Hire a boutique accounting firm
Since the inception of MyEcommerce we’ve made an effort to keep our accounting and statutory records in order. I started off doing the books myself but as soon as we hired staff, we outsourced our bookkeeping and payroll to a ‘big name’ firm.
We ended up dealing with a lot of unnecessary and unwanted issues due to the lack of competence and urgency of the firm’s accountants and ancillary staff. It took Amelia and me about two years to resolve the predicament we were in as a result of our books being left in disarray.
You need to know and understand what is going on in your business' finances. Accountants can make mistakes. By understanding what is going on in your business' books, you'll not only be in a better position to manage your business but you'll also have a better chance of spotting mistakes in your financial statements should your accountant slip up. It's important to remember that, even if you outsource your accounting, you are still ultimately responsible for the accuracy thereof.
When working with a ‘big name’ firm your work is often handled by interns and the partners hardly ever give you any attention. By choosing a boutique firm you’ll usually engage directly with one of the partners and have access to their wealth of experience and knowledge.