Small business owners put a great deal of faith in their accountants. They look for economical services, but too often, they wind up with an accountant who is capable and competent but never excels. To be a good accountant, it isn’t enough to perform all assigned tasks and deliver results by deadlines. Aiming for adequacy isn’t enough, especially to small business owners for whom every investment counts.
Here’s what you should be looking for in a good accountant – or maybe even a great one.
Getting Extra Value
Every Certified Public Accountant in Long Island can handle your financial records and promise a certain standard of service, but that standard is a minimum, not a ceiling. An attentive, talented CPA is able not only to handle your money but to spot opportunities to earn you more of it. Their proactive advice on how to continue your company’s growth, where to economize and when to act on key financial information can have a dramatic impact on your investment portfolio.
Comparison shopping is a wise idea with almost any purchase, but it’s especially important when choosing an accountant to handle your business or personal finances. An average accountant doesn’t have much to offer here because there’s nothing special, nothing to distinguish this CPA from any other. Look for an accountant who is proud to offer benchmarking services to show financial comparisons between your business and your competitors’, revealing exactly where they’re earning you money.
Great accountants give you more value for your investment in them, and they show you new ways to offer your customers better value too. By saving you capital, pinpointing and closing loss loopholes, and referring you to other clients, they significantly increase your chances for success.
Money isn’t the only thing a talented accountant saves you. Your time is also valuable, and your accountant should be prompt and responsive. When you call your Long Island accountant, are you able to reach a partner or get a quick call back, or do you have to make repeated efforts to connect? Does your CPA offer hours that are compatible with yours? Are you able to make a two-minute call without being billed for an hour of service? Save your time and your money by finding an accountant who’s accessible.
Knowledge Is Key
An accountant needs to know about more than money. Tax laws are complex and ever-changing, but a good accountant stays current with these changes to ensure full compliance while securing the greatest possible financial advantage for you at tax time. Tax preparers who are not CPAs may not be aware of the latest changes to tax documentation, which could wind up costing you money in fees and penalties. With a CPA who has experience in tax preparation for businesses and individuals, you stay on top of every deadline.
Should you need assistance during an audit, your Long Island accountant can handle it, sometimes even without your needing to be there. With attestation and assurance services, a good accountant can prepare you for anything from mergers and acquisitions to IPOs. Accountants never stop learning even once they graduate, and the best of them make it a lifelong pursuit. They then put that knowledge to work for you, turning a small tax preparation tip into savings or helping you build the framework for a bright financial future.
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