How to choose an accounting firm

“It’s very common for a small business to outgrow their own abilities or the services of the bookkeeper/tax preparer,” comments Laurie McClain, C.P.A., owner and managing partner of McClain and Company, P.C. in Suwanee.

Interview accounting firms near your place of business for the ease of regular meetings. Referrals from other companies, Chambers of Commerce and business networking groups are good ways to validate a firm’s stability and reputation. Ask about their longevity in the industry and in their communities. Also, are they a CPA firm? Hire a professional who has already met high standards. Find out if you will have to change your chart of accounts or anything else to fit their model.

Chris Townsend, C.P.A., a partner at Duluth’s McMullan and Company CPAs, Inc., advises that “when you ask friends or colleagues for a referral, have them tell you why they use that firm.” His tips include a face-to-face meeting at the accounting firm’s office to set expectations on timeliness and to confirm they will take a proactive approach to your finances.

During the interview, McClain suggests that you address the fee structure. “This is critical. You don’t want any surprises on your monthly invoice. If the quoted fee seems too low, ask what they won’t be doing for you. If it seems too high, are they assuming that you need services you don’t?” Get it clear and in writing.

In return, be willing to follow your accountant’s advice. “There is no silver bullet at the end of year that will help,” shares Townsend. He wastes many hours trying to convince clients that constant planning and preparation is a necessity not a nicety.

Both McClain and Townsend emphasize establishing a high level of trust. Do you feel comfortable telling the person across the table your deepest, darkest financial secrets? If not, stand up, shake hands and move on.