Start up businesses have a lot to think about. Often times, it's just one or two people handling everything from sales and marketing to operations and finance. Choosing the right CPA or accounting firm early on can help a business with not only tax returns, but with longer term tax planning, business planning, networking, and even personal tax planning. It's one less thing to keep you awake at night. If you do a Google search or go the old fashioned route and open up the phone book, you'll find a whole list of CPAs and accounting firms to choose from. Here are six important considerations to help make your decision a little easier:
Your early stage business needs more than financial statements and tax returns. You need an advisor you can trust to help you manage risk and recognize opportunities − now and over the long term. When your accounting firm is equipped to focus on a holistic view of your business, you gain a trusted advisor to help you anticipate next steps, stay ahead of emerging trends, and make valuable connections to help achieve your goals.
There’s no substitute for mutual understanding. Building a strong, committed professional relationship with your accounting firm not only strengthens service quality and efficiency, but enables you to proactively plan for the future. Open, candid communications are critical to developing best practices to address the many complex issues your growing business will face.
As your business evolves, so will your need for guidance, expertise and resources. Your accounting firm should possess comprehensive skills and resources to assist
at every stage of growth and across a variety of challenges - from valuations, to international tax compliance, or exit strategies – wherever your business is headed.
Is your accounting firm built for service? The more access you have to your accounting firm’s specialist skills and resources, the better able you are to resolve issues before they cost you valuable time and resources, and to identify opportunities before they've passed you by. Ultimately, technical skill is only useful when it’s provided in a timely manner.
Your relationship with your accounting firm is important, but so are the relationships they bring to the table. Whatever your ultimate aim – from access to capital markets to private equity – look to an accounting firm with the skills, experience, and relationships with other expert resources to help you achieve your goals.
The team of eager young associates on your account does a good job. But you also need the big guns, the head-honchos. In the world of accounting, that means the
partners and directors. Your growing business requires partner-level involvement, and not just sometimes. Frankly, you deserve regular access to the kind of higher level
thinking and foresight that comes from years of experience. The only real question is: will your accounting firm actually provide it?
If you're a start up or entrepreneur looking for an accounting firm with all of the qualities mentioned above, give us a call and let us show you how we're different (in a good way). Kruggel Lawton provides assurance, tax, valuation, and advisory services to a wide range of family-owned, privately held companies. We offer a sophisticated array of services, along with global capabilities through our independent membership in the BDO Alliance USA. The best part? When you work with us, you'll get the personal attention of experienced professionals who can help give you peace of mind for a confident future. Read this article from Inc.com for more great pointers on choosing the right accountant for your business.