3 Attributes Businesses Should Look For in a CPA

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3 Attributes Businesses Should Look For in a CPA

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Before remote services were readily accessible online, businesses were limited to their local areas for bookkeeping and tax services. Sometimes this meant hiring in-house year round and/or going to a local CPA for yearly tax preparation. Times have changed since then, but businesses can use this to their advantage. We’ll discuss this more as we look at 3 attributes businesses should look for in a CPA.

#1. Tailored Services:

There are many different types of businesses in operation today, yet all have some form of accounting and tax preparation needs. Inside the workforce of each business are various levels of expertise as well, who may or may not be up to the task of keeping the books and filing taxes; yet, many times, even if a business has aptitude toward these tasks, they’re lack of expertise and time availability may becosting them.

The first attribute businesses should look for in a CPA is their ability to deliver tailored services. This could range from simple AR/AP bookkeeping and yearly tax preparation, to on site audit support and payroll processing. Businesses need a CPA that can tailor services according to their needs, so they’re only paying for what’s needed.

Keep in mind, though, a good CPA (after an in-depth consultation) will recommend the services they think will benefit each business’s needs. This may consist of services the business wasn’t aware they needed, yet this isn’t always an up-selling effort; an element of trust is needed to formulate a financial strategy.

#2. Communication Methods/ Responsiveness:

There are many capable CPA services in the U.S., yet capable doesn’t, exactly, mean friendly or responsive. What does this mean? Well, businesses need to look for a CPA that speaks their language and makes complex subjects simple to understand. Not only this, but one that’s also responsive to questions, issues, and inquiries.

This is a subjective attribute, in a sense, yet, also a pragmatic and justifiable one for businesses to desire from their CPA. Remotely outsourcing accounting and tax processes expands the selection of CPA services available, so businesses should expect to find one that communicates in the methods they specify and is responsive to their satisfaction.

Financial matters are vitally important to any business, so the CPA needs to be considered part of the team; this means they’re readily accessible through multi-media channels within a reasonable period of time. Also, friendly service is great, but it’s even better when added with: consistency, honesty, and quality.

#3. Growth Potential/ Expanded Benefits

Most businesses don’t think of their CPA as a financial adviser or CFO, yet, essentially, a comprehensive CPA service is just this. What experience and expertise does the service have holistically? Does the CPA service offer more than simple accounting and tax preparation services? Businesses should consider the CPA’s expanded capabilities, and consider the extra benefits they’ll gain using them.

This attribute can really be helpful for startups, small professional services, and SMBs without a dedicated CFO. Consulting, software, financial forecasting, tax strategies, shareholder presentations, free eBooks and resources, profitability analysis, inventory management, fixed asset reporting, and more – are the type of expanded services that can boost a business’s growth potential.

For instance, say a franchise business needs an asset based loan, the CPA can prepare a fixed asset report, a financial trend analysis, and a profitability analysis, in order to help them acquire the loan. Businesses should think ahead and find a CPA service that not only can grow with them, but also has the: technological tools, expertise, experience, and expanded services, to help them grow.

Summary

Because of cloud and mobile computing technologies, modern businesses have more options when it comes to choosing a CPA service to partner with. Financial matters are a vital aspect of all businesses, and if handled wisely can save more money than a well placed product or service can make. If businesses find a CPA service with these 3 attributes, they’ll gain a beneficial partner in their profitable efforts – not to mention save a lot of headaches.

While the modern world does add complexity to finances and taxes, technology is offering businesses ways to overcome these challenges and simplify them even more than before. Cloud accounting with remote accessibility is one of the ways technology is streamlining these important processes.

Businesses still benefit from having human expertise to help guide, direct, and advice them on what software to use. MOD Ventures has the experience, tools, and expertise in accounting and taxes, to help businesses find the right financial strategies moving forward. We’re the type of comprehensive CPA service businesses can grow with and find the 3 attributes highlighted. Please contact us today to learn more, or for a free financial consultation.

By | 2016-11-28T09:53:05-07:00 November 28th, 2016|Accounting, Blog, Business Advice|Comments Off on 3 Attributes Businesses Should Look For in a CPA

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