It’s widely known that death and taxes are the two “certainties” in life.
Yes, I know, death can be a gloomy topic but its certain that one day, you and I will have to exit planet Earth.
The second certainty surrounds taxes; being compliant with it while not overpaying Uncle Sam. Most business owners are not well versed with the intricate and ever changing tax system (73,954 pages) in the United States. As a business owner, you are an easy audit target for the IRS. It’s critically important to get expert help to keep your tax bill to an absolute minimum without raising any red flags that’ll instigate a time consuming and costly audit.
In this blog post, I will share with you what to look for when hiring a CPA for your business and the important questions to ask? While the majority of CPAs know how to perform accounting and tax work, very few really understand the intricacies to help a small business grow and maximize its profitability and cash flow. Selecting the right CPA will save you a lot of time and money and can arguably be the difference between a very successful business and one that is not.
1) What is your billing structure?
You want to hire a CPA that adheres to fixed fees that are disclosed at the start of the project. This means there are no unpleasant surprises waiting for you at the completion of the project. Many firms also bill their clients on an hourly basis. This is not equitable for the clients because they invariably end up paying for any inefficiencies that exist in many CPA firms. Instead, a flat, predetermined monthly fee works best for budgeting purposes and on cash flow.
2) How will you help me to minimize my tax bill?
Sadly, most CPAs promote themselves as being proactive but in reality are not. They don’t regularly meet with their clients during the year. Most will see their clients during tax season which takes places after the year end. That does not allow to proactively help the business owner to cut their tax bill. You want to hire a CPA that takes tax reduction seriously and has prescheduled tax reduction meetings throughout the year within their services package.
3) What is your level of experience with Profit Maximization and Growth?
Your CPA should be your business confidante, your ally to help you navigate through the thick and thin of your entrepreneurial journey. Most CPA are number crunchers, reporting to their clients “rear view” historical data which is often of little value. Instead, you want to hire a CPA that is forward looking and who will vigilantly review your books to identify opportunities and trends and prevent profit leaks.
4) Do I connect with you?
When you meet with the prospective CPA, how comfortable does he or she make you feel? Is the CPA doing most of the talking or really taking the time to understand you and your business? Every business is different and every business owner is unique. You want to find the CPA that is perfect for who you are. If you are not feeling all that comfortable in that first meeting, you will not in later meetings.
5) Do you offer a money back guarantee?
Look for a CPA that is so confident in their abilities and services that they that are willing to offer a iron-clad money back guarantee if you are not 100% satisfied.
Don’t be afraid to ask these questions when hiring a CPA. It could very well be one of the most important business decisions you make. Are you ready for a change?
Call (732) 566-3660 to schedule a FREE 30-minute “3x Profit Maximizer” Strategy Session.
After meeting with us, you will know for certain whether your current CPA is truly providing you with the tools and strategies to take your business to new heights or if it’s time for a change.