As you grow older and begin investing your money into houses, stocks, and other important financial and responsibilities, your taxes and your personal finances can become increasingly more complex. Having someone on your side who can keep track of your financial situation and help you plan accordingly is an invaluable asset that will reduce the stress that comes with staying on top of everything.
However, getting started can be a challenge. Where are you supposed to find a personal accountant? How do you know whether or not an accountant is right for you? Here are a few helpful tips that will help you hire the right one.
Come up with a list of financial needs
Some personal accountants are trained to handle important processes such as annual taxes and audits, while others may handle all of your bookkeeping and provide you with more insight and advice about your personal spending. Also, you may want to hire an accountant who can take care of all of your business needs. When you’re in the initial stages of searching for an accountant, be sure that you fully understand what you’re looking to get out of hiring an accountant, and that you must fully explain to your accountant what all of these needs are. You will be able to cross some accountants off of your list if they don’t meet these needs.
Ask for their licensing information and experience
No matter what kind of personal accountant you find yourself in need of, you should always ask about their experience and whether or not they have the proper licensing. Most basic bookkeepers and accountants will have received the title of a certified public accountant by passing the CPA exam and being licensed in their state. Many of these accountants will work in specific areas and may or may not be trained in tax accounting (but may be able to handle any issues with the IRS). Enrolled agents are accountants who have undergone rigorous testing from the IRS and who can handle more complex financial situations. Finally, we have tax attorneys, who are licensed to both handle financial work and who have the proper degrees and education needed to represent you in any legal situations. Your needs will dictate which accountant you will look to for help with your finances.
Meet with them in person before hiring them
Although this shouldn’t be too much of a problem when you conduct your search, you should be aware that there are some personal accountants who don’t have your best interests in mind. If they’re being at all unhelpful in their advice, or if they’re acting strange when handling taxes or asking you to do illegal things such as hiding your money, be sure to pay attention to these red flags as they come up. You don’t want to hire someone who could potentially put you and your finances in legal jeopardy.
Any number of situations can make you wish you had someone else handling your finances. Have you decided to buy a rental property? Do you know the tax implications? Did you receive an inheritance and wonder what to do with it? Are you saving for a once-in-a-lifetime experience? You likely have 1,000 questions that you don’t know the answer to. So hire a professional and relax.As long as you do your research, consult those who have the proper licensing and experience, and look for reputable businesses such as amazon accounting services, you’ll be able to find a personal accountant who can help you manage all of your financial needs with ease.