Experience Files

The question "Do I need an accountant for my business?" frequently pops up, especially among new business owners. However, a far more critical question to ask yourself is: "What kind of accountant should I be using for my business?"

Just like with attorneys, hiring an accountant based solely on the optics of cost is a common and often detrimental mistake. A good accountant won't just be an expense; they will offset their fees through significant savings, identifying deductions, optimizing tax strategies, and preventing costly errors. A truly great accountant will go beyond mere savings and actively help you make more money, guiding strategic financial decisions that fuel your growth. Conversely, a terrible accountant, or simply one who isn't a good fit, can absolutely cost you substantial sums in missed opportunities, penalties, and inefficiencies.

Your Accountant: A Strategic Partner, Not Just a Tax Preparer

Your accountant should be more than just someone who crunches numbers once a year. They should be a licensed professional (e.g., a Certified Public Accountant, or CPA, in the U.S., which implies licensure and often higher standards). This credential signifies a commitment to professional ethics and ongoing education.

Your accountant should be deeply involved in your strategic decision-making. If you can't pick up the phone and get sound, actionable advice from your accountant on major business moves — like hiring new staff, investing in new equipment, or expanding into a new market — then you should absolutely be shopping around for a new one. They should understand your business model, anticipate financial impacts, and offer insights that support your goals.

The common refrain, "Well, I just have an accountant do my taxes every year," often translates to having "TurboTax with a pulse." This transactional relationship misses the immense value a true financial partner can provide. They should be reviewing your financials regularly, identifying trends, highlighting areas for improvement, and proactively advising on cash flow, budgeting, and future investments.

So, instead of asking, "What will this cost me?" start asking, "What will this make me?" View your accountant as a vital investment in your company's financial health and long-term success. The right accountant will pay for themselves many times over.