Every business needs a certified public accountant (CPA). These professionals possess the necessary experience and education to assist business owners with their financial matters, ensuring compliance with all relevant regulations. With the help of a CPA, a company finds it easier to grow and thrive. However, they must find the right person for the job. What should a person look for when hiring this professional?
Industry Experience
Each industry is unique. When hiring a CPA, a business owner should seek a professional with extensive experience in their industry. While certain accounting elements remain consistent across industries, a CPA with experience in the sector will understand the nuances and ensure their client utilizes funds wisely while minimizing tax liabilities.
Account Direction
Business owners must know exactly who will be handling their account. The fewer people who have access to the account, the less likely it is that sensitive information will fall into the wrong hands. Furthermore, having a dedicated account manager ensures the individual handling the account is familiar with the company and its specific needs. When one person is in charge of the account, the business owner can establish a close relationship with this individual and collaborate closely with them to drive business growth.
Compensation Model
Every business requires a budget. The owner might worry about spending large sums of money on financial advice. They need to consider the implications of not doing so. The CPA does more than ensure the company complies with regulations and maintains its financial organization. This individual also assists with tax planning and preparation. Learn about the compensation model used by the professional and determine if it is comparable to those of others in the industry. If the fees are excessively high or low, the business owner should question why this is the case.
Addressing the Specifics
Business owners need to learn what each CPA can do for their organizations. Every industry is unique, and financial professionals must recognize this and help clients capitalize on any nuances in the law. The goal is to find a CPA with ample experience in the industry, but not one who also works with multiple competitors. Conflicts of interest never benefit the involved parties.
Additional Services
When speaking with CPAs, discuss all the services they offer. A business owner might focus on tax planning and preparation, but the financial professional can assist with countless other tasks. They may take over bookkeeping for the business or handle business valuations. The business owner should find a CPA who handles those tasks that will help their organization grow.
Location
At one time, business owners were forced to work with local CPAs. Today, they can leverage technology and find the right person for the job, regardless of where this individual is located. Video conferences and screen sharing ensure everyone is on the same page. The only exception to this is when the owner has state-specific tax questions. They need a local CPA to address these issues.
Before beginning the search for a CPA, a business owner must know what they want from this professional. Some owners need assistance with one or two tasks. Others need someone to guide them as they move throughout the day. With this information, the owner can narrow the available choices and find the right professional for their needs.
