If you're looking to hire an accountant, how do you find the right one? What questions should you ask? Here are tips from a practicing D.C.
by Nicole Ingrando, D.C. in Choosing Advisors on Saturday, July 25, 2015
The questions we are asking now are so different than the questions we asked four years ago when we opened our practice. As well, we are working with our third accountant, as the original accountants were not able to help our rapidly growing practice.
In the beginning, I wanted to make sure my accountant could organize our money and make reporting simple. So we asked questions about:
- software to use
- reports we would need
- simplifying the process
- how to get everything set up
We use QuickBooks programs in our office to track the money coming in and going out. This is crucial and our original accountant was able to access this program and help us set it up.
It was also important in the beginning to learn from our accountant how we were supposed to pay ourselves. We felt it was important to reinvest 25% of our net income every month back into the company as a safety net. So we asked questions about:
- paying ourselves
- best ways to allocate dollars back to the practice
To date, we have not taken out any loans to start or operate the practice. I believe this is because we have always been very diligent on managing and watching the trends with our money. Now we are trying to figure out how we allocate our money to cover upcoming and evolving tax needs.
I hope this answers a few questions and offers some guidance while also bringing peace-of-mind in the knowledge that as business owners, we never stop asking questions.