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How to Get More from your CPA
(or other professionals!)
Value is a word repeatedly used
these days and of course, getting the best value in professional services
is very important to all of us. Here are a few ideas for you on how you
can get more value from your CPA (or, for that matter, most any
professional).
Be
Ready when the CPA arrives!
Have everything your
CPA will need ready when he comes in for the monthly or quarterly work.
Searching for information when he is there is a time-waster.
Give
him accurate information.
Doing something over
because the information was incorrect at the start is a waste of time and
effort. Give your CPA the right information, the first time.
Your
accountant can’t be as effective with partial data: give him the
whole scoop.
If you can't confide
in your accountant, maybe it is time to change accountants.
Partial information falls under the heading of inaccurate information.
Ask
Before you Complete an important transaction or the fiscal year!
I might be good at
income taxes and accounting, but I am not that good of a mind
reader. I really can't serve my clients as well as I could serve
them unless they consult with me before important transactions are
entered into. Don't keep secrets.
Attention to tax as
well as economic considerations is within the sphere of influence of your
CPA. Let him know what you are contemplating before the transaction
is completed. Waiting till "tax time" may cause you to
experience an expensive surprise! About three months before the end of
your fiscal year is a good time to huddle with your CPA to discuss your
profit picture. Waiting till three months after the year end is not the
way to get the best value from your accountant.
Use
the Information He Generates
Financial statements,
tax projections and other reports that your accountant prepares for you should
be read and understood by you. If you just place them in a desk drawer
you are not making use of the information available to run your business
better. If you don’t need the reports, then don’t ask for
them. But if you just can’t understand them, ask your CPA to
explain them to you (in language you can understand).
Make
sure your accountant understands your business.
Send him newsletters,
trade journal articles, articles about your company, etc. The more your
CPA knows about your business the better position you and he will be in
when you really need his advice.
Hold
your accountant accountable!
You don’t have
to accept mediocre service. If your accountant isn’t paying
attention, let him know. If the service doesn’t improve, switch.
Ask
what else your CPA can do for you.
From break-even
analysis to strategic planning, your CPA should be available for your
business needs. Ask what else he thinks you could use to manage your
business better.
I encourage all of my
clients to keep in contact with me. A phone call, usually not charged to
the client, can be an effective way of letting me know what is going on.
Also, I have an e-mail address to aid in efficient and effective
communication with my clients.
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