting firms offer a full suite of services. For example, aside from taxation, they may help you register your business and manage bookkeeping. They may also provide consultation services to help you establish a business plan, start a business, or prepare for a merger or an acquisition.
They may also help you examine sales and investment opportunities. If you live in another country and lack residential ties to the country where your business is registered, they may also help you resolve non-resident tax issues.
Of course, they should also be completely qualified,boast a stellar reputation, and offer references upon request. It’s essential to do your research when hiring a small business accounting firm. Pick the right one to ensure that your business continues to run smoothly.