Who Is the Best Business Accountant in Santa Monica, CA
Are you wondering who is the best business accountant in Santa Monica CA? When it comes to your business, you want nothing but the best. This includes your accounting department. It may mean the success or failure of your business. If you have a good bookkeeper, this will help ensure that your records are organized. However, you need to have an accountant to help you manage your business as well as grow your business.
Most people assume that an accountant is just for tax purposes. However, they are for much more than that. While an accountant can help with your taxes and help with tax changes, they can offer so much more for your business.
A Good Business Accountant Should Have These Things
A good accountant and startup bookkeeping service is going to help you make the best decisions for your business. They can help you determine if you should buy more space or expand. If you have plans in place, your accountant should be able to tell you how it will help your business or if it is a bad idea. They can help determine the growth of the business. If you do not have an accountant, it may be time to get one. Keep in mind that there are many things to look at before hiring a business accountant in Santa Monica. Let us talk about how you can find a good accountant for your business.
Santa Monica CA Is Full Of Business Accounting Services
There is no shortage of business accountants in Santa Monica, CA. The reasons being is that the surrounding areas are full of successful entrepreneurs who do business in the area, nationally and internationally. Some of the most successful startups in the world are based out of Santa Monica and its neighbor Los Angeles. For this reason, if you want a truly professional and knowledgeable accounting service in Santa Monica, it won’t be hard to find one.
Accountants In Santa Monica Tend To Be Pricey!
The only problem many young startups face is that accounting services in Santa Monica, CA do tend to be a little more pricey. The reason is that the cost of living in this beautiful area is much higher. In addition, the average business revenue and median income is much higher in this part of the country. So the accounting services in Santa Monica are more expensive than other parts of the world.
Benefits Of Santa Monica Accounting Services For Startups And Business Owners
- Informed on business trends and financial analysis
- Highly educated accounting professionals
- Trained at some of the best schools, Universities and training programs in the world
- They work with some of the most successful companies in the world
- Keen ability to identify ways your business can make more money and save on taxes
Some Accountants That Focus On Small Business Accounting Are Affordable
It’s worth mentioning that there is a category of Santa Monica accounting services that focus specifically on small business accounting. They are priced affordably and cater to entrepreneurs and early stage startups. One such company is one of our favorites: Startup Tandem. But more on Startup Tandem of Santa Monica in a minute!
Some Of The Best Business Accountants In Santa Monica 2022
We’ve gathered some of the best accounting services in Santa Monica CA below. We’ve also listed the benefits of working with them. In addition, and further on in the article, we will explain how you can locate an accountant or bookkeeping service that best meets your needs.
FIRST PLACE: STARTUP TANDEM
Startup Tandem of Santa Monica, CA takes first place as the best accounting service for businesses and startups in Santa Monica CA. Here are the reasons we chose Startup Tandem as the best Santa Monica business accountant.
- They have fixed tiered pricing packages that are more affordable than other accounting services
- Rated #1 by startups all over the USA
- Extensive financial analysis and insight into your business that will lead to your business making more!
- They offer CFO consulting services, bookkeeping and fractional CFOs too!
Startup Tandem’s Location In Santa Monica:
SECOND PLACE: SANTA MONICA BOOKKEEPING
We chose this company because of their excellent ratings and what they also do for businesses in terms of accounting services. When you look for a Santa Monica accountant, it’s important you seek out one with the speciality you need. You don’t want a company that deals mainly with employees. Santa Monica bookkeeping is also a great choice.
THIRD PLACE: SM FINANCIAL SERVICES
SM Financial Services is also a great choice. So let’s now move on below and discuss how you can go about finding the best accountant for your needs.
Finding The Best Startup Or Small Business Accounting Services Near Santa Monica California
STEP 1: Look At Referrals
You want to look at people who have used accountants before. These people can help guide you to the perfect accountant. People are not going to recommend people who have not done an excellent job. You can talk to these people and determine how they liked working with so and so accounting. If you are unable to use this method to find an accountant, you can rely on other methods.
If you cannot find a good accountant through family and friends, you can look online. You can look up different accountants in your area. Make sure that the accountant has experience in your field of work. You want them to understand what they are looking at.
STEP 2: Call Around
When you call an accounting firm, you want to answer and sound professional. When calling, ask for the person or accountant that is familiar with the business you run. There may be more than one. You can use this list to help determine which accountant is better for you.
