Small-
and medium-sized businesses often turn to CPAs at tax time so that they aren't
hit with unexpected interest and penalties from incorrectly filed income and
business taxes. Unfortunately, many of these same businesses fail to use
certified public accountants in other ways that can help them save money and
better prepare their businesses for the future. If you're considering working
with a professional accounting firm, be sure to ask the right questions in
order to find out which CPA firm is right for your company.
Do You Have Referrals From Other
Businesses Like Mine?
Most
CPA firms have several industries they're very familiar with. Ask for referrals
from these businesses and from companies similar to yours in particular. If you
handle light manufacturing and global distribution, talking to someone who does
similar work will give you an idea of how the accounting firm handles other
clients with issues that you're probably familiar with. If the only referral
available is from a street vendor, you may want to look for a better fit.
How Flexible Is Your CPA Firm?
Can
they send someone to your facility to learn its inner workings and any
financial issues that need to be addressed? Meeting with them at their offices
is fine in most circumstances, but seeing how you operate on-site and up close
can give them a firmer grasp on what it is you do, what it costs you and ways
they can minimize tax liability while improving your profits. Can someone who
is familiar with your industry respond quickly if there is an unexpected
development?
Are Your CPAs Current In All Areas
Of Business Accounting?
The
best firms in the city aren't necessarily the largest or the smallest. The best
gauge of whether or not they can represent you and prepare your reporting and
taxation paperwork is whether or not their accountants continue their education
year after year. Tax laws change every year and CPAs have to keep up.
Graduating from college with a degree should be only the beginning; ongoing
education, whether online or at a university, gives employees valuable tools
and resources so that your bookkeeping isn't operating behind the times. If
certified public accountants aren't continually learning and expanding their
knowledge base, they may make mistakes that can cost you thousands of dollars
in penalties and fines. Ask what value added services they can provide beyond
those quarterly taxes. Can they perform an internal audit? Educate your
managers and bookkeepers on better record-keeping checks and balances?
Who Will Handle My Company's
Account?
The
size of a CPA firm isn't as important as how they handle each individual
client. While a small firm will give you excellent, personalized service, it
may not have the same access to resources as a larger one, but you could lose
the personal touch if you have to deal with a different representative every
time you work with them. The best CPA firms will assign your company a specific
contact person who will be your liaison, and you will be able to work with the
same certified public accountant every time. This will build trust, help you
relax and ask your questions, and give you personal attention and support
tailored to your unique business needs.
A
combination of personal service, superior support, continuing education and
personal service is the hallmark of an outstanding CPA firm. Until you find all
of these features under one roof, you won't be getting the financial
representation you deserve. So ask the right questions to get the right fit.
For more details visit our another blog post:-
http://dmitriylosangelescpa.skyrock.com/3202551775-New-guidelines-for-LLC-s-in-CA-and-for-IRS.html or call us at 424-274-1391 or also mail us at:dennis@losangelescpa.org & dmitriy@losangelescpa.org
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