Things to know before hiring a CPA firm

Things to know before hiring a CPA firm

How to hire a CPA Firm?

As an entrepreneur handling your finances and accounting is hard. Even the smallest mistake may deter your ability to succeed. Therefore, you need to hire a CPA firm that is trained to deal with your business issues. However, before hiring a CPA firm, there are things you should know:

  1- What are your needs?

There a lot of different services offered by CPA firms. Before you select a CPA firm, make a list of what you need for your business, such as bookkeeping, year-year accounting, and reporting, auditing or tax preparation. Knowing your service needs will act as a guide to select a firm best suitable to hire.

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  2- Determine how much experience they have

Since accounting work is sensitive, you need an accounting firm that has the experience working with other organizations or businesses in a similar industry. Experience implies that they possess skills and expertise in consultation, planning, and handling accounting systems. More experience they are, easier it is for them to solve problems and keep up with the laws and trends in your business.

  3- Do they specialize in your industry?

You need to find the best accounting firm that specializes in your industry as they can add more value to your business.

  4- Their range of services

Not all CPA firms offer full suites of services, like financial audits, review, compilation, accounting, payroll processing, tax return preparation, and business advisory services. Find the best accounting firm is well rounded on a variety of services.

  5- Proximity to your business

The proximity offers frequent in-person communications. Although technology has helped improve communication in an accounting firm, it’s better to hire a local CPA.

  6- Their service costs

Make sure you review their cost before you make the decision to hire them. Firms charge their services differently; make sure you agree with their fee schedule and process. They may charge their fees either per hour, at a fixed rate or the task they perform. Some offer a flat fee for a single service e.g. preparation of tax returns and charge more for additional services.  Knowing their billing arrangement helps you fit them on your business budget.

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