How do you find a good accountant?

[Stirling]

As the title says,
How do you find a good accountant for your shop?
Should they be specific to manufacturing?!
Things to look for?

I’m small and I’ve been with the same accountant several years. But he never has any input about anything.
I rely on them to do their job. But this year there was some glaring issues that I’m not happy about. So time for another accountant to review the last few years and take on my account.

Where do you start?
What do you look for?

My brother has a great accountant.
All sorts of good advice and ideas for how to do things. Unfortunately that accountant specializes in doctors only :/

In Alberta Canada, registered corporation if that helps at all.

 

[thunderalley3]

I am married to mine so she has "all" of the input, answers and good ideas.
She also looks out for my money with a keen eye.
Good luck on finding one that meets your needs. Most are just 'oh well' as it all pays the same.

 

[Stirling]

I am married to mine so she has "all" of the input, answers and good ideas.
She also looks out for my money with a keen eye.
Good luck on finding one that meets your needs. Most are just 'oh well' as it all pays the same.

My wife is the book keeper. But she’s not up on tax code at all.

 

[hvnlymachining]

I wouldn't expect an accountant to care enough about my business to look for every deduction or make sure the paperwork was done right when it's not their neck in the noose during an audit.

My dad ( 9th grade and GED education) always did his taxes and passed a couple of audits ( federal and state) without trouble or a single correction.

Never met a single person who used an accountant with the same outcome after an audit.

My wife and I do both our personal and business taxes now.

 

[idacal]

I’m in the same boat, company I liked sold. and the new people didn’t take an obvious depreciation because I would be paying less taxes last year. had the balls to tell me that. needless to saw they no longer work for me trying another company this year see how he does. My first accountant I used as a young business thought it was funny to give me my tax bill on April 14 th very funny . Don’t have much patience with them now.

 

[Superbowl]

It's like finding any good person, interview a lot of them. Ask around for referrals and look on line for accountants near you. Work up a list of 6-8 and call and talk to them. Make an appoint to meet the ones that sound good and pick one. Keep in mind that like anything else they come in different flavors. Some are ultra conservative others are more willing to work in the grey areas of tax law. Which do you want? What are you looking to pay for? Just the once a year tax return? Monthly review of your books and consultation? Long Range business, retirement, and investment advice? It's not often one guy will be knowledgeable in all those areas. You may need multiple advisers if you have enough money to protect.

 

[Stirling]

I wouldn't expect an accountant to care enough about my business to look for every deduction or make sure the paperwork was done right when it's not their neck in the noose during an audit.

My dad ( 9th grade and GED education) always did his taxes and passed a couple of audits ( federal and state) without trouble or a single correction.

Never met a single person who used an accountant with the same outcome after an audit.

My wife and I do both our personal and business taxes now.

I don’t belive I am legally allowed to do my business taxes (someone correct me if I’m wrong) as a Canadian registered corporation it must be reviewed and submitted by a chartered accountant… pretty darn sure anyways.

I could do them all and then pay someone else to, the reference my findings against theirs ?

 

[Stirling]

It's like finding any good person, interview a lot of them. Ask around for referrals and look on line for accountants near you. Work up a list of 6-8 and call and talk to them. Make an appoint to meet the ones that sound good and pick one. Keep in mind that like anything else they come in different flavors. Some are ultra conservative others are more willing to work in the grey areas of tax law. Which do you want? What are you looking to pay for? Just the once a year tax return? Monthly review of your books and consultation? Long Range business, retirement, and investment advice? It's not often one guy will be knowledgeable in all those areas. You may need multiple advisers if you have enough money to protect.

All of the above? A little?
Ideally someone who can give me advice during the year “hey, can I do this, is it dumb?” Type of spending.
Then taxes at year end. Personal and corporate, that way they are intimate with the workings of both and can suggest ways to do things.
Even simple things like company truck vs personal with mileage deduction. Or pay your self this way not that way.
Talking with my doctor brother about his accountant they offer lots of advice on many different things throughout the year. How to shift loans/debt around for a tax advantage, advice on assert depreciation, how and when they recommend paying himself, lots of other stuff.. bla bla bla. He owns 3 clinics, 20 plus employees 4 other doctors on staff. The yearly bill is just shy of $four thousand Canadian. For his/wife’s corporate and personal done.
And my brother has no problem racking up bills asking questions and using time. That’s what they are there for and he’s got the money

I paid $4500 last year for both(price went way up last 2 years) and I’m a dude in his 2 car garage. No advice, no follow up on my questions. And some glaring issues this year with how he did things. There has to be better. I’m a pretty simple case but trying to grow. And blowing money on taxes becouse things are filled out poorly is not helping me.

(Rough math simply by allocating income/shareholder loan poorly last year, I’m gonna pay over $10,000 more in taxes this year…. That’s a glaring problem. So what else is not going my way in that office..
need a new one. I can

 

[metalpyro]

An accountant is only needed to fill out the forms with the information you provide. If you're looking for business advice, you'll need a consultant. Spending decisions are easy, Lease the large purchase and expense the monthly payment. Buy the machinery and depreciated the payment & interest annually. I think it's cool that you're a corporation and you're working out of your garage. You have more avenues of deductions in regards to transferring personal expenses to the corp. Think of stealing office supplies from yourself like TP, bottled water, laptop computer, ink toner, company gas card, company car. You want to find an accountant to make sense of the info and sell it to the taxing authorities.

