Though the charm of saving money by not hiring a small business CPA is high, the consequences are highly horrid too. A smooth business is by no means necessarily a healthy business. Your sales and profits may be high, but until you have an authoritative command over your finances you don’t get to enter the winner’s club.

More importantly, the money saved by not hiring a finance professional is nothing compared to the potential money you could lose as a result. Not everyone is fit for everything. Even if you know A to Z of bookkeeping, there is no way you can consistently make time to do the required to keep your business afloat.

Even businesses delivering financial services need a CPA to manage their finances. Do they lack the skills to DIY? No. The answer is simple. They know better.

They understand the cons of running a business ill-informed and how quickly victories turn sour if you stay committed to DIY. That said, let’s explore why you need a small business CPA and some tips to help you hunt for the best one.

Why Do You Need A Small Business CPA?

A CPA or Chartered Public Accountant is no less than a lifesaver for small and medium-sized businesses. In addition to streamlining all their financials, they help startup owners make timely and informed calls.

They help you make winning strategies and move forward confidently. Without a CPA, there is a high chance you may fail to assess financial risks and miss growth opportunities. As your strategic partner, a CPA does all of it and more.

For Things To Consider When Choosing A CPA

All CPAs are accountants. However, not all accountants are CPAs. Similarly, all CPAs have degrees. But, a degree isn’t enough to define their caliber. To pick the best from the rest, keep these four things in mind while you go hunt for a CPA:

1. Industry Expertise

Not all numbers are the same, and not every CPA is the perfect fit for every industry. It is best to identify and select an accountant who knows all about your industry. A pro who has worked with other companies like yours and has proven their caliber on a similar playing field.

These are the pros you must hire as they understand your business and industry better than the rest. Remember, general knowledge can only take you so far. To shoot for the stars, you need pros with special knowledge. In other words, a CPA with experience in your industry.

2. Promptness

Yes, promptness is a metric to assess CPA. How quickly they respond to urgent issues can dictate whether they will be the right fit for your business or not. Their job is no child’s play. At times, they have to think on their feet and share expert insights promptly.

A quick-and-sharp CPA provides your business with a double advantage. They help you identify growth opportunities and take actionable steps faster than the rest. In other words, they give you the winning edge.

3. Think Strategically

A good CPA is a strategic thinker. His knowledge isn’t limited to numbers and symbols; he knows the business talk. A professional who can provide you with quick effective solutions to minimize costs and raise profits is no less magical than a shoulder angel.

So, always opt for a CPA who has proven his ability to think strategically. Look beyond the numbers and see whether they have the ability to present solutions to key businesses before they invite trouble.

4. Software Know-How

The 20^th century has become history. Today, a CPA needs to be superb with software. No matter the skill set, if your CPA lack the knowledge of working with top industry software, they will struggle to keep your business on track.

The best way to assess a CPA is to check their software proficiency. A good CPA must know all about top software like QuickBooks, Xero, etc.

See Also: Accounting For Startups – A Detailed Guide To Startup Accounting

Wrap Up

Your business success doesn’t depend on the alignment of the stars above. It is reliant on your business decisions. The strategies you adopt and the people you recruit.

A CPA or accountant tops the list of finance pros you need to keep your business hinged on the success track. However, not all CPAs are equal. To win, you must select winners like you.

To find top financial professionals and CPAs with degrees, experience, and passion to take your startup up, book a free consultation with our experts today.

Who knows the CPA you need to make your business successful may just be a call away. Don’t delay!

Wajiha Danish

Wajiha Danish is the Director at Monily, overseeing financial strategies and operations for small and medium businesses. She has over 18 years of experience, including her role as Controller at HOCHTIEF PPP Solutions North America. Wajiha's background includes significant roles at Pakistan Petroleum Limited and A.F. Ferguson & Co. (PwC Pakistan). She is a Chartered Certified Accountant (ACCA) and Certified General Accountant (CGA) with expertise in financial management and project finance.