Hiring a CPA for your small business will solve a lot of your problems. First of all, you’ll be able to better manage business expenses and assets, since you’ll have an approximate cash flow strategy at your disposal on which you can rely.
That, and you might even get to increase the rate at which your business grows, provided you stick to the financial plan the CPA will outline for your business.
However, before you achieve any of that, you need to take certain things into consideration. Otherwise, you might end up hiring the wrong CPA, something that will be time-consuming and expensive.
This is why we advise you keep these four things in mind before you go through with hiring a CPA for your small business:
Being sure you hire a CPA who is certified is crucial for obvious reasons. However, it’s not just enough to hire one who has plenty of certifications, but who also has plenty of experience in your area of work.
It’s the better choice because it ensures you will get all the expertise you need and that all of the information you receive will be relevant to your business goals.
You need to understand that hiring a CPA for your small business is all about getting the best advice you can find. And for that to happen, it needs to be targeted and specific.
This choice can be pretty difficult. On the one hand, you want the experience large-scale accounting firms can offer. On the other hand, the attention and cost-efficient deals provided by smaller accountants can’t be overlooked.
When it comes to hiring a CPA for your small business, it all comes down to personal choice. If you feel safe knowing a large accounting company is handling your finances, that’s the right option for you. Just keep in mind that they sometimes subcontract the work to other, smaller agencies.
You can see why you always need to inquire about who will handle your account.
If a CPA or an accounting agency gets referred to you by somebody you trust, that’s a good sign. Still, it doesn’t mean you shouldn’t take the time to ask for other client references as well.
Also, don’t just take their word for it. It might be tiresome, but set some time aside, or delegate the task to check the references to one of your employees.
The last thing you want is to end up investing in CPA services that are fraudulent.
While some CPAs do offer retirement planning services, they don’t tend to specialize in that area. It’s important to make sure the employee benefits provided by your 401k or defined benefit plan are in order.
Don’t forget that your employees are counting on you, and losing their trust can severely harm their work output. That’s why you need someone who has plenty of experience with that particular subject.
Plus, the CPA could encounter certain hurdles down the road, and this will only cost you more time and money, something no small business owner wants to deal with.
The best way to avoid this problem is by working with a professional financial adviser since they can pinpoint any issues that might arise with your small business retirement plan. This way, you will ensure that all the financial recommendations you will receive will not be hindered by any unforeseen circumstances.
If you would like to find out more about how we can help you with small business retirement plans, be sure to contact us at 800-660-6291.
