The Unique Challenges That New Boston Businesses Face in Choosing an Accounting Firm

  • Added:
    Oct 06, 2012
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In the northeast, Boston is the hub of most economic activity and for that reason hasn’t incurred as much pain from the Great Recession as other areas have. That makes the prospects for new businesses better than in some other areas, but a lot of factors such as competition and higher tax rates make the success of new entrepreneurs lower than in some areas. As with all new businesses, revenue is very unpredictable in those early first years and managing costs, especially taxes, becomes of extreme importance. For Boston businesses trying to compete locally as well as with businesses in New York City, it is imperative for businesses to have the best financial representation.

In such a tough market, the dividing line between success and failure can be assisted by a strong and experienced Boston accounting firm. Ideally, a new business is looking for one that has a lot of experience in working closely with the IRS and the Massachusetts tax board. This kind of invaluable experience can help avoid an audit or penalties that can be distracting, at best, or disastrous, at worst.

Of course, if it were just that simple, many more businesses would be successful. Many other pitfalls exist including making good hires and partnering with good organizations. A strong relationship with a good Boston accounting firm can avoid these potential landmines. A smart Boston accounting firm can form a good relationship with its client and advise on many matters, even those beyond the latest changes to the tax code. The problem is that separating good Boston accounting firms from the ones that aren’t as good can be really tricky.

The most important issue to consider is experience. A Boston accounting firm that has been in business for years has shown some level of competence to exist for that long, but they’ve also repeatedly dealt with the problems that start-ups face everyday. Learning to work with the IRS can’t be taught in a textbook or at a lecture; it can only be learned over time. It’s also extremely important to only choose a Boston accounting firm that has a good deal of experience in a particular industry.

Businesses vary wildly, so do the challenges they face and any firm that tries to relay the notion that one size fits all is not to be trusted. The other aspect of experience that’s critical is targeting Boston accounting firms that have at least several years of experience in dealing with start-ups and helping them grow. How personalized their approach is, also rates as extremely important. A big Boston accounting firm may have the experience and expertise, but often lacks the patience to work with a brand new company and there can be a better ROI somewhere else.

Boston lacks a lot of the intense problems that New York City has, but finding a good Boston accounting firm is still extremely critical to success. Every business is different, but time spent vetting possible accounting candidates is some of the best spent time that is possible.

Author's Profile

Gavin Harrison is a free lance writer. Get more information about Bookkeeping, Boston Accounting Firm, Bookkeeper, Boston Accountant, Boston Accounting and Boston Bookkeeping.


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