Advantages of Having a CPA
A certified public account (CPA) can provide a wealth of services to your company, including business advice and technical assistance. The key, of course, is selecting the right one.
Talk to colleagues at similarly sized businesses. A small single-store operation doesn’t need a big accounting firm. Ask others about their CPA experiences, good and bad, and ask for referrals.
You can also contact your state’s CPA society, the local Chamber of Commerce or look in the Yellow Pages. Make a list of prospective CPAs in your area and contact them. Here are some questions that will help narrow the field:
• Level of experience?
• Educational background and any additional training attained?
• Expertise in your field? Does the prospect know the applicable business tax laws and their frequent changes?
• Names of clients for references?
Determine which firm is the right size for you. You might be most comfortable with a sole practitioner. If your company is a little larger, a bigger firm with many CPAs might be more appropriate. Remember that a large staff adds up to higher fees.
Next, establish what services you desire or expect to receive. This could include everything from auditing financial statements to estate planning to tax preparation. Keep your budget in mind, and evaluate which services are essential.
Fees will be contingent upon what services are provided, what your business requires, and how sophisticated your accountant’s services are. Know how the CPA charges, the frequency of billing, and what you will be charged for specific services. You can expect higher fees if you ask the CPA to go above and beyond the services you establish.
When working with a CPA, communications and trust are key. If either of those things are missing, you’ve got more shopping to do.