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Hiring a CPA is a significant decision no matter whether you do so for personal or business reasons. Thus, it’s not something to take lightly. In our last blog, we started by explaining essential factors to consider when you want to hire the best CPA. In this article, Edgewater CPA Group concludes the list. Keep reading to dive deeper into the list, and round out your CPA hiring knowledge.
Look For Industry Experience
While CPAs who freshly pass their exams and achieve licensing can file tax returns and perform accounting, experience is always preferred. Experience equips CPAs to understand current laws and trends, and forecast future events at a depth beyond novice CPAs. Additionally, experience churns out seasoned professionals who communicate with and advise their clients well. If you look at the endeavor as a partnership, doesn’t it make sense to find someone who will cultivate and steward the financial relationship well? These are just some of the benefits that industry experience yields.
Ask Them to Explain Accounting 101
Many individuals and business owners focus on things outside of accounting and bookkeeping. They might run payroll and run financial reports but not be the most well-versed in accounting principles. While CPAs can perform these functions, they may not be able to articulate them to others in a way that’s easily understood. Clients don’t have to be finance experts, but it’s always good to have a rudimentary understanding to make sound financial decisions, and have an adequate financial strategy. As part of the interview process, ask specific questions and determine whether they explain things in a way that makes sense to you.
Determine Their Fees
CPAs offer different fee structures. Some charge hourly, some base fees on complexity, and some offer subscription packages. Sometimes CPA firms adjust funds depending on the nature of work. However, a good firm shouldn’t charge you based on the amount of a tax refund amount. Avoid anyone who offers this type of fee structure. Ultimately, it would help if you went in with a good understanding of what you want to accomplish, and determined the fee structure offered to get there. Then, use the information to aid your final decision.
Trust but Verify
People often overlook one aspect as they attempt to hire the best CPA, confirming credentials. It never hurts to verify that a potential CPA has a Preparer Tax Identification Number. Additionally, the state licenses CPAs, and you can look up their information with the state board of accountancy. In addition to license status, you can also review any suspensions or disciplinary action.
Make the Decision
Edgewater CPA Group would love to make the shortlist in your search to hire the best CPA. We serve Carmel and the surrounding areas, and we have since 2008. Ask about our payroll, bookkeeping, accounting, business & tax strategy, cryptocurrency, and other services. Call (888) 317-4835 to schedule a consultation.