What to Look for in a CPA
Jun 09 3:59 PM

What to Look for in a CPA

Jun 09 3:59 PM
Jun 09 3:59 PM

Looking for a New CPA 

The tax deadline just passed and the reality is not everyone will be happy with the work their CPA did for their business. Maybe that’s you and you’re on the lookout for a new CPA for the next tax season. Well, choosing the right one is very important. There are a few different things to consider before making a choice. And there are other tasks to tackle before choosing as well.  

The Qualifications 

Of course, the CPA you choose needs to be qualified, but what does that look like besides being a Certified Public Accountant? First, they need to be able to communicate. This doesn’t only mean they can run a productive meeting with you, but they should be able to translate tax language in a way that you understand. Think of it as someone who’s improving your tax knowledge and understanding for your business. We’ve mentioned this a lot that it’s not only the interactions that matter, but the quality of the relationship as well.  

Experience is another qualification you should assess before choosing a CPA for your business tax needs. A CPA whose main clients are individuals or families would not be the right fit for you as a business owner. But your business size matters as well. A CPA who specializes in major corporation taxes wouldn’t be the right fit for a small business owner and vice versa. 

When looking for a CPA, you might meet with a few to discuss what you’re looking for and if they’d be right for you. This is the time when you as a business owner and potential client need to express your expectations. This is important to start off on the right foot when you choose your CPA, but it also lets potential candidates know what you are and aren’t looking for. This way, they can let you know if they’d be a good fit for your business CPA needs.  

Tasks Before Choosing 

The first task you need to do before making a final decision about your CPA is compile a list of questions about your business that a financial planner might be able to answer. The following are some examples: 

  1. Do I want to improve my cash flow? 
  2. Do I want guidance applying for a loan? 
  3. Is financial planning important to your business? 
  4. Am I considering exiting the business – whether that means selling it or passing it on to family? 

Next, you need to make sure the CPAs you’re considering offer these services that will satisfy your questions. You can check firm websites, partner profiles, services offered, industries served, and any other information for potential clients. Asking peers for recommendations is a good option as well.  

Here are a few questions you can ask when meeting with potential candidates: 

  1. What degrees, professional certifications or training do you have in accounting? Other areas? Each accountant at the BaCo Group is a licensed CPA with work experience from all over. Some have their bachelor's degrees and others have their bachelor's and master's degrees in accounting.  
  2. What experience do you have working with businesses in my industry? Of my size? BaCo Group focuses on clients that are small business owners or entrepreneurs whose businesses have multiple entities. We’ve worked with clients in multiple different industries such as moving and storage and marketing agencies. We feel flexible in terms of what industries we serve.  
  3. Who will be my main point of contact and how quickly should I expect them to respond? Our business is named BaCo Group because everything we do here is a team effort. During your time as a client, you will speak with multiple different people who are qualified to help you with whatever you need. We work to ensure that you do have a consistent point of contact and have several team members answering phone calls from 9-5 Monday through Friday. 
  4. How do you set fees? We operate on a flat fee billed in advance, rather than an hourly rate billed after the work is done. When we begin an engagement with a new client, we set our cost for that client based on the work discussed, and then provide an engagement letter that covers the cost and details of the service we will provide. That can then be paid by monthly, quarterly, or one-time payment plans.  

Any small business owners or entrepreneurs can set up a meeting with BaCo to discuss our incredibly unique approach to tax returns and accounting. Maybe we’ll be the perfect fit for you.  

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