Once you have found a few accountants to call, you want to call. When they answer, you want to ask some questions. One of the first things you should ask about is the education that they have received. A good accountant will have no problem showing you their proof of education. In fact, most of them should be proud to show you, their education!
Another thing that you should take into consideration is their experience. If they do not have much experience in the industry, it may be best to go to another accountant. If you are not sure about someone, you can look at their professional association. This will have all the qualifications they have and if they are valid. You will also see if there are any disciplinary issues with this accountant.
You will want to use this first interaction to make your small list of possible accountants. You should have two or three to choose from at this time. This will make your life much easier.
STEP 3: Make Sure You Ask Questions
You want to make sure that you are asking about billing. Billing rates is something that should be discussed before anything else comes up. If you are excited about the services at first but then you find out you cannot afford them, it may not make you feel too great. Ensure that you are asking the billing rate before starting.
You also want to ask about their policies. Different accountants will have different policies. This includes how they prefer to be contacted. Some accountants prefer phone calls while others will prefer and respond faster to an email. You want an accountant that you can get ahold of if you need to. You do not want to have to wait days for a return email or phone call.
Ask how much your accountant charges for doing basic tax returns for a business. You may decide to bring in a copy of the previous tax year. This will help an attorney give you a rough estimate. It will allow them to look at the numbers to determine what the possible outcome next year will be.
Here is a list of questions to ask your accountant so you don’t forget:
- How do you bill?
- How much can you save me on my taxes?
- Do you specialize in business accounting?
- When will I file?
- Will you be able to advise me on what type of business entity I need?
- How much growth do you expect I will see if I choose you?
STEP 4: Inquire About His Or Her Experience
Lastly, you want to ensure that the accountant is familiar with your business. Sometimes a business will require special things. You need to make sure that the accountant has experience with your field of work. Here are a few examples.
- You want to find an ecommerce accountant if you have a business related to the internet.
- You need someone who knows international taxes if your business does trade or work in other countries.
- If your business wants to export, ask the accountant how they may help you. They will often help create an export strategy based on your business’ numbers.
STEP 5: Meet The Accountant
In order to discover who is the best business accountant in Santa Monica CA, you will need to meet him or her either through a zoom meeting virtually or in person. Meeting the potential accountant is going to be your last step before hiring someone. This is where you will want to pay close attention. You can determine if you are comfortable with this accountant or if they are not the best fit for you.
You will also see how well the accountant communicates. An experienced accountant should be able to help you with any questions you may have. If they do not know the answer, they will do their best to look and answer it for you. After all, you need to ensure that this can be a long-term relationship. You do not want to have different accountants coming in and out of your business. This can lead to a mess and possibly a business that is losing money.
Keep in mind that an accountant is not just for preparing your taxes. An accountant can potentially build a blueprint that will save your business. A blueprint can be the future of your business. This could be a new building, finances, and many more blueprints.
Do I Need an Accountant for my Business?
You may tell yourself that you do not need an accountant for your business. You may say that you do not need it and that your current system or app is doing just fine. We know that when you are running a business, you are going to only spend the money that is necessary for the business. Hiring an accountant will add to your business.
You will find after hiring an accountant that it is essential for a business. It is definitely worth the cost. In fact, a business can save thousands a year with an accountant. This means that you are saving money in the business that can be used somewhere else if needed.
Please read some of these important blog posts to help you navigate choosing an accounting service
- Who is the best small business accountant in Los Angeles
- Who should I hire for startup services
- Do I need a bookkeeper if I have quickbooks
- How much does a CPA cost
- How to choose a small business accountant
Knowing When You Need an Accountant
The biggest thing about hiring an accountant is hiring one when you need them. Half of the work is determining if you need an accountant for your business or not. Here are a few reasons or situations where a business may hire an accountant.
Signs You Need To Hire An Accounting Service
Just Starting a Business/Do Not Know About Accounting
If you are just starting your business, it may seem like a field of weeds. You do not know which way to turn. This is where an accountant may come into play. If you are confused with financial documents, it is impossible to create reports for your business. You may not understand accounting terms either. If this is the case, you should ensure that you are hiring the best business accountant ever.
When you are hiring an accountant; they can help you create a strategy to ensure that your business is stable financially. An accountant can help teach you and help you plan to manage your finances. Having an accountant early on in the startup of your business will be greatly beneficial. After all, it is the early slips that can cause a major problem down the road.
If you find yourself struggling with the basics of accounting, you should look into the tips above to hire the perfect accountant for your business.
