Wednesday, September 30, 2009

When choosing a CPA...

1. The CPA should have several years of business experience. Knowledge and experience with other businesses in your sector is even better.

2. They answer their phone, return phone calls promptly and respond to e-mail. Excellent communication skills are essential.

3. They should be able to think strategically about your business options and offer suggestions on how to improve your business in the future and not just compile financial reports from last year.

4. Help you execute a tax plan that legitimately allows you to keep more of what you earn. This extends past the taxes that the business pays and includes the income taxes paid by the investors and principals.

5. They are candid and direct in their conversations and communications. It is easy to find an accountant to agree with your decisions but you want someone to tell you when they think you are heading down the wrong road and why.

6. Help you protect your business from embezzlement, fraud, and dishonest employees through good financial controls and procedures. They should also help you implement internal procedures to more quickly detect any errors or omissions.

7. Provide an objective perspective about your business performance. Your sales manager will overestimate sales and the operations manager always fails to add in one-time expenses so you need a clear and accurate picture to make informed decisions.

8. Save you money and increase your profit by helping you identify “best” practices. This is where their experience gives them actionable insight into the business.

9. Be involved in the business community. They should have contacts that can help you grow your business and form strategic alliances.

A face-to-face interview provides the opportunity to know if there's a “right fit” for your business. In addition to all of the above, the chemistry between your personalities needs to match. Make sure to check their references. He or she should have a history of working with successful companies. It is reasonable to think the accountant had a part in that success.

Source: http://www.stevenwieblercpa.com/index.html

No comments: