The Huge Differences Between A Good Accountant And A Bad One

Starting a new business in New Jersey has many challenges and difficulties that are

exacerbated in a shaky and uncertain economy in a highly competitive landscape. Picking the right accountant can be like adding a wise and seasoned partner that becomes a confidant that helps save a ton of money. Picking the wrong one can lead to financial ruin and having to start over. The differences can be that stark. Statistics shows that anywhere from 75% to 95% of new businesses fail in even good economies. Whats critical to remember is that this data can be mitigated with excellent tax preparation. Quite simply, having a really good New Jersey accountant can be the difference between success and failure or between enormous profits and minor ones.

As stated, there are certain irregularities of doing business in the New Jersey/New York area. When starting a business, the competition is extremely fierce and it is certainly difficult to wrangle business from existing companies. The margin for error may be lower there than in other parts of the United States. One error on a tax return can lead to many potential headaches down the road and the IRS has a history of targeting really young businesses because they are often mistake-prone. Thats where a good New Jersey accountant that has experience and relationships within the IRS can literally be a lifesaver. That New Jersey accountant with a history working with similar start-ups is crucial because there is a lot of unique issues faced by new businesses that more established businesses dont always have to deal with.

Unfortunately, its all too easy to wind up with a New Jersey accountant that doesnt have good relationships or experience. For a really inexperienced small business owner, it can be very difficult to tell the differences between accountants. Initially, the New Jersey accountant is making a sales pitch, so fact has to be separated from fiction as quickly as possible for a new business. Over the last five years, there have been so many new companies joining the accounting industry in New Jersey. While it may be a money saver, picking one of the inexperienced options can lead to trouble since small business owners are contending with many other challenges and problems.

Most people start a business and throw their time and effort into their expertise and not vetting different New Jersey accountants. But that decision may end up being more important than all of the time that is thrown into minutiae of the business itself. To protect themselves, new business owners that dont have a natural proclivity towards these topics must limit themselves to accounting firms that have a decade in the industry. There must be no doubts that a New Jersey accountant has the knowledge required to deal with an increasingly complex tax code. It isnt something that can be learned on the fly, but for too many people that becomes a reality. A good New Jersey accountant would have no problem producing references that indicate their knowledge on these issues is strong.

by: Gavin Harrison

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