Public Accountant To Private Accountant: Can You Make This Happen?
A public accountant is one who serves the public in general. He or she is an accountant that is willing to do taxes for just about anyone that needs their taxes done. A private accountant is one who is hired to do a company's taxes exclusively and does not do taxes for any other business or company. If, for whatever reason, you are interested in hiring an accountant, but you want to make a public accountant private, here is the process you and the accountant will need to follow to make this happen.
Find an Accountant Who Is Willing to Go Private
To make a public accountant private, you have to find an accountant who is willing to be your company's exclusive accountant. You also have to agree to the monetary compensation terms of the accountant, in order for that accountant to agree to be your private accountant. If you have the financial ability and resources to grant the accountant what he/she wants for a salary, then you can proceed to the next step.
Draw up the Unique Contract Securing the Public Accountant's Services as Your Private Accountant
In order to solidify this arrangement to both parties' satisfaction, you have to draw up the unique contract that gives you and the accountant exactly what the both of you have asked for and have agreed to. You will need a lawyer for this. When you have both read over the contract created by the lawyer and find it acceptable, both of you must sign it in the presence of the lawyer.
Once the Contract Is Signed, the Public Accountant Is Officially Private and Working for You
Once the contract is officially signed, the public accountant can begin working for you and your company as a private accountant. If he/she was part of an accounting firm, he/she has to quit that firm, because your contract negates his/her ability to continue working for the firm. Going forward, he/she will work exclusively for you and will handle all of your accounting needs.
He/she is not allowed to take on other clients, unless or until you have fired him/her or he/she quits to return to public accounting. Either of you may terminate your working relationship and partnership at any time, unless there is some stipulation in your contract that states otherwise. Not many public accountants are willing to make such a drastic change to their careers, but they might, if they are offered a very handsome salary and benefits package.