As businesses grow and change, it is necessary to re-evaluate your relationship with your Certified Public Accountant (CPA) from time-to-time and assess whether that CPA is the right match for your business. 

If your business has grown significantly since you hired your CPA, now might be a good time to look at that relationship. Here are questions to ask yourself and your CPA to better judge whether you are well-served and tips on how to find the right CPA if you discover that it is time for a change.

  1. Research. Find out how many businesses your CPA firm works within your industry. Expertise in your industry indicates the depth of experience with the intricacies of your tax situation. 
  2. Review Correspondence. Has your CPA firm reached out regularly to ensure accurate financials are being recorded throughout the year? Do they communicate in a way that works for your financial team?
  3. Do Some Digging. Check with the CA State Board of Accountancy to ensure your CPA doesn’t have outstanding complaints against them (do this when looking for a new CPA firm, as well).
  4. Assess Your Situation. Think about whether you need an Enrolled Agent (EA), a CPA or a tax lawyer. Determine what combination of support best serves you if your tax situation is complex. 

Once you and your team have assessed your needs and current situation and if you decide it’s time to move on, here are some questions to ask potential CPA firms: 

  1. How long have you been in business?
  2. What are your specialties? 
  3. Will you do the work, or do you outsource tax preparation?
  4. What other services do you provide? Tax lawyers in-house, bookkeeping, financial guidance?
  5. How much do you charge and is it negotiable?
  6. How have you handled audits in the past?

Qualifications to Look for in a CPA

Understanding how to find a good CPA starts with understanding their credentialing.  The primary qualification of a CPA would be a license from the state board of accountancy for the state in which you need services. This license serves as evidence that the CPA has completed the necessary educational requirements and passed the Uniform CPA Exam.

When choosing a CPA for professional services, it is important to be sure that the individual chosen is qualified and experienced. Other qualifications to look for include extensive experience in the areas of taxation, auditing and financial planning, as well as a commitment to professional ethics. It is also important to ensure that the CPA is up-to-date on any changes or updates in state or federal laws related to their area of expertise.

Who Needs a CPA?

Businesses of all sizes need CPAs to manage their financial operations, from the large corporate entity to the small start-up. CPAs are also needed for special business deals such as mergers and acquisitions, international transactions, and tax planning. Given their vast knowledge in the areas of taxation, auditing and financial planning, finding a CPA that is a good fit for your organization will ultimately provide invaluable guidance for business leaders looking to set a sound financial strategy for the company.

Can I Do My Own Accounting for My Business?

One of the most important decisions business owners have to make is whether or not to handle their own accounting and financial activities. While there are certain tasks that should always be handled in-house, such as reconciling accounts payable and receivable, preparing monthly financial statements and compiling tax returns, other activities can often be outsourced.

Bookkeeping, payroll processing, and even tax planning can all be outsourced to a professional accounting firm, freeing up time and resources for the business. It is important to understand the benefits of using outsourced accountants before making a hiring decision, as cost savings should not be the only factor considered when choosing whether or not to outsource certain activities. Ultimately,  when considering how to find the right CPA for your company, focus on finding an experienced professional who can ensure accurate and timely accounting records while freeing up time for the business to focus on other areas.

How a CPA Can Help Your Small Business

A CPA can be a valuable asset to any small business. They provide guidance and advice on managing finances, creating financial strategies, and setting up accounting systems to ensure accuracy. CPAs also make sure taxes are filed correctly, help businesses develop budgets and track net cash flow, prepare payrolls and assist with personnel management, and offer advice on structuring loans and other debt. When thinking about how to find a good CPA for small business needs, recognize that CPAs are in a unique position to also give guidance about cash flow planning, pricing strategies, and all types of tactical decisions with financial implications.

How to Get the Most Value from a CPA’s Services

Start by understanding your unique financial situation and goals and then look for ways that a CPA can help you achieve those objectives. Learning how to find a good CPA will ensure that who you employ will be able to provide comprehensive financial advice.  Take full advantage of their skills.  For those that don’t want to manage the entire accounting process in-house, outsourcing services to a CPA can be a great way to maximize efficiency while minimizing costs.

Is a CPA Worth It for a Small Business?

Yes. The comprehensive financial analysis, ability to assess the business’s risk exposure, and help set pricing strategies, is invaluable strategic advice for growth or restructuring. It is too easy for small businesses to fall prey to the skills their team lacks.  A CPA evaluation of a business’s financial operations ensures that the business will have the peace of mind it needs that its finances are taken care of and in compliance with laws. Understanding how to pick a cpa will lead to your business becoming more efficient and profitable.

How TGG Can Help

TGG is the perfect resource to address all your concerns about how to find a good CPA, regardless of the size of your company or payroll budget.  We provide comprehensive research and analysis to help ensure that you select the best qualified professional for your accounting needs. TGG is committed to helping your business find a reliable, qualified CPA that can provide trustworthy financial advice and services. Our personalized attention ensures that you get the best possible outcome for your company.

TGG partners with CPAs to support our clients. Our year-end tax round-up gives the CPA firms we work with all of the financials they need for our shared clients in an organized way. Needless to say, we have some happy CPA partners. 

 Find out more about TGG and how we create clarity through excellence in financial reporting. Book 15 minutes with one of our experts and we will do a quick, complimentary overview of your company’s financial health!

This post was reviewed by our team of accounting and financial experts. TGG’s mission is to make business owners’ lives better through excellent financial management. We strive to provide the most up-to-date and objective information on accounting-related topics so our readers can make informed decisions based on factual content. All posts undergo a review process with at least one member of our Leadership Team to ensure accuracy.

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