One of the most important partners for new and growing businesses is a CPA. A certified professional accountant (CPA) helps you accurately track business financials, analyze numbers for opportunities and threats, and prepare you for tax season.
Whether you bring on a CPA for regular on-going support or annual tax planning, a certified professional accountant can provide immense value to your team — but not all CPAs are the same. The level of support a CPA provides varies heavily.
To help you find the CPA partner who is the best fit for your business and needs, we put together this guide with nine questions for you to ask your potential CPA partner. Ask these questions to find the best partner for your organization.
9 Questions for a Potential CPA
When you interview a potential partner, ask questions to learn about their background and experience. Also, ask the potential CPA questions to understand how they work to ensure their expectations align with your wants and needs. Use these questions for a potential CPA to find the right partner.
1. What type of clients do you normally work with?
Find out if they have experience that will help them understand your needs. While they don’t necessarily need to have clients that are exactly like you, it is important if they have similar qualities. For example, you may not want to work with a CPA who primarily works with large enterprise companies if you are a small mom-and-pop shop.
2. What experience do you have in my industry?
Similarly, you want to find out if the potential CPA has experience in your industry, but they don’t need to be a complete match. Look for someone who has experience in your broad business category. For example, a product-based business might not fit well with a CPA focused on working with service-based companies.
3. What software or tools do you use?
There are a variety of accounting software on the market. If you have a specific software you’d like to use, ensure that your potential partner can work with that tool. If you don’t know what software or tools you’d like to use, ask the potential CPA what they recommend and why. Find out if the tools are secure and cloud-based (so you can easily share and access information).
Related: 9 Reasons to Use QuickBooks Online
4. What services are included?
Accounting services can include or exclude many different tasks. Make sure you know exactly what the partner will provide and if it meets your needs. If you aren’t sure what type of support you need, check out our guide on what type of financial support you need based on your business size.
5. What will your reporting include?
In addition to tasks, find out what type of reporting your CPA will provide. The benefit of having a financial partner is receiving reports that can help you keep an eye on your business and pull insights from your data. Ensure your partner can deliver the financial metrics that matter most to you.
Related: The 6 Essential Financial Metrics Every Business Owner Must Know
6. What are some things we should regularly review and discuss?
A CPA shouldn’t spend all of their time with numbers. They should also spend time with you discussing those numbers, what they mean for your business, and how they can direct changes to make your company more successful and profitable. Discuss how they plan to keep you informed.
Related: 40+ Questions To Ask Your Business Accountant
7. How often should we meet?
A business owner should be in regular communication with a CPA to review financial records and find ways to better run your organization. Talk to a potential CPA about how they communicate and how often they think you should meet to discuss your business.
8. What is your fee structure?
You don’t want any surprise bills from your CPA. Ask them to share their fee structure and what situations could lead to an increase in pricing or fees.
Related: When Should You Hire an Accountant for Taxes? 6 Signs It’s Time.
9. How can you help me grow my business?
The best CPAs spend time with you discussing your numbers, what they mean for your business, and how you can make changes to make your company more successful and profitable. Find out if your CPA can provide this level of service or if they are just available to fill out your tax forms.
The Benefits of Working with a CPA
A professional CPA can share expert guidance on key financial and tax-related decisions that will set your business up for success and help you understand factors that will impact your taxes and personal liability.
They can also offer advice on setting up proper bookkeeping and accounting systems, ensuring you stay compliant with tax laws from the start and avoid costly small business tax mistakes.
Additionally, a CPA can help you develop a realistic financial plan, including budgeting, cash flow projections, and understanding potential small business tax deductions or credits. Consulting with a CPA allows you to make informed financial decisions and set a strong foundation for long-term growth. Now all partners offer the same level of service so make sure you ask these questions for a potential CPA to find the partner who can provide what you need.
Should I Hire a CPA?
If your business is just starting out, you may not have the resources or need for a full-time CPA. That limitation doesn’t mean you can get support for your new business.
Fractional, part-time accountants are a wonderful option for new and growing businesses.
A fractional accountant can provide the expert advice and insight you need without being on a full-time payroll. Plus, your partnership with a part-time accountant can grow alongside your business, providing additional services and support as you need it.
How to Hire a CPA
If you’re looking for a CPA who can prepare your annual taxes while offering tax planning and support for your financial tasks, talk to our team at CFO2U. Ask these questions for a potential CPA to see how our team can support you and your business.
Our team of fractional financial professionals can offer you the custom-level support you need based on your business size and unique needs. Schedule a free call with our team to learn about our monthly bookkeeping and tax services.
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