Forming a strategic partnership with a CPA firm provides benefits to businesses, large or small. However, choosing an accountant to work with isn’t as easy as you’d want it to be. Fortunately, there’s a way for you to stand a better chance of choosing one that works for you if you know what you’re looking for. Here are five tips to consider when researching, choosing, and vetting a CPA firm for your business.
Prioritize Value Over Price
Your ideal CPA firm provides more value than others. While you may find one offering an affordable quote initially, the money spent wouldn’t necessarily equal value.
From a banking relationship to finance to retirement planning, a good CPA firm provides practical solutions designed to support your business’s growth. As long as you make a wise choice, you can consider the CPA as an investment capable of providing you with a major return.
Get Referrals From Adjacent Businesses
Each industry is different, and regulations and laws vary. To find a CPA firm that’s been successful in your industry, ask adjacent businesses that have worked with accountants familiar with the business you’re in. An accountant with experience in your space and that has been referred by another business can save you time as well as money when it comes to tax filing, payroll, and handling expenses.
Choose an CPA Who’s Interested in Learning About Your Business
If you’re going to have a long-term relationship with your CPA firm, there needs to be a mutual intention to learn about each other. Just as is the case with personal relationships, a business relationship requires good communication. So you should work with a CPA firm that views you as an individual, as opposed to a number. A good CPA firm will make sure to do all they can to get to know you and not purely see you as a source of revenue.
Consider a Mom and Pop Solution
If you work with a mom-and-pop CAP firm for your business, but then discover that they were taken over by a large company, you may find that the communication becomes less frequent and less personal.
While you may not be aware if and when a change of ownership is pending, you can ask the question when speaking with CPA firms. An honest and open dialogue can provide a glimpse of what’s to come.
Working with a large CPA firm can save you money in certain industries, such as real estate, for example. However, smaller companies that specialize in other sections can provide you with a more tailored experience. So knowing whether or not a small CPA firm intends to stay that way can be an important factor in long-term planning.
Use Research Tools
Okay, so now you have a greater idea of what to look for when choosing a CPA firm for your business. To determine your optimal solution, there are some useful tools available to you.
One such tool is CPAverify, which vets accounting businesses. It’s an impressive database, with all accredited accountants listed. It also shows whether or not their licenses are up to date. Once you’re confident that you’ve found a CPA firm you’d like to work with, it’s advisable to double-check that all the right credentials are in place before you move forward.
There are also review sites, like Clutch, which provide a great way to learn how similar businesses have rated their experience with various CPA firms. Another site that may be more helpful is Glassdoor. It displays ratings from employees regarding their experience of working at the firm. A business with a strong culture and happy employees tend to make good professional partners.
Wrapping Up
Choosing the right CPA firm for your business to work with is a significant step in establishing your business’s financial future. Taking shortcuts to find a cheap solution can be costly in the long run, thanks to mistakes and missed opportunities.
When building your relationship with a CPA firm, you should prioritize value over cost. Before signing up to a firm, vet their credentials with such tools as CPAverify, do some research, and speak to adjacent businesses to learn about any experience that they may have had with the firm. Also, research the firm’s size and scope goals. Finally, remember that there’s value in an accountant showing intention to learn about you and your business.
These tips and tools should allow you to find a CPA firm with whom you can enjoy a successful and long-lasting relationship.
