NEW YORK – One of the most important decisions a small-business owner makes is who he should hire for financial advice. Choosing the right accountant or tax attorney can help a company grow and be profitable.
But too often, owners decide to hire a friend of a friend, or someone they heard about third-hand. They don’t take the time to research and interview different prospects to determine who would be the best fit.
Just as bad, some don’t even seek out the help of an accountant. They might decide to make do with a paid tax preparer who can help at tax time, but who probably isn’t qualified to help with year-round business planning.
You might hear of an accountant or attorney who’s just brilliant. But if he or she knows nothing about your kind of business, you won’t get the best advice possible. You could even lose money.
Marcia Suelzer, a senior tax writer with Business Owner’s Toolkit, a division of Wolters Kluwer, noted that the government has tax breaks for specific industries. For example, “if I’m a restaurant owner, there are tons of exceptions for the normal inventory rules that I can take advantage of, but my buddy who has a local gift store, they can’t,” she said.