Alicia Saxon

Choosing the Right CPA Partner for Your Small Business

Cite This
Alicia Saxon, (2023, January 1). Choosing the Right CPA Partner for Your Small Business. Psychreg on Business & Industry. https://www.psychreg.org/choosing-right-cpa-partner-your-small-business/
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A certified public accountant (CPA) is a professional accountant who has acquired the CPA certification by state licencing criteria. They offer a wide range of accounting services based on the demands of the individual firm. A CPA can provide much more than a bookkeeper or accountant. They can handle your financial records and audit reports, analyse business finance, prepare taxes, and give legal and financial advice.

When you look for CPA partner firms, you are looking for more than an accountant that can handle bookkeeping and payroll processing. These professionals should be ready to help you make crucial business finance decisions. So, spending some time to find the right CPA partner is important for business success. 

Here are some tips to choose the CPA firm that can assist with your business accounting:

Service offerings

You must find a partner that can provide you with multiple CPA services for small businesses on demand. Apart from regular accounting services, you may need financial management, company secretarial services, annual financial account auditing, statutory reporting services, etc. Looking for a comprehensive CPA partner is beneficial because you need not look for another CPA when the scope of your business increases. 

Service availability 

When you partner with a CPA firm, you want the accountant to be available whenever you need them. These professionals will be busy during tax season, but they must be willing to provide the services you want. The firm should have CPA professionals who cater to your business needs even during busy times. Also, the accountants should be easily accessible for your firm. If necessary, they must be ready to come down to your office and sit with your in-house finance team to sort out business finances. 

Proactive communication

The CPA partner you choose should communicate proactively. They should respond to your questions promptly. Business accounting involves accounting systems that must be maintained adequately. So, making your finance team aware of the system requirements is crucial. Also, the consultants should clearly explain their solutions and suggestions so that you can make critical business decisions. 

Competence and experience

When you partner with a CPA firm, you need the accountants to have technical competence. When you hire CPA tax services, the accountant should be able to file the taxes properly without any errors. They must have experience with the tax system to understand the requirements and complete the paperwork properly. Also, their system must ensure data security, so your business financial records are always safe. Always choose a CPA firm that has at least a decade of experience to ensure that they understand the accounting processes thoroughly. 

References

Hiring a CPA partner is a big decision for your small business. You must put your trust in the professional to organise business finances, prepare reports for business planning, and provide counsel. If the CPA partner is unwilling to provide previous client reviews, you should go away. A reliable and trustworthy CPA business will always be willing to give references and recommendations from previous clients. The level of service can be simply judged based on how successfully they have previously served their clients. So, always ask for and check references to ensure that you are working with a trustworthy CPA partner.

Use of software and automation

The accounting world is not about pen and paper anymore. The accountant shouldn’t spend hours looking through huge amounts of paperwork to get information on your business finances. The CPA firm you choose should use modern accounting software that can be accessed anytime, anywhere. This way, you can get financial reports immediately. Many CPA firms now use cloud-based software solutions and automation to streamline business accounting. 

Knowledge of business financing implementation

The CPA firm is more than simply another bookkeeping partner. Accounting specialists with CPA qualifications should aid you in making key financial decisions. They must comprehend your company’s products and services as well as envision the future. They should help you make long-term business decisions about acquisitions, mergers, and takeovers. They must also recognise red flags in business finances so that they do not lose money in the long term. Always select a partner who can see your company’s future and advise you properly. They must motivate decision-makers to make new company decisions that promote growth.

Takeaway

The CPA firm should have an accountability process in place so that everyone on their staff works together to benefit your business. They should instil accountability in your team as well. They must notify you of any changes in firm finances, including reconciliation. The partner must properly provide fee information so that hidden fees do not catch you off guard. You don’t need an expert in-house financial team if you discover a CPA partner who communicates proactively, uses current technology, enables end-to-end data sharing, and supports data-driven business choices.


Alicia Saxon did her degree in psychology at the University of Hertfordshire. She is interested in mental health, wellness, and lifestyle.


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