Questions to Ask a CPA When Starting a New Business

Starting a new business is an exciting venture, but it can also be overwhelming. As a business owner, you want to ensure that you have all the necessary support and resources to help you succeed. One of the crucial professionals you should consider hiring is a certified public accountant (CPA). A CPA can help you with various financial aspects of your business, such as tax planning, bookkeeping, and financial reporting.

However, not all CPAs are created equal. When looking for a CPA for your startup, you want to ensure that you find the right person for the job. Here are some questions to ask a CPA when starting a new business.

Qualifications and Experience

The first thing you need to know is whether the CPA has the necessary qualifications and experience to help you with your business. Here are some questions to ask:

What are your qualifications and certifications?

You want to ensure that the CPA has the necessary education and certifications to help you with your business. A CPA should have at least a bachelor’s degree in accounting and be licensed in the state where your business is located.

How much experience do you have working with small businesses?

It’s essential to work with a CPA who has experience working with small businesses. They will understand the unique challenges and opportunities that come with owning a new business.

Can you provide references from previous clients?

As with any professional service, it’s always a good idea to ask for references. You want to ensure that the CPA has a track record of helping businesses succeed.

Services Offered

The next thing you need to know is what services the CPA can offer to assist with the startup process. Here are some questions to ask:

What services do you offer to help with the startup process?

Different CPAs may offer different services to help you get your business off the ground. Some may provide assistance with creating a business plan, while others may focus on financial reporting and tax planning.

Do you offer ongoing accounting and bookkeeping services?

As a business owner, you need to keep track of your financials consistently. You want to ensure that the CPA you hire can provide ongoing accounting and bookkeeping services to help you stay on top of your finances.

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Services Offered

Do you offer tax planning and preparation services?

It’s essential to work with a CPA who can help you plan and prepare your taxes. They can help you save money on taxes and ensure that you’re in compliance with all tax laws and regulations.

Can you provide financial advice and guidance?

As a business owner, you may have questions about your finances or need advice on financial decisions. It’s crucial to work with a CPA who can provide financial advice and guidance to help you make informed decisions.

What software and technology do you use?

Technology plays a significant role in accounting and bookkeeping. You want to ensure that the CPA you hire is up-to-date on the latest software and technology to help you stay ahead of the curve.

Fees and Billing

Another important aspect to consider when hiring a CPA is their fee structure and billing practices. Here are some questions to ask:

How do you structure your fees?

CPAs may charge fees in different ways. Some may charge an hourly rate, while others may charge a flat fee. You want to ensure that you understand how the CPA structures their fees before hiring them.

Are there any additional fees or charges for services not included in your standard package?

It’s essential to understand what services are included in the CPA’s standard package and if there are any additional fees or charges for services not included.

What are your payment terms and deadlines?

You want to ensure that you understand the CPA’s payment terms and deadlines to avoid any late fees or penalties. It’s also a good idea to discuss payment methods, such as check or electronic payment.

Communication and Accessibility

Communication is key when working with a CPA. You want to ensure that you can reach them when you need to and that they are responsive to your inquiries. Here are some questions to ask:

How do you prefer to communicate with clients?

Some CPAs may prefer to communicate via email, while others may prefer phone or in-person meetings. You want to ensure that the CPA’s communication preferences align with yours.

How available are you to answer client inquiries?

As a business owner, you may have questions or concerns that arise outside of normal business hours. You want to ensure that the CPA you hire is available to answer your inquiries promptly.

How often do you provide check-ins and updates on the business’s financial health?

Regular check-ins and updates on your business’s financial health are essential to ensure that you are on track to meet your goals. You want to ensure that the CPA you hire provides these updates regularly and in a format that works for you.

Conclusion

In conclusion, hiring a CPA when starting a new business can provide you with the support and resources you need to succeed. When interviewing potential candidates, be sure to ask about their qualifications and experience, the services they offer, their fee structure, communication preferences, and availability. By asking these questions, you can find the right CPA to help you achieve your business goals.

Remember, starting a new business is a significant investment, and you want to ensure that you have the right team in place to help you succeed. At Wiki Mic, we understand the importance of finding the right CPA for your business and are here to help you every step of the way.