Working with a CPA can be an enormous asset for your business. CPAs help you with tax preparation, financial planning, bookkeeping, and a lot more. However, before you pick up the phone or fire off an email, it is crucial to prepare. Taking time to consider your business’s specific needs will make that initial consultation productive and help you find the perfect CPA for you.
What Do You Need from a CPA?
It is easy to feel overwhelmed by the world of accounting; however, a little introspection makes navigating it a breeze. Ask yourself these questions first:
- What takes me ages to complete? Maybe payroll makes your head spin or preparing financial statements fills you with dread. Do you wish you could just hand those tasks over to someone else?
- What is difficult for me to understand? Tax season might be full of mystery, or perhaps you struggle with staying on top of your bookkeeping.
- Where is my expertise lacking? Are there specific areas where you wish you had professional guidance, like tax planning or business strategy?
CPAs can offer services like:
- Answering accounting, tax, and business questions
- Training you or your staff in bookkeeping or accounting systems
- Cleaning up existing bookkeeping
- Preparing financial statements
- Filing sales tax
- Running payroll
- Preparing payroll tax returns
- Preparing individual and/or corporate tax returns
- Estimating quarterly income tax payments
- Tax planning
- Structuring or restructuring your business
- Assisting with loan applications
- Reviewing past tax returns
- Providing business advice beyond just accounting
The Price Tag: Understanding Rates
There are good reasons not to believe in the traditional model of an ‘hourly rate’ in the accounting world. It is better to think about fees in terms of a budget, a flat fee, or payment for specific services. That is because neither you nor your CPA can always predict how long something will take, and hourly billing can lead to unpleasant surprises.
Before contacting a CPA, set a budget for the accounting help you need. Then, prioritize your needs into these categories:
- Must-Haves: Critical items that will be the core of your CPA’s work.
- Would-Likes: Items that would be good to have but you could live without.
- Nice-To-Haves: Things that would be a bonus but are not essential.
Your budget will not always accommodate everything you wish for. Prioritization helps both you and your potential CPA find a happy middle ground.
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The Importance of Proactive Communication
The best CPA relationships are not just about solving today’s problems; they are about building a proactive partnership that supports your long-term vision. By sharing your business goals and maintaining open communication, your CPA becomes a strategic advisor invested in your success, not just a tax-time troubleshooter.
Make sure to discuss with your potential CPA not just your current needs but your long-term plans. In addition, highlight the importance of transparent two-way communication. A great CPA will proactively communicate tax law changes and financial considerations while you keep them informed of major business developments.
Finding the Perfect CPA: Questions to Ask
You now have an idea of your needs, your priorities, and your budget. Here are some questions to ask potential CPAs to ensure you find the right fit:
- Does your background align with my industry? Experience matters!
- What are your business values? Do they match your own?
- How do you prefer to communicate? Are you a phone person or an email person? Find a CPA who matches your style.
- Can I trust you with my business and personal information? Trust is key! If you have any doubts, move on and find someone you feel comfortable with.
Considering Working with a CPA? Get in Touch!
Although getting ready to work with a CPA involves a bit of soul-searching, it is worth it. When you are organized and know your priorities, you are well-equipped to find the perfect accounting partner for your business.
At Quilca CPA Group, we are passionate about simplifying finances for business owners like you. Give us a call at (786) 310-5582 or email us at [email protected] to schedule a consultation and learn how we can bring clarity and confidence to your accounting.
