1. Accountants are very busy people. However, they need to be able to give a caterer more than just a little time. Shop for your accountant. If they are reluctant to come and make a sales call to you to “see” what you do before you hire them, think twice.
2. Unfortunately, most accountants don’t really understand what caterers do. Most accountants only know accounting procedures for restaurants, which tends to get them into trouble with caterers.
3. The single biggest area of concern deals with the fact that, unlike restaurants, caterers have prices and menus that are always different from those sold yesterday. They are for different size groups with different amounts being sent. These variablesoften “throw” the accountant.
4. Caterers tend to get into trouble with taxes especially payroll taxes. Therefore, it would be wise to select an accountant that has some tax expertise. Some caterers search for a CPA that is also a JD – Lawyer. It’s a plus if they have IRS work experience.
5. Most accountants will want the caterer to use a computer program to manage their books. This is a good thing for both parties.
This is a must-read article! Choosing an accountant is very overwhelming and time consuming, but having a guide like this is very helpful. Everyone should know exactly what to look at when hiring an accountant like: details of their expertise, and related experience are some of the few. Also just like you mentioned above, it's best if we hire someone that fits our lifestyle and knowledgeable about the business we have. --> Allison @ BestDenverCPA.com
ReplyDeleteThanks for this post, Michael! It's not easy to look for a reliable and trustworthy accountant. You must be meticulous in hiring one to make sure that your financial transactions are secured and accurate. With the qualities that you've stated, it'll be easier to find a firm where you can outsource some accounting staff. Keep posting helpful tips! :)
ReplyDeleteAngela Weber @ OrthoSynetics.com