businessBusiness Coachingbusiness growthconsultantFinanceProcess Improvementsmall-business4 Things to Look for in Your Business Financial Advisor

March 3, 2022by Mikerash0
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There is a lot of bad financial information out there- to put it lightly. What’s even worse is that while this information comes from a variety of sources, your broke cousin for one – it also comes from people who claim to be “professionals” in the “financial field”. 

Trusting your financial operations to someone that is inexperienced and/or unqualified can be a recipe for disaster, and our team has seen it all. On the flip side, when you enlist the help of the right individual, it can dramatically enhance your business performance.

But where do you find a good financial advisor that not only meets the right qualifications, but you also trust? Our team wants to put the power of decision in your hands, keep reading below to find out more!

1. What are the specific requirements of your business?

To select the correct financial guidance for your business, start by first asking yourself the requirements of your business and list them out. Before aimlessly searching around for your next financial professional, do your homework to identify each specific service you actually need. This saves you the time of searching for and meeting with the wrong type of financial help.

For example, you may need assistance with your taxes, help with your day-to-day accounting processes, both, or something completely different. Is there anything that you’re missing out on when it comes to financial tracking and preparation? Determine the main reasons you believe you need financial services and then seek someone who has the necessary education, skills and experience.

2. Think outside the box

Most companies prefer to hire a financial professional who is local but may be unaware that there are several inexpensive -but just as effective -options available online. Whether you prefer to work with a professional who has an office nearby or online, be sure that they are able to accommodate your needs. 

3. Do they have a good reputation and experience?

This should always go without saying, but we’re going to put it here as a reminder: do your research before speaking with your next financial advisor. Look for online reviews or speak with local business owners to learn more about a certain individual or company. This not only helps you to learn more about the individual or company itself, but it also helps to narrow down your options. 

Once you narrow down your list of prospective advisors to the final two, set up an appointment with each to interview. These are the following questions you will want to ask them:

“What kind of experience do you have with businesses?”

Of course, you want a financial professional with a lot of expertise, but you also want someone who has worked with companies organized similar to yours. For example, if your company is an LLC, make sure that your advisors have experience with other LLC accounts. 

“Do you provide the services I need?”

Check to see whether the individual or company provides all of the financial services you need. Hiring someone who can only perform a part of the job will give you no other option but hire several other professionals to make up for those other areas.

“How much experience do you have in my field?”

Having a financial advisor isn’t enough. You need someone who understands the ins and outs of your industry, in addition to the problems and requirements pertaining to it. Otherwise, they may be overlooking important tax deductions or providing you with financial advice not based on your industry norms. 

“Who will I be working with?”

Here, you are looking for a single point of contact. As a business owner, you want to make sure that you can call someone any moment to receive counsel from someone with whom you’ve built a proper relationship. When you’re in the middle of a crisis, the last thing you want is to be passed around a team of individuals and having to restate your questions and concert over and over again. 


4. What will you be charged for?

Before proceeding with any financial professional, understand how they invoice for their services. Some bill by hour, others bill by service, and others employ a combination of the two. 

Also, remember to inquire about potential charges that have yet to be addressed. While this may seem like a strange question, you want to be in the know now before you make any commitments. 

Frequently Asked Questions

How do I find the right business accountant?

There is a lot of accounting software available for you to manage your business finances. You want something with an integrated database, which allows it to track your expenses without having to manually input them each time. (Don’t know where to start? Reach out to one of our team members to help you decide on the right one!)

What are the three most important things that an accountant does for a company?

In order for an accountant to do their job right, they need to see how much money is coming and going into your business. Next, they need to have prior knowledge and experience with tax law so that they can create accurate financial reports. Finally, it’s imperative that accountants themselves are trustworthy and honest for your peace of mind. 


Final Thoughts

Whether you are looking for your first ever financial advisor or are unsatisfied with your current one, hopefully you now know the key qualities to look for.

While our team has seen the devastating effects of bad financial advice and practices on numerous businesses, we have helped many turn around their situation and get them on the right path. Our comprehensive knowledge and deep experience in business accounting and finance enables us to offer our clients a flexible service model, giving them the power of building their own plan at a cost competitive price. 

We also provide free, no obligation consultations to anyone looking for more information. To see how we can help you and save you money, reach out to one of our team members today! Call our office headquarters in Placentia, Orange County, California, send us an email, or even reach out on our social media accounts (@mcdaccginc) and we look forward to speaking with you.



Other Resources you may like:

Important Tax Deadlines for Business Owners March 2022

3 Effective Tips for Businesses to Save on ERP Spending

NetSuite vs. QuickBooks: “Which is Right for My Business?”

8 Common Business Bookkeeping and Accounting Weaknesses

Business Insurance: Things To Consider for Your Startup in 2022

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