While you may have the best intentions for your new business venture, it is essential to understand and appreciate that you cannot do everything on your own. Owners and entrepreneurs often have to don many hats at once, but for tasks concerning accounting, law, and tax planning, outsourcing is the best way forward. The decision becomes even more necessary when the budget is a key concern. If you are looking for a Lake Mary, FL CPA, we have five essential rules that you should follow.
- Make a list of your requirements. Your CPA is responsible for much more than day-to-day accounting work. Do you want them to just handle the basic bookkeeping and make financial statements on time? Or do you expect them to advise on strategic tax planning, expansions, and budgets? If you don’t have an in-house accounting team, don’t merely hire any accounting professional but a Certified Public Accountant (CPA).
- Evaluate experience. Just because a firm has a fancy name and big ads, it doesn’t mean they are the best in business. You need a CPA that you can trust, for which experience is a key factor to consider. Ensure that you talk to the team and understand the range of work they do for clients. You may check online reviews, but don’t shy away from asking for references.
- Consider industry exposure. A small business that functions in the manufacturing industry would have different accounting needs than one that deals in retail clothes. You need to be sure that the CPA you choose has exposure in your industry. If they have worked with your competitors or other firms in the same sector, that is always an advantage.
- Think beyond accounting. As we mentioned earlier, CPAs do much more than just accounting. They are experienced in handling other aspects that concern small companies like audits, payroll, budget forecasting, cash flow management, and even expansions. If a firm is locally based in Lake Mary and can do more than just the basic work of preparing accounting statements, they are your best bet.
- Don’t make the fee a priority. Understandably, small business owners often have apprehensions with regard to pricing. However, if you can find a CPA that’s experienced and worth the money, it doesn’t mind whether your budget stretches a little further.
Call a reliable small business CPA today to discuss the fee and the overall expertise they can provide for your company.