There are several key indicators that you can reference to verify if the CPA you’ve chosen is the best fit for your business. Take a look at insightful questions to ask yourself to get started on your evaluation!
- When was the last time you heard from your CPA?
A CPA understands your business and the mission you want to accomplish. Meeting more than once a year to discuss the status of your business is crucial and how you businesses grow proactively. If your CPA doesn’t meet with you more than once a year, they’re not doing your bookkeeping correctly. A bi-yearly meet up will help mitigate taxes and minimize penalties.
- Does your CPA know your Key Performance Indicators (KPIs)?
If your CPA is simply stating you have great net income, chances are strong they don’t know your industry. For example, your CPA should be able to give you an exact numerical statistic, like chiropractors, should have between 8-15 percent of net income ratio. This shows your CPA is taking the time to know the ins and outs of your particular business.
- Is your CPA planning for you?
Your CPA should be preparing estimated federal, state, and local tax payments for you and utilizing all available deductions. If they are experts in your industry, they will be able to set up a financial plan that benefits every aspect of your business.
- Is your CPA compliant, or will they go one step further?
If you have a CPA, you already know you need to keep your company compliant with taxing agencies. But your CPA should go beyond that. One who goes the extra mile to save you money on taxes and take upon them the responsibility works to grow your business and is what sets a true advisor apart from a “form filer.”
How does your CPA measure up to our checklist? CPA’s can be an incredible value to your company, but only if you choose the right one. These four indicators are functions an expert advisor should be consistently doing. If not, give us a call at 513-791-6288. We’re happy to help your business on the road to success.