When you hire a CPA for your business, you want to get your money’s worth. Why wouldn’t you? The truth is that a CPA, or certified public accountant, can be a little bit like a hired problem solver for your business. Other issues are easily solved – spats with coworkers, a broken water cooler, a window that doesn’t work – but financial issues can run deep. For instance, if you have a problem with cash flow, having an accountant on board can help you wade through some of the more common cash flow issues that businesses face. Here are some ways to get your money’s worth when you hire a CPA for your business.
- Have your biggest and more chronic fiscal issues laid out. Before you hire a CPA, you want to work closely with your partners to make sure you have a list of your biggest and most chronic financial issues. If you don’t have a list of problems for your CPA to tackle, it will be difficult for him or her to get started.
- Hire an accountant that specializes in your type of business. If you buy a franchise, you aren’t going to hire an accountant that specializes in personal accounting matters. Ideally, you want to find an accountant that specializes in business accounting, like Fulton CPAs. If you have bigger issues to wrestle, you will need a CPA with the knowledge that is needed. Moreover, you will need a CPA that has experience. If you don’t know, you will definitely not get the most out of your CPA.
- Work with your accountant to tackle the bigger problems. If you do have major problems that are threatening the health of your business, you may have to roll up your sleeves with the CPA. If you let the CPA tackle these bigger problems on his or her own, it may not be efficient and the problem may get worse. Of course, this is usually just in the beginning. After you tackle the big priority issues, your CPA will be able to help bring back homeostasis to your books and you can roll your sleeves back down.
- Make sure that everything is organized and prepared. Just like making a list of all the priority problems is important – you also want to make sure that you organize all your books. For instance, if you have a pile of receipts, you may want to have your accountant put all these numbers into a spreadsheet. Ideally, you want your CPA to have the clearest picture possible when he or she starts work.
- Don’t expect miracles to happen and don’t shoot the messenger. One of the most important things to realize is that an accountant is not a miracle worker. Her or she won’t be able to save you more money than is realistic. Plus, when your CPA tells you that a problem is unfixable, you don’t want to shoot the messenger. In the end, the lesson to be learned is that a CPA can only do what is possible within the realm of possibility and the law.