One of the most important people you will hire for your business is a corporate CPA. Financial health is critical for your business. Not only do you want your business on stable financial footing, but you also need to be in compliance with constantly changing federal and state tax laws.
Hiring the right CPA for your business will make a significant difference in the way your business runs on a daily basis and in how it meets its larger goals. To help you find the right CPA for your business, we here at the office of Abigail Y. Murray, CPA, LLC., have put together the following six tips to help business owners just like you.
1. Know the difference between a CPA and an accountant.
If you want your business to reach its fullest potential, you need to make it as financially stable as possible. Just as you would want to see the most qualified doctor when your body’s health is at stake, you should hire a CPA – not just an accountant – to watch over your business’s financial well-being.
Many people (including business owners) don’t necessarily know the differences between a CPA and an accountant.
A CPA is a step above an accountant. CPA stands for Certified Public Accountant, so they are accountants who have passed difficult state-level exams that grant them a license that they must keep current with throughout their career. This system ensures that they stay up-to-date on current state and federal tax laws.
Another benefit of having a CPA instead of an accountant is that if the IRS audits your business, only a CPA is able to represent your business before the IRS.
2. Assess your needs.
Before hiring a business CPA, decide exactly what your business needs. Whether you need help with payroll and revenue tracking, or tax and investment advice, narrowing down precisely what services you need from a CPA will help you find a perfect match for your business.
3. Find a CPA who can provide financial analysis.
Some business owners worry that hiring a CPA (instead of taking care of the business finances themselves) will cost money but it’s the reverse that is actually true. A CPA can help you save money with their understanding of tax codes and how to implement them in a way that is most favorable to your business.
They can also provide sound financial advice to help sustain your business. When looking for a CPA, find out if they can offer financial analysis along with their accounting skills. By understanding profit margins, market trends, and other indicators, your corporate CPA can provide valuable insight into the financial health of your business.
4. Consider communication skills.
Working with a CPA will not help you much if that CPA cannot effectively communicate with you or your employees. Because a CPA must gather information from those working at your business, it is important that they have clear communication skills to help them formulate questions and understand the feedback that they receive from you and your employees. You also need a CPA who can break down the data in terms that can be easily understood.
5. Understands your vision.
For your CPA to be most effective, they need to have a firm grasp of your business’ culture, as well as be on the same page regarding the financial goals you have set. Make sure you clearly outline what your business goals and specifically ask how they can help you achieve those goals with their services.
6. Don’t delay.
Procrastination can turn your good intentions into wishful thinking that leads nowhere. Don’t delay the critical decision of hiring a business CPA.
Instead, contact our McAllen CPAs at (956) 800-5600 to get the most qualified partner for your business. At Abigail Y. Murray, CPA, LLC, we have years of experience in helping businesses maximize their potential with sound financial practices. For more information about how we can help your business, contact us today at (956) 800-5600.