Find & Select a CPA
There are many factors to consider in finding a CPA who is going to be right for you. Remember, you are looking to establish a long term relationship with someone who is to be your trusted business advisor. For starters, make sure they are interested in your business and that they are comfortable working with your business size. Here are some questions to ask when selecting a CPA:• Does the CPA understand the type of business you operate? • Does the CPA have experience with your industry and serve other clients like you. • Does the CPA seem genuinely interested in helping your business be more successful and can they contribute to that success? Look for more than just a bookkeeper and tax preparer. • Is the CPA experienced with areas outside the core functions of accounting and taxes such as information systems, business forecasting, valuations etc? • Will the CPA be readily available to provide you with answers by telephone or email? • Does the personality of the CPA mesh with yours? You need to feel comfortable with this professional. • Do you feel confident that issues will be explained clearly so that you are able to make informed decisions? You don’t need a CPA who talks to you in technicalities. The last thing you want is to be left even more confused after a conversation with your accountant. Rather, you want someone who is a good communicator when it comes to explaining business matters that affect your growth and viability as a business. Remember, a good CPA can be a tremendous asset to your business. There will always to situations that arise from time to time where you need the experienced perspective of an accountant to assist you. This becomes even more critical to a smaller business. That’s because, unlike a larger business which can afford to have their own in-house accountant on the payroll, most smaller businesses do not have this luxury. Thus, finding and selecting a CPA you are comfortable working with is very important. CPA's can be an invaluable source of knowledge in handling financial matters, funding, accounting systems, business records and taxation, etc. Also, it’s important to realize that CPA’s, because they work with many different businesses, really have their finger on the pulse of understanding all the issues that a business can face. After all, although you may think that your business situation is unique, you may be surprised to learn that it is not and that the CPA has already seen and solved problems just like yours for other businesses. How To Get The Most Value From The Services Of Your CPA Once you have selected the accounting professional you will work with, the next issue is how do you get the most value from the services of your CPA? Getting the best value in professional services is very important to all of us. Here are a few ideas to help you achieve that: 1. Be ready when the CPA arrives at your place of business, or you meet with him/her at their office. This means, make sure you have all records, ledgers etc. ready and organized. Searching for information while they are there, or showing up for an appointment only to discover that you left important information back at your office is wasteful of your time as well as your CPA's. 2. Give your CPA accurate information the first time. Doing something over because the information was incorrect or incomplete at the start is a waste of time and effort. Plus, it will needlessly run up your accounting fees. 3. Your accountant can’t do his or her job if you don’t give them the full truth. You should feel completely at ease sharing any confidential financial information. If you can’t, then, perhaps you really need to consider changing accountants. 4. Before you complete an important transaction, or wrap up your year-end work, pick up the phone and call your accountant for his or her perspective and advice. Accountants are not mind readers. To serve their clients best, accountants need to be consulted before the client enters into important transactions. Remember, attention to tax as well as economic considerations are all within the sphere of understanding of your CPA. Therefore, be sure to let him or her know what you are contemplating before the transactions is completed. Many mistakes can often be avoided just by having had that conversation with your CPA first. Sometimes, clients learn this lesson the hard way when it comes tax filing time and they learn that something they did during the year is now going to turn out to be an expensive surprise. 5. Use the financial information your accountant generates for you. All financial statements, tax returns, projections etc should be read and understood by you. If you just toss them into a filing cabinet you are missing an important opportunity to use the information in a way to better run your business. If you don’t understand the reports or tax returns, then by all means ask your CPA to explain them to you in language you can understand. If your accountant is unwilling to take the time to do this, then, in all honesty, you really need to look for another CPA who will. 6. Help your accountant to better help you by making sure he or she really understands your business. By default, CPA’s in public practice will normally have an understanding of many different types of businesses and industries just by the fact that they work with so many different clients. However, no CPA will know everything about everything, but, you will most often find them eager to learn. Therefore, provide your accountant with copies of newsletters in your industry, trade journal articles, or other pertinent information about your company. The more you CPA knows about your business, the better positioned he or she will be in to help you when you need his or her advice. 7. Hold your accountant accountable. You should not be willing to accept mediocre service. If you feel that the accountant is not meeting your needs in some area, then you need to let them know. He or she will probably be happy to accommodate you. Again, open and honest communication with your accountant is important. Especially for a small business owner who probably does not have any internal accounting staff or expertise, you should think of your CPA as your CFO or controller for your business who is there for you when you need them. Whether it’s conducting a break-even analysis for a new product line or long term strategic planning for your business, ask for your CPA’s help. Our firm encourages clients to call us with their questions, or just pop us a quick email, that is often a time efficient means to get an answer to your questions especially if your accountant is not in the office when your call, or if you have the questions after normal business hours. Remember, your accountant can be your most trusted, objective, grounded in sound logic professional. So, avail yourself of all the benefits of tapping into that wealth of financial knowledge. The Scope of Accounting and Tax Services Provided If you only send your books off for basic accounting services at year end then you may be overlooking other benefits the CPA could provide to you. There are many services a CPA provides. First, is yearend accounting preparation. At a minimum, you should get your yearend general ledger completed accurately and timely. Second, Tax planning followed by tax preparation. Sometimes the "planning" part of taxes is not carried out very well. The purpose of tax planning is to pay the least amount to the federal, state and local government within the boundaries of the law so that you can retain more of your hard earned profits for yourself. Third, Assess your financial management systems. There are certain expected standards with regard to maintaining your accounting records to meet legal and government requirements. But, you also need efficient and accurate records in order to provide you with the information necessary to run your business. Fourth, to help you select a bank and other professional advisors. Not all banks are best suited for every business. Plus, in some cases, it can come down to personalities that match with your own. Certainly, the same can be said for working with investment advisors, attorneys and any other professional. Fifth, helping you to manage your wealth. All things related to your financial life such as mortgages, pensions, investments etc should never be carried out in isolation. Rather, these should all be a component of your overall financial strategy. The CPA will have strong links with excellent advisors who can provide you with the support you need. (Also worth mentioning here: Our firm does not receive any referral fees or compensation for sources that we refer to). Sixth, show you how your business compares to your industry statistics in areas of financial performance including sales trends, profitability, liquidity, employees etc. in order to help you improve your business. As to the specific types of accounting and tax services we provide, just click on this link Site Links
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