Are you looking for the best CPA firm for your business?
In this article, we give you insights that will help you hire a CPA firm best suited to your specific needs.
With every passing year, lawmakers change figures or specifics of different laws, which makes it near to impossible for an average citizen with limited information about financial and legal matters to take best informed financial decisions for themselves or their business. Some examples where you could really use the expertise of a CPA are when claiming tax deductions for your home office, or when selling your investment property.
Hence, for many reasons, your CPA firm will give you legal representation you need and can benefit from. It also enables you to stay on the top of any changes in tax laws and offer other business services like developing budgets and financial advice, which can help you do your optimum.
That’s why it is essential that you look at and understand all important aspects of hiring the top Long Island CPA firm or from elsewhere. To help you with this, here is some important question you need to ask a CPA firm before hiring them.
What is your fee structure?
The free structure that the CPA firm uses to charge for their services is the most basic question as it gives you a clear idea if their services are in your budget. However, normally CPA or accounting firms charge you by per hour rate or they charge different fees for different services such as filing for income tax and preparing business financial statements.
What are specialties of your firm?
Accountants or CPA often specialize in one or more branches, areas or industries that allow them to get the best use of their experience in their niche. For example, an accountant or CPA with experience of working in the healthcare industry will not be the best choice for a farmer, who should look for a CPA firm that specializes in working with rural and agricultural clients.
What certification your firm holds?
If you only need basic tax preparation and bookkeeping services for your business than you can hire an accounting firm that offers such services and certifications like CMA, certified management accountant. However, if you are looking for in-depth financial and legal analysis and advisory services for your business operations and investment then you should hire a firm that holds certification of Certified Public Accountants.
Moreover, one of the top Long Island CPA firms can give through, insightful legal and financial advisory services that help you make the best of any situation.
How often will your firm get in touch with us?
When it comes to outsourcing services, it is possible that two different clients expect different level contact and availability from the firm. Where some businesses may just need their CPA firm to get in contact every tax season, and some may prefer some active role of the firm in their business activities. Hence, it is important that you discuss this with the firm in advance and make sure the availability and accessibility of the CPA firm are good enough for your needs.
How active will you be in goal setting of the business?
Having your CPA firm to not only help you set your business goals but to also monitor and analyze their financial progress, can be very important and insightful for your business growth. This can really help you improve, learn from your mistakes and grow in your industry. Hence, ask this question from any CPA firm you might hire and consider this your decision.
Do you offer audit services?
When it’s that time of the year and the Internal Revenue Service comes knocking your door, you will really understand the importance of your CPA firm. It is very reassuring to know a team of qualified and experienced CPAs is by your side, representing your interest and handling the matters. Being under audit can be rather stressful and during this time you can really using services of a CPA who knows what they are doing.
Hence, make sure you know if your potential CPA firm will be able to provide your audit support and representation.
Can we speak to your references?
One of the best ways to get to know your potential CPA firm is to speak with their reference list. The old word-of-mouth and personal recommendation still work well. Make sure to ask the reference some specific question, which may be related to firm’s services and how they helped the specific business achieve their goals.
However, if you want to prioritize the reference list, make sure you first contact all businesses that are of the same industry, scope and size ad you, to get a better understating of how the firm will help you.
Conclusion:
Outsourcing to a CPA firm is definitely an important decision for the long term and short term growth of your business. Hence, make sure you ask all of the above-mentioned questions and more, have detailed discussions and only hire a firm once you are satisfied with every aspect.