Even if you employ a bookkeeper or an office manager to handle your day-to-day finances, you’ll want to cultivate a strong working relationship with a tax accountant.
“The best thing you can do [for your small business] is work with your CPA on a proactive basis,” says Robert Gambardella, a Shelton, Conn.-based CPA and co-author of the book Secrets of a Tax Free Life. “Find someone who is more than just your tax preparer. You really need a year-round trusted adviser.”
The Intuit Small Business Blog recently spoke with Gambardella and other CPAs who echoed his sentiment. They offered the following five tips for getting the most out of your partnership with your tax accountant.
1. Be sure your CPA is right for your business. You wouldn’t choose a life or business partner without vetting them first, so don’t go with the first CPA you meet or the one who quotes you the lowest fee. “Spend the time up front in the selection process to find a CPA who has the approach, values, and feel that you are looking for,” advises Wilmington, N.C.-based CPA Adam Shay. “Consider someone who uses value-based or fixed-price approaches,” he advises, so you don’t have to worry about billable hours piling up. Tucker, Ga.-based CPA Andrew Poulos stresses that it’s important that your accountant has experience in your industry, too.
2. Keep in touch throughout the year. You should check in regularly with your accountant, even if you rely on his or her services most actively at tax time. “An accountant working with a small business hands-on throughout the year can sometimes be the difference between success or failure,” Poulos says. Not only that, but tax season is not the best time to choose a new accountant. “Finding a CPA when they are in the middle of the busiest part of the year is not the best way to start,” cautions Holliston, Mass.-based CPA Alfred Adovasio.
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