It may seem like your business needs a new accounting firm. It’s either never had one or the previous one didn’t live up to expectations. You’ve got no other option than to get an even better accounting firm. However, it’s never that easy. An accounting firm is in charge of handling the finances and economics of your business in a way that optimizes productivity. It also helps your business stay afloat and increase the returns. Such a firm does this by offering financial advice, handling the disbursement of payrolls, and incurring other accounting responsibilities.

Every company wants to hire an accounting firm that’s right for them. However finding one that offers the perfect combination of technical skills, accounting software experience, and overall competence can be tedious, especially if your options are vast.

Nevertheless, in the spirit of ‘out with the old, in with the new’, this piece is highlighting some pretty priceless tips for businesses on a quest to finding and hiring the right accounting firm.

Figure out what you want

Some businesses just want someone to maintain their financial records, while others need their taxes handled. Before you embark on this journey, ask yourself what service your business needs from an accounting firm. This will help streamline the hiring process and optimize the time spent in the job market. Hence, as a business owner or manager, you should figure out which accounting sector of your company is bleeding out and the service you most require. If your business wants an all-encompassing financial professional who can keep records, offer accurate financial advice, handle payroll, billing, and even prepare the company’s taxes while being abreast of recent technologies in the field; all you need to do is put it in the hiring memo.

Apply patience

Whenever companies have vacancies, they usually rush to fill it to reduce the losses acquired through operating without that particular service. Thus, because they’re in such a race for time, such companies usually fail to properly vet the service provider they hire to determine if they’re the right fit. This can curate some major problems in the affairs of that business. In essence, rushing to fill a vacant position can cost you more in the long run than the vacancy ever could. This is why patience is a crucial virtue in the business sector.

Make do with a temp for the time being

Finding an accounting firm which checks all your many boxes may take a while, and because it’s not cost-efficient to leave the position vacant till you find your ‘prince charming’ accounting firm, why not embrace a temporary placement. This could help fill the void and cost you less for the time being as some of the responsibilities would be directed to this temp. This is a valid option; however, some businesses would prefer the vacancy to hire someone temporarily.

Keep an open mind

Assuming you find an accounting firm that seems perfect for you in terms of certification, advice, business specialties, fees, service level, availability, audit support, or personal connection. You may not get all these services in the exact package you want in the sense that they may work remotely or need to be outsourced. With the advancements of technology, accounting has become more versatile than before. Hence, you may need to compromise and keep an open mind in terms of remote working and outsourcing to acquire the firm you want.

To Hire an In-House Accountant or Not?

You need to decide whether you need to hire an in-house accounting firm or outsource to an established accounting firm. This decision is fully based on the size of your business, your unique needs, and several other factors. However, there are different pros and cons of hiring an in-house accountant or outsourcing your accounting needs to other experts.

Pros and Cons of Hiring an In-house Accountant

Pros

  1. An in-house accountant will be completely focused on your business’ needs. This comes in handy if your business has very specific modus operandi and needs;
  2. You can custom set the different tasks for your accountant to complete;
  3. You can easily walk to the next cubicle in your office in an emergency; and
  4. Make your in-house accountant multi-task as needed.

Cons

  1. Your in-house accountant may be less than useful at certain times during the business year as there are no tasks to accomplish.
  2. Your business will have to cover the full hiring package; this includes benefits, software, full salary, and office space as needed.

Pros and Cons of Outsourcing Your Accounting Needs

Pros

  1.  It is highly recommended that the company needs short-term projects with quick deadlines should engage freelance platforms like Fiverr or It is quite easy to find highly rated professionals that will get the job done in no time;
  2. No need to pay for software and other systems as most of these professionals already have them on standby.
  3. They are ready to scale up and grow as your business grows.

Cons

  1. Risk of exposing sensitive information
  2. Risk of slow communication

Conclusion

Depending on what your immediate and future needs are, you should be able to make a well-informed decision on which hiring move is right for your company’s accounting needs.

Accounting is the backbone of every business or company. Hence, finding the right accounting firm is just as important as the business itself. However, adopting these useful tips will put you on the right path to use a firm that not only has your company’s best interest at heart but has the expertise to increase your returns.