Choosing an accounting firm is one of the best choices a company can make. The accountant will monitor some of your most private information and advise you on key financial decisions.
As a result, you must be cautious while selecting an accounting firm. Before choosing an accounting firm, there are certain crucial questions to ask:
- How long have you been in business?
You will want an accountant who has been in business for longer period, as a result you can get better quality of its work.
- How large is your firm?
Size of the firm can also be considered while selecting an accounting firm. A firm might not have enough CPAs to serve you efficiently if most of the work is done by unlicensed professionals. A firm having at least five CPAs are sufficient for most private companies.
- How do you maintain continuity?
You should know the staff turnover of the firm at least past three years, so that you can put your financial books in the hands of a trusted, tight-knit team that will be around for years to come.
- Are you peer-reviewed?
Peer-review process is one the important factor of reliability equation. Therefore, you should know whether firm participate in this process. A registered CPA firm must be peer-reviewed once in every three years.
- Which accountants will work directly with me?
Ask the company for information on the partner, manager, and principal accountant who will handle your finances. Verify whether the state board of accountancy or other regulatory bodies have filed any complaints regarding these individuals. If so, the company ought to have done anything to resolve the allegations.
- Who is your typical client?
Inquire about the company’s unique client. Although the organisation might be an expert in the sector in which yours operates, it might not work with businesses of your size. Give the company information about your business so that they can compare it to their list of past and present clients.
- Which major clients have you lost recently?
Ask the firm, for which reasons you lose them? Determine the reason And, what process does the firm use to solve the issues? What will you do if similar situation arises?
- How can you add value to our company?
Ask the firm, why is choosing this firm the best decision you could make? What is its specialty as compared to other accounting firm?
- How do you calculate your fees?
You need to be absolutely clear before selecting an accountant for your business on how their fees are calculated. Whether it is by the hour, or on a fixed fee basis, or on a value billing basis.
- How do you typically communicate with your clients?
What method of communication with the accountant will be used must be made clear? Whether everything will be done electronically, including the sending of financial records and other pertinent information, or whether there will be regular in-person meetings.
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