I found my accountant sitting at a bar. We chatted several times over several visits. I had a good feeling about handing him my financial soul & have, over the last 27 years, never regretted my decision. I have a metalworking corporation & a home based computerized engraving business. I do all the quarterly forms and tax payments. My MBA/EA guy does the corporate & my personal tax returns annually for around $1K.

 

[garyhlucas]

Are you using accounting software like QuickBooks? A former boss was using QuickBooks and the accountant wanted everything on paper. He told the account he would have to learn to use the Accountant version and accept the electronic files or he'd find a new accountant. That accountant learned to use QuickBooks, realized how much easir it made his job and dropped all his clients NOT using QuickBooks!

I have a joke about Accountants. I have invented driving glasses for accountants. They are fully mirrored, because accountants aren't interested in where you are going, but where you have been! If an accountant decided to become a doctor they'd be coroners not surgeons.

Don't expect an accountant to guide you forward, that is not what they are trained to do.

 

[Stirling]

Are you using accounting software like QuickBooks? A former boss was using QuickBooks and the accountant wanted everything on paper. He told the account he would have to learn to use the Accountant version and accept the electronic files or he'd find a new accountant. That accountant learned to use QuickBooks, realized how much easir it made his job and dropped all his clients NOT using QuickBooks!

I have a joke about Accountants. I have invented driving glasses for accountants. They are fully mirrored, because accountants aren't interested in where you are going, but where you have been! If an accountant decided to become a doctor they'd be coroners not surgeons.

Don't expect an accountant to guide you forward, that is not what they are trained to do.

Ya all done on quick books. Everything is entered and verified balanced by the book keeper.

No they would not be able to tell you on the “path forward” but they darn sure should have advice on tax code and how/where to file things and what purchasing decisions would mean come tax time to better take advantage of the code. In my opinion that’s pretty well there only value

If they cannot do that they are pretty well glorified book keepers that are legally allowed to submit the forms the book keeper could do it I what’s right in from of them

 

[ttrager]

As the title says,
How do you find a good accountant for your shop?
Should they be specific to manufacturing?!
Things to look for?

I’m small and I’ve been with the same accountant several years. But he never has any input about anything.
I rely on them to do their job. But this year there was some glaring issues that I’m not happy about. So time for another accountant to review the last few years and take on my account.

Where do you start?
What do you look for?

My brother has a great accountant.
All sorts of good advice and ideas for how to do things. Unfortunately that accountant specializes in doctors only :/

In Alberta Canada, registered corporation if that helps at all.

You have the two examples to work from. 1) The one you aren't happy with, and 2) Your brother's that you've praised.

It's not an easy or fast answer, but the answer is: Bait your hook with what you like about your brothers and go fishing. Over and over, interview after interview. It's a catch and RELEASE when the applicant matches the points in #1. It's a keeper if enough of the attributes in #2 are found.

 

[adamm]

I don’t belive I am legally allowed to do my business taxes (someone correct me if I’m wrong) as a Canadian registered corporation it must be reviewed and submitted by a chartered accountant… pretty darn sure anyways.

I could do them all and then pay someone else to, the reference my findings against theirs ?

If you're Federally Incorporated, you can file your own corporate taxes. Same for Ontario corporations, so I assume it is true for Alberta corporations, but I don't know for them.

When you file your taxes, your corporation has to file Schedule 141, and that form has options for declaring that the taxes were prepared by someone without professional designation, and is connected with the corporation.

 

[Freedommachine]

he never has any input about anything.
I rely on them to do their job.

I have a family member who is a CPA. She handles all accounts payable for a decent size shop.

Before I went accountant shopping, I asked her; "How do I find a good accountant?"

Her; "well, what type of services do you need?"

Me; "you know...tax filing, finding all the right deductions, stuff like that."

Her; "Lol, no. You need to clearly define your financial plan. Do you want to cash out profits each year pay the tax on it? Do you want to leave all profit in the business and invest it back in? Do you require assistance throughout the year with managing cash flow, or do you just need someone to file tax documents?"

Obvious questions but I really hadn't put much thought into it.

After working some of that out, I stopped looking for an accountant and started looking for a "small business financial advisor". It's still an accountant but using that term when interviewing them sets a clear expectation that I expect more than just filing my taxes.

During the initial interview, I would say things like; "the less I pay in taxes, the more I can afford to pay you" and "I am good at what I do, I am not good at what you do."

I told my accountant that I will be blunt and direct, I expect the same in return. If there is something you really think I shouldn't do, then fight me on it!

I have my accountant's cell number. I can text her questions anytime I need outside of business hours (though, I don't abuse it). I can ask her to call me if it's a lengthy question or in depth answer. Phone call consultations are charged per half hour and billed to me each month. The price is reasonable though and it doesn't happen often.

She has her own small business outside of accounting which I found to be a good example of her motivation and ability to practice what she's preaching.

Edit: I do not want to imply that I have the accountant who lays golden eggs, because I don't. However I was able to find someone I can work with.

 

[Ohio Mike]

Assume you want someone local. In that case maybe get in touch with some local owned and operated businesses that you repect and ask them for references. Also if your community has a Economic Development Director you could ask him/her. I would imagine you'll start to see a pattern of one or two names repeating.