The Company’s Legal Structure
You will notice that there are a few separate ways that you can structure a business. There is sole proprietorship, corporation, LLC, and partnership. This choice for your business will impact your financial state. This structure should be considered. It should not be overlooked.
Let us take a look at an example. If you choose to be a sole proprietor, you will find yourself working self-employed. You will have invoices under your name. This may allow you to save on taxes by allowing you to deduct living expenses.
Keep in mind that each structure is different. Each legal structure will have its own unique problems. While you may not know much about this topic, an educated accountant will. They can help explain the structures and help ensure that you are picking the right one for your business. Picking the right legal structure is essential. You need to determine what works best for you in that situation.
You Struggle with Taxes
If you own a business, you likely do not have time to do your own taxes. That is one option. The other is that you do not know how to do taxes and do not want to mess up taxes for your business as it could cause trouble. This is when you should take the time to hire an experienced accountant.
An accountant will ensure that you are paying the right amount for taxes. They will ensure that you are properly filing your taxes so that you are not hit with an audit or even fines. If you do not file taxes properly for your business or overall, you can face penalties and fines.
Most people will hire an accountant for their business just for tax season. They are the most valuable during this time because business owners do not have time to do their taxes and they likely do not know how to properly file and prepare taxes. An accountant will look over the credits and deductions that are possible. Remember, crunching numbers is not always the best way to save money. However, this is the job of an accountant. They will ensure that you are saving money on your taxes. An accountant can help save hundreds of dollars, if not more, every year.
The Business Is Growing Rapidly
If your business is expanding rapidly, you are bringing more money into the business. You may not know how to manage this growth that is occurring. This is where an accountant will come into play. After all, you may need more employees, vendors, and more. An accountant will ensure that the cash flow in and out of the business is documented and taken care of properly.
While your business is bringing in more money, managing it poorly can result in loss. Many businesses will see that when they start to bring in more money, they do not know how to effectively manage it. This could result in losses to the business. An accountant will ensure that the money is going where it needs to. This will ensure that you are profiting and not struggling. Plus, when you are bringing in more money, you need to look at what is bringing in money.
An accountant can help you determine what can be ordered more and what could be ordered less. The items that are hot and selling are the items you want to ensure are in stock. An accountant can help ensure that you are on the right track to help this growth happen. Without the right strategy, a growing business can fail.
The IRS Is Here
While many businesses, especially small businesses, do not receive an audit, it could happen. If you are facing an audit, you will need an accountant. They will help ensure that all your finances and taxes are in order. This will make the audit go smoothly without any issues. If there are issues, an accountant can help ensure you are addressing them properly.
Keep in mind, having an accountant before you become audited is the best idea. That way you know that everything is responsibly managed, and you have nothing to worry about. Waiting until the IRS is at your business door before hiring an accountant may not be as beneficial. However, they will still be able to ensure that you are set for your audit. It is usually at these times that businesses will hire an accountant to keep on their records.
If you want to get a business loan, you can do this yourself. However, it may help to have an accountant by your side. The accountant can assist you during the application process. Keep in mind that if you are a small business, you will need to ensure that you have all financial documents present. An accountant can ensure these documents are accurate and available.
Plus, when you have an accountant with you when applying for a loan, it looks better. It will show the lender that you are serious about your business and that you are going to make it work. It will allow you to better answer questions that the lender may have. Plus, an accountant can help determine if the rates on the loan are worth it or not.
If you are not great with numbers, or do not understand how financials work, you will want an accountant. They will advise you about interest rates and other terms or conditions that are within this loan. An accountant will ensure that you are not getting into a loan that is not the best option for you.
So you are wondering who is the best business accountant in Santa Monica CA? We’re getting to that right now!
The financial planning that is required to start a business is a lot. It is a huge deal. It may be overwhelming at first. That is why you should hire an accountant. They can help ensure that there are no red flags when you are buying a business. They will help you determine if the purchase is going to be worth it financially. They can also determine if there will be debt associated with the purchase.
When selling a business, you will need to ensure your financial records are accurate. That is why hiring an accountant while you are in business is important. Without accurate reports, nothing will be as it seems. In fact, without accurate reports you may have no choice but to sell your business.
Wrapping Up: Who Is The Best Business Accountant In Santa Monica CA
You are now aware of how to find a good accountant and why you may need one for your business. We have done some research and found that Startup Tandem is going to be your best option for a business accountant. With experience in every step of the process and highly trained professionals, you will have nothing to worry about, at least with financial situations.
You should now have a better understanding of who is the best business accountant in Santa Monica CA!