Are you facing the problem of hiring a bookkeeper to do the accounting for your business? Do you face trouble in making deposits, writing checks, and filing taxes? Is the effort of understanding various depreciation formulas giving you a headache? If “yes” is the answer to any of these situations, then you need to contact a CPA Brentwood agency who would take care of all the problems and let you lead a tension free life.
Hiring a Certified Public Accountant or CPA would be smart move to handle the financials of your business. However, finding the right CPA for the job is critical, so you need to ask four basic questions, when vetting prospects.
Question#1: What experience do you have working with a small business that is similar to mine?
Small business accounting comes with its own specific complexities. So, it would be a wise thing to choose an agency that has experience and specialization in working with smaller businesses. A CPA, who has experience in dealing exclusively with small businesses, comes with in depth knowledge about the federal and state tax provisions, along with other issues. You also need to find out whether the businesses he has worked with has the same structure as yours. For instance, if you are a sole proprietor of your firm, then the tax filing for your business would be different from that of a corporative or partnership firm. Moreover, some accountants focus on specific industries only. So, hiring a CPA who is fully experienced with your kind and type of business would be the best.
Question#2: What type of CPA are you and what are the services you offer?
CPAs are not like one-size-fitting-all. Some are more trained and experienced than others, which allow them to be well updated with a wider range of services. For instance, a certified public accountant needs to have a license by the home state and should have completed continuing education classes, in order to maintain the license. Apart from helping with tax preparation and filing, a CPA needs to be qualified enough to conduct audits of your business financial transactions, analyze major data from cash flow or balance sheets, and compile in-depth financial statements, for making the best practice recommendations. Only having a degree in accountancy does not make anybody eligible to be a CPA. A Certified Public Accountant is basically a tax attorney, who has in depth knowledge of tax rules and regulations and their constant changes. He/she prepares tax returns on seasonal basis. A CPA also has unlimited rights to represent your business or you in any IRS matter, which includes appeals, audits, and hearings related to the collection or payment issues. They even help you with estate planning and investment consulting.
With proper guidance by an experienced CPA, you would be able to set up and establish a profitable business and plan good returns on your retirement.
Question#3: What is mode of payment for your charges?
Some accountants charge a flat and fixed fee for specific tasks and some CPAs charge on the basis of hourly task. You need to choose on the basis of your suitability.
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