While the IRS does not require the use of a professional accountant when filing business taxes, there’s a reason why so many organizations swear by them today. If you’re a small business owner, you’ve probably been there at some point – it’s tax season, and you are considering doing your taxes on your own instead of outsourcing help.
The truth is that preparing your own taxes can be quite a tall ask for someone who’s also working around the clock as a small business owner. There is a better way. Without further ado, here are a few tips on choosing a CPA for your small business in 2020:
Come Up With Questions
Yes, you want help preparing your taxes – but there’s also a lot of other stuff that a professional accounting firm can help you with. CPA firms help with a dynamic range of things like improving your business’ cash-flow to giving guidance on applying for a loan. Before selecting your CPA, take some time to come up with a list of financial questions you would like answered. Once you’ve got them written down, it’s time to search each accounting firm’s website for services that can help you find the answers you are looking for. This is a great way of cutting down the pool of potential businesses you will contact, and also provides a lot of added value to your organization overall.
Make Sure They’re Available
You’re busy enough as it is – that’s why you’re looking for a CPA in the first place. You don’t want to waste your time on firms that aren’t taking in new clients at the moment. After you’ve slimmed the CPA pool down with your list of questions, call the ones that remain and confirm whether or not they are available to take on new clients. This will give you a more realistic idea of your options and allow you to focus your attention on the firms that truly matter during your decision-making process.
Ask About Credentials
Not all firms are alike, and it’s important to acknowledge that there are varying levels of knowledge in the professional accounting world. Ask your remaining CPA firm options to go into more detail about their credentials. Do they have any certificates which may make the specially qualified to help your business? What is their education level, and where did they get their degree? Some financial services even require preparers to have special licenses, and others need very niche skillsets in order to work.
The important part is that you feel good about the CPA firm you are about to hire. You are trusting them with your business’ financials, and nurturing that relationship while its young can pay great dividends in the future as they help you navigate tax laws and create innovative ways to save the most money for your business.
If you would like to learn more about how we can help you and your business improve its accounting practices, reach out to our team. For more information on other accounting topics, check out our blog.