When looking for a CPA firm, seek out a firm that is able to provide you advice on multiple accounting or auditing issues. You should be thinking about the long-term health of your organization and planning for the future, not just the present.
There is a large difference between firms that act as service providers and ones that act as advisors/consultants. Service Providers act in a certain function and industry, while at the same time working to establish relevance and credibility. A CPA firm that works as an advisor/consultant to its clients is able to address a broad range of issues and continually delivers value to their clients throughout the year. If you think both of these sound useful and that both have their advantages, you are correct. It takes a firm that acts as both service providers and advisors to truly be a trusted advisor to its clients.
What Can a CPA Firm That is a Trusted Advisor Do For You?
A CPA Firm acting as your trusted advisor is able to create opportunities for your organization. Your trusted advisor is able to guide you in your decision making processes by introducing you to a team of lawyers, bankers, and other specialty firms that can act as advisors to your organization on any issues you may be having. Say you are a non-profit organization and you need assistance in tax-exempt organizational law, your trusted advisor is able to make that introduction. Maybe you are a small business owner and are looking for the best interest rate on a loan, your trusted advisor can point you towards the bank that would be the best for your situation.
As opposed to a CPA firm that acts only as a service provider, a CPA firm that is acting as a trusted adviser is able to provide a relationship that is infinite. The relationship isn't specific to a certain task. The relationship is ongoing and continuous. Once your organization hires a CPA firm that is able to work as a trusted advisor you are welcome to call your CPA at any time throughout the year on any issue you may be having. You should never be "on the clock" with your trusted advisor, this is a relationship that is mutually beneficial and one that is a meaningful one. If you don't like picking up the phone and talking to your CPA because you are afraid of being charged for the conversation, then you probably haven't found your trusted advisor.
LBA Haynes Strand's belief in being a trusted advisor to our clients is echoed in this quote provided by John Bly, Co-Managing Member:
"In today's fast paced world, where information and data changes so rapidly - it's important for your most trusted advisors to also have their pulse on what's happening with an industry, banking, insurance, and the economy for example. It's our belief that CPAs should be the leader in that, as they are regularly in front of clients and bankers and can gain industry and economic data that they can then share with their clients. This allows the client to focus on running their organization while trusting their CPA for a lot more than just a tax return."
If you are searching for a CPA Firm in North Carolina that can act as your Trusted Advisor, click the button below to schedule your no-cost consultation. We guarantee to contact you within 24 hours of you contacting us.