Find The Right CPA For Your Small Business With These 3 Criteria
Choosing the right certified public accountant (CPA) can have a big impact on a small business' financial health. The right CPA won't just fill out forms for taxes, but they'll also help small business owners identify their company's financial strengths and weaknesses so that they can build on the former and address the latter. If you own a small business, here are three key criteria to consider when selecting a CPA.
Choose Someone Who Specializes in Your Business' Industry
Just like professionals in other fields, some CPAs are generalists and provide services for a broad spectrum of individuals and businesses, and some are specialists and focus on serving people and companies in a particular industry.
Boy choosing a CPA who focuses on your business' niche, and not necessarily someone in your office's neighborhood, you'll benefit from their industry-specific knowledge. For instance, they may know the typical profit margins and cost of goods of businesses in your industry, and they might be able to let you know how your company compares to the rest of the industry. If your company's not in great financial shape, a CPA who knows your business' industry might also have a few recommendations on what changes to make.
In the past, business owners could only choose specialist CPAs if there was one who had an office near them. Today, thanks to how much can be done over the internet, you can work with a specialist CPA who isn't locally based.
Choose Someone Who Will Show You Your Business' Financial Health
Many CPAs provide reports that show a business' financial health, but not all include this in their standard services. Choosing someone who does will give you regular updates on how your company's bottom line is doing. You'll not only be able to see whether your business is earning a profit or operating at a loss, but you'll also be able to identify the most and least profitable aspects of your business.
Choose Someone Who Works with Small Businesses
Companies of different sizes have different needs. As a small business owner, you don't need the same reports as a company that employs 500 people do.
Select a CPA who works with several small companies, as they'll be familiar with the needs that businesses the size of yours have. They'll not only know what paperwork and reports you'll need, but they'll also appreciate how tight small business' budgets are and be able to cater their services to meet the constraints of your company's budget.
Speak to a company like Amos Maney & Payne CPA's LLC to learn more.