Every business needs a CPA. Period. More often than not, startup founders and small business entrepreneurs look for ways to save money, and in the process, they end up hiring the wrong accounting firm. In this post, we give you a list of dos and don’ts that you must follow for selecting a small business CPA.
Take your time to understand the accounting needs of your company. Not all accountants are CPAs, but all CPAs are accountants. Small and medium-sized businesses don’t always need a full-time CPA, but it also depends on the kind of operations they have. For example, if you deal with a large number of cash sales every day, you may need a small business CPA within the workplace at all times. Otherwise, you need a team that can keep your accounting, tax, and compliance needs in check.
Do Hire a Known Firm:
An accounting firm that specializes in small business accounting must have enough clients in the niche. Ask them about the range of projects they have managed so far, and whether they are willing to share references on request. A CPA firm that’s knowledgeable, experienced, and well-reputed in the industry should be your first choice, and as discussed, do ask for client details and seek details of their active projects.
Don’t Ignore Experience:
When it comes to accounting, nothing matters more than experience. You need a company that’s well versed in the norms of the industry and understands the accounting practices and compliance matters. They must have relevant experience with IRS and must have handled similar clients in the recent past. Their team should be able to explain what they can do for your company in particular and how their presence can change the overall game for your business.
Do Ask About Their Team:
An accounting firm is managed and run by many professionals. You need to know who is working on your project and whether they will be available to take questions and tasks as and when required. Knowing the core team is an absolute necessity because they can make or break things when it comes to tax preparation and compliance matters.
Don’t Select the Cheapest Firm:
You may be on a small budget, and you cannot the afford best CPA in business, at least look for an option that’s worthy of your business. Check online, where you can find more details on ratings and can also read reviews from other customers. Nevertheless, do get a budget in advance, so that you can compare some of the choices. A CPA who is always around to take note of your problems and is accessible for regular financial decisions should be your preferred choice and will more than pay for themselves.
Lastly, don’t forget to look for additional services. Many firms also specialize in small business consulting, and they can offer help with financial decisions if needed. Also, you can seek assistance for a lot of smaller matters that may crop up during the course of business. Check online now and make you’re shortlisted of local CPA firms for small businesses.
I am a marketing representative of Thomas Smith CPA, PLLC a CPA firm in the Raleigh area. We provide accounting services, tax preparation, and business consulting at a price start-up can afford.