CPAs are certified public accountants who have an extensive understanding of tax law and best accounting practices. If you are a small business owner, you are likely aware of the importance of having a CPA. If you are self-employed, a CPA can help you lower your taxes and spot write-offs you may have overlooked. When it’s time to hire a CPA for your small business, here are some questions you should ask so you choose the right one.
How to Choose the Right CPA
When you are ready to hire a CPA, there are several questions you should ask before you hire. The best way to look for candidates is to get referrals from your bank, lawyer, or business advisor. Try to stay away from Google and other search engines when looking for candidates to interview.
1. What is Your Experience with Small Businesses?
Ask the candidate to describe their experience working with small business owners. How many small businesses have they worked for? Small business finance runs differently than that of medium-sized businesses or large companies. Seasoned CPAs should be able to work with the nuances of small business accounting and provide you with client references that you can call. This will help you ensure that you are bringing a knowledgeable, tried and true CPA on board that you can trust for the lifetime of your business. You may also want to ask what their experience is in your specific industry. CPAs usually specialize in a certain industry, so you will want to find one that is tailored to your exact needs.
2. How Much Do You Charge?
It goes without saying that you must be able to afford your accountant. CPAs will bill by the hour or work for a monthly retainer. Hiring a CPA should be treated just like any other purchase you make for your small business. You don’t have to choose the most expensive CPA, but you should get quotes from multiple sources and choose one based on value. See how the cost of each accountant will affect your budget and go from there.
3. What Services Do You Offer?
CPAs may offer a variety of services including tax and auditing services, bookkeeping, and budgeting. It is important that you ask about which services each candidate provides so that you can choose the best CPA for your small business. Accountants who have higher qualifications will offer a lot more for your business but may come with a higher price tag.
Choosing the right CPA will help you save money on taxes and maximize deductions. By asking the right questions and looking in the right places, you will be able to choose a lifelong accountant that will help you grow your business. With the right CPA, you’ll save time, money, and avoid financial disasters.