With April 18th in your rear view mirror it is time to review how your tax preparation went. Was it a painless process for you? Did you have constant communication with your accountant? If you did, you should thank your accountant and start planning for next year! If not, maybe it is time to start thinking about a change. Over the years we (as a Firm) have noticed clients switching to CPA Firms of our size over the traditional sole practitioner. While you may enjoy a personal relationship or believe that it would be inconvenient to make a change to a full service CPA Firm - think again....
Maintaining your relevance with your clients is key. This applies to not only retaining your clