Do You Seek The Right Kind Of Advice For Your Small Business?

Do You Seek The Right Kind Of Advice For Your Small Business?
Do you have professionals providing your business with quality advice? In business, you should surround yourself with a variety of professionals including a lawyer, a CPA and a business advisor. One of the most important professionals that touches your business?s heart, its cash flow and profitability, is your CPA. Yet, many businesses don?t put a great deal of time or effort into choosing their CPA.

The CPA firm that you choose for your business should be the best that you can afford. That does not mean you should only refer to the top level consulting houses. It means that the person that you select to work through your issues should be considered to be money that you ?invest? in your business and there should be a payback ? therefore their cost is not relevant.

Once you have chosen a CPA to work with, you need to schedule a meeting to discuss your goals and objectives and see if they are a match with the services that the individual or firm provides. Even if you already have a CPA firm working with your business, it is important to re evaluate whether they are the best match for your business?s needs. During your meeting, have a clearly defined set of goals that you want to attain. Take this opportunity to see whether they can give you the right insight. Then, engage with them and deal with your issues immediately.

The litmus test; a list of questions to ask of your current accounting firm:

1. Does your current accountant offer proactive (before any damage can be done) accounting, financial and tax advice?

2. Will the individual meet with you on a regular basis in the course of the year to guide you to maximum revenue with minimum tax liability?

3. Will they coach you to success rather than merely report history?

4. Will they train your clerical staff on how to use QuickBooks and provide periodic Health Checks of your QuickBooks system to ensure the integrity of your financial data?

5. Will they ensure that you don?t have any inherent red flags for the IRS to audit your business?

Don?t be afraid to ask these questions of your current CPA. After all, they are responsible for an important function within your current business structure. Why would you leave your business?s finances in the hands of someone who is not going to help take care of both you and your business?

If you are not comfortable with the answers that your current CPA provides to these questions, begin your search for a new CPA. Even if you like the answers from your current CPA, it is always recommended to gain a 2nd and even 3rd opinion. It is crucial that you have the best individual or team on your side to manage your business?s financial affairs. This is what my firm provides each and every one of our clients; expert advice and superior client service. Don?t you deserve the same?


small business, finances, business finances
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