Every business, regardless of their size (either small-scaled or large-scaled), must have a CPA, but not an ordinary accounting officer.
A CPA is a Certified Public Accountant, or an accounting expert, who excelled in the CPA exams. He or she equally passed other state requirements and certifications. With this qualification, CPAs are enrolled in public accounting companies. They also work as consultants on matters involving taxation and accounting.
CPA for your business helps provide you with the right taxation and financial advisory services. In this regard, a CPA is legally certified to help your business to make the right choices to achieve your set financial goals. But the question is, how can you recognize the best CPA?
How to recognize the best CPA
Research shows that so many people have problems identifying the best CPA firm. A high percentage of people hardly know much about the CPA’s they hire. A survey conducted by NerdWallet revealed that almost 80% of people in the US, who rely on the services of CPA’s, did not ask anything about their credentials.
Before hiring a CPA for your business, the best thing is to engage them in a conversation. Seek to learn a lot from them and establish what value they bring to your business. Take your time to learn about the person or their consultancy firm. This is the best way to gain their trust. Find out whether they are ready to give you a piece of good tax advice. Asking them the right questions will derive plenty of vital information about this accounting professional or consultancy. The following should be your checklist:
Know about their fees
Ask your CPA to spell out their charges in totality and the billing alternatives available for you. It is essential to know the kind of costs to expect.
Learn about their services
Find out more about all the services they offer, for example, payroll processing, tax auditing, and bookkeeping. Seek to know whether your CPA firm has other professionals and whether they specialize.
Ask if they are qualified
One of the primary indicators of qualification for your CPA is whether they can represent you when you require going through IRS auditing. Typically, every CPA is qualified to serve businesses in IRS auditing, but, an ordinary accountant is not.
Find if they know your business
A good CPA must have experience with your line of business to understand your tax details and complexities. This is because companies or organizations are characteristically different and must be handled differently.
Find out whether they can communicate instantly
Many professional CPA firms rely on emails and other teleconferencing services, such as Skype to make instant communication. They are always essential, primarily when an urgent need arises. Therefore, know the right contact persons and immediate means of communication available.
Find out the frequencies of meetings to discuss taxes
Tax meetings are crucial for your business. Find out when you will have a face to face meeting to discuss your business taxes issues. Mid-year sessions are advisable when June financial statements are ready.
Lastly, a CPA must be trustful, open, and certified. They must be committed to serving you. On top of everything, your CPA must share the same business philosophy with you. They must fit into your shoes perfectly.
What are you waiting for? Get your business a CPA, who will represent you even when IRS is in hot pursuit of your tax reporting.