Find Accounting Help You Can Count On

"Accounting is quite possibly the most boring subject to talk about. It can be the most confusing as well. Without it though, no business can survive, and therefore it becomes the most relevant." -David Foster

There I was, sitting in my chair in a cold room, about to take on the exam of a lifetime. I prepared, studied, took notes, and read just about everything on becoming an Enrolled Agent. I loved the idea of playing around with numbers, helping small businesses gain an edge when it comes to their finances, and just the idea that this was an in-demand job on the open market, brought me peace of mind. I knew I was destined for this, well, until I finished the exam, or rather, what they called Part One. I failed. I missed it by one question. I scored an 82.70596% and needed an 83% to move on to the second most extreme mind exhausting exam. As I drove the 2.5 hours back home, I had time to reflect, and reflection I did well. I opted out of a life of numbers obviously, but learned to appreciate those who live in it daily.

I am going to write this story because as we hit the fiscal year end, I tend to get a lot of questions about finding the right accounting professional, bookkeeper, or this is a good one: "Simon, I think I need a new manager of my books, do you recommend any good provision peddlers?" You and I may laugh, but we as people who are destined to be owners of big visions and small business depend heavily on what I call cowboys of information, or rather better known as... Accountants. Furthermore, there are also new technologies out there that could make your life much easier in terms of keeping your books, invoicing, etc., that is much more efficient than the shoe box or word doc you might have on your desktop, and I just thought it would be great to update you on what is out there.

So, let's begin...

There are many responsibilities that come with being a small business owner, and everyone is critical to maintaining profitability and promoting growth. You can't risk letting a deadline slip or overlook an administrative requirement, yet there are only so many hours in the day to get things done. The better we can manage our time, the better chance we create for ourselves at generating new opportunities for growth in our small business.

To ensure you stay focused on the most important things, it may be a good idea to transfer some routine chores. Even though accounting software programs have simplified the process of routine bookkeeping and tax preparation, someone well-versed in this area can spot trends or problems you might miss. And the more complex your needs--preparing financial reports, invoicing, payroll, etc.--the more time-consuming accounting becomes. Can you afford that? Can you take the time necessary to make sure you are caught up on all the deduction possibilities that exist for your small business? Yeah, no worries, me neither.

If you decide you need the skills of an accounting professional, the American Institute of Certified Public Accountants (AICPA) can help. The "For the Public" section of their website, www.aicpa.org, offers guidance in selecting the right CPA for your small business, including a searchable director of AICPA member firms, and could be a great first stop on your road to finding the right "bean counter." (The nicknames are just flowing in.)

Fees vary greatly among accountants, depending on location, expertise, and services provided. Some firms will provide bundled services for a flat monthly fee, but may charge less for bookkeeping and other tasks that don't require CPA-level training. If you are considering a larger accounting firm, make sure you meet and get to know the people with whom you will be working with. As with any business relationship, a "comfort level" of trust, confidence, and communication with an accountant is a must, especially when talking about the lifeline of your business, money.

Not sure you need a CPA? Then a professional bookkeeper may be the resource you need. The free online "Bookkeepers Hiring Test" from the American Institute of Professional Bookkeepers (www.aipb.org) can help you assess candidates qualifications. For me, I go virtual. I have several virtual bookkeepers that keep track of my business information so that I can focus on other things. There are several ways to find virtual bookkeepers, but starting on Google and doing the search that way is most effective.

Another option that is sometimes ignored and what I talked about at the beginning is finding an Enrolled Agent, (EA). This is an individual that is professionally licensed by the Federal government to prepare tax returns. Unlike CPA's, Enrolled Agents must demonstrate their competence in all areas of taxation, representation and ethics before they are given unlimited representation rights before the IRS. I like having an EA on staff for the very reason that should I have any IRS issues, I know that my own EA can address those needs immediately and handle all my business. More information and assistance in finding an EA is available from the National Association of Enrolled Agents (www.naea.org).

Now let's take a left turn and go towards technology....

Some of you reading this might be thinking that technology is already maxed out with accounting, but do you know that drones are being included? Here is a little snippet that may have you thinking about how you will handle your asset management in the future and I am just putting this in your vantage view for interesting reading to think about. In an article written by Sarah Ovaska-Few, she quotes the AICPA as saying "commercial drones are the way of the future, and it's going to make a big difference for any firm," said Julia Morriss, a coordinator on the AICPA State Regulatory and Legislative Affairs Team. Expect drone use in the commercial space to dramatically increase in coming years, including in the accounting profession, following the Federal Aviation Administration's issuance of new rules in summer 2016 on commercial drone usage, said Morriss, who follows drone regulations closely.

Though she doesn't expect use to be adopted overnight, Morriss anticipates small- and medium-size firms to adopt drone technology as an add-on service to enhance routine audits or asset assessments. Firms with clients in the construction, mining, or agriculture sectors will be well-poised to adopt the technology early on.

To add in some alternative technology software that exists out there to make your life as a small business owner easier, I would recommend you look at Concur.com, Smartsheet.com, Freshbooks.com, Xero.com, Zohobooks.com, and Wave accounting. All of these will fill the needs you will have for the financial management of your small business.

Before we conclude, I thought I would share this story that was given to me by an accountant who experienced this. (Just in case you wanted to know what a day in the life of an accountant or tax professional looks like)....there was the elderly woman who walked in my office looking for a tax specialist. As I started looking over her file, she told me she had killed her husband because she was tired of taking care of him, yet, she still wanted to claim him on her tax return for 2016. She was sure our accountant-client relationship meant I couldn't tell anyone what she had told me. She was completely unrepentant, and arrogant in tone. Needless to say, I was stunned and quickly got her out of my office, then called the cops. Bummed me out my entire day, Simon.

I guess failing that exam was the best thing that could have happened to me. I don't have to deal with the scammers and being called a "provision peddler" after all.

Get Focused. Get Busy. Sprout and Grow.

P. Simon Mahler, a recent recipient of the Nation Builder Award from SCORE for startups launched and jobs created, and nominated as both an 'Expert' and 'Leader' in North America for small business development, currently runs a virtual incubator committed to building stronger communities in rural America.

Simon, a frequent traveler to the next small town, is always available to take calls for action and is willing to work with any small business, or small town out there, across the globe. Follow him on the journey of his next endeavor, by starting a business of your own. His virtual incubator program has transformed ideas into sustainable small businesses and yours could be next. His daily blog of activities will be posted on LinkedIn for you to enjoy. Find him on social media and connect to get some great ideas to get your business growing!

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