Thinking of hiring a CPA?
Whether it’s payroll, taxes, or bookkeeping, small business owners have a tonne of financial responsibility. These responsibilities can be time-consuming, exhausting, and put owners trying to manage it all on their own at risk of serious financial trouble.
That’s why owners need to partner with a CPA who will work with them to alleviate the financial burden of ownership.
We’ve outlined the key things that every Orlando business owner needs to look for before choosing.
1. Verified Licenses and Credentials
It’s important for owners to know that not all accountants are CPAs. CPAs differ based on their education, having to undergo more specialized training and pass the designated exams to carry the title. They are also required to complete ongoing education requirements or risk losing the title.
This education makes them more qualified than a standard accountant and guarantees they are capable of handling complex business finances.
Owners wanting to verify a firm’s credentials need to check with the Florida Board of Accountancy to see that they are licensed and in good standing. Otherwise, they could be putting their business at risk by partnering with an unqualified source.
2. Industry Experience
It’s recommended to find CPAs that have experience in your field of work. For example, restaurant owners likely need to think of things like tips and inventory management, which will require specialized skill and knowledge. That’s why picking a firm with industry-specific experience guarantees that they will understand your company’s needs and are capable of handling them.
3. Range of Services
The type of help that a CPA can give varies. Some offer full-service accounting services whereas others only provide tax filing. Tasks that could be offered are bookkeeping, payroll management, business consulting, financial planning, tax filing, and more.
Be sure to know how much help a firm can give and which tasks you’d like assistance on before hiring one, or risk being disappointed in the future.
4. Local Experience
Florida tax laws are unique and can be extremely complicated for those unfamiliar with the area. For example, things like sales tax, business formation laws, and property tax exemptions have distinct repercussions in Florida. Failing to understand these can have a major impact on a business and result in things like unpaid taxes, compliance violations, and unnecessary fees.
This is why a CPA with local experience is needed. A local professional will undoubtedly have knowledge of Florida’s tax rules and can determine how they will impact you.
5. Communication and Accessibility
While researching firms, a good question to ask is how they plan to communicate with you. Consider asking how you’d be able to reach them (by email, phone, or text) and if they would be available after hours to see if they are a match.
Additionally, see if they plan to offer regular check-ins by scheduling monthly meetings, sending reports, or using a portal to share documents and questions.
Regardless of how they intend to handle communication, knowing beforehand can prevent disappointment in your decision and ensure you find a CPA that’s the right fit.
If you’re an Orlando business owner wanting dependable, personalized accounting from a CPA, consider giving us at A.P. Accounting & Tax Services a call at 407-328-5001.
Our experienced team would be happy to assess your needs to determine how we can help your business stay organized and growing.
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