The last thing you want is to second-guess your CPA or accountant, but if you are even the least bit concerned about the decisions your accountant is making on your company’s tax and accounting needs, then it’s time to evaluate your relationship.
It seems that clients and friends/colleagues ask me all the time for referrals to qualified CPAs and accountants. I’m glad to provide those, of course. In the meantime, here’s a refresher of what business owners should look for in their CPA or accountant.
A good accountant can …
- lower your tax liability through innovative tax-saving strategies. The tax code is a whopping 75,000 pages and 187 times longer than it was 100 years ago. There’s no way any business owner could figure out how to write a smaller check, and run the business very effectively. Tax matters are best handled by tax professionals.
- provide more than simple tax prep. Clients tell me they want to hear from me on a regular basis – and it isn’t any different for their accountant. As long as you are clear as to what the monthly fees will be, a good accountant will work with you throughout the year rather than just on tax filings.
- spot needs and opportunities for life planning. Your accountant already has your complete financial history, so he or she should be able to help you plan for future life events, such as retirement savings or other needs.
- do what they do best and leave the bookkeeping to us. You wouldn’t go to a roofer to install a wood floor in your den, so why go to your accountant to handle your bookkeeping? Accountants want to focus on tax planning rather than tax prep, which gets back to my second point above.
If you’re experiencing heartburn with your current CPA or accountant, try to resolve the problem. If that isn’t a workable solution, then ask for referrals from other business owners or give me a call at 770-745-4283. We’re here to help!