In our last article, we discussed identifying the services you want an accounting firm to provide, the first step in selecting an accounting firm.
After you determine what you want the accounting firm to do, you should decide what type of accountant or accounting firm will best meet your needs.
Here are 7 suggestions to consider:
- The firm selected should be first, and foremost, Certified Public Accountants and members of the state and national CPA societies. This will mean that they have met the high standards for certification in the state.
- Ideally the firm should have multiple accountants (at least three to five) in their office and be fully computerized. Multiple accountants provide backup for each other, so questions get answered and reports done regardless of any staffing problems at the accounting firm.
- The firm should also have a good working knowledge of your accounting software. Ideally they should support your software through familiarity (they or their clients use it) or they are certified teachers of it.
- The firm should be able to provide business references and demonstrate financial knowledge of businesses or industries similar to yours. You should personally call all references and speak to these owners to determine their satisfaction with the firm’s services.
- The CPA firm should be able and willing to assess or point out problems in your financial operations, offer advice for expense controls, and point out tax strategies during the fiscal year, not after it has ended.
- The CPA firm should be able to recommend and provide assistance with proper internal control procedures.
- The CPA firm must realize they are working for you and attempt to keep you satisfied (within standard accounting rules and principles) at all times. They must ensure all reports and statements will be correct, verifiable, and commit to providing them on time.
Once you understand what type of accounting firm will best meet your needs, it is time to start interviewing firms for the job.
This article was an excerpt from A How to Guide: Selecting an Accounting Firm. Access the full guide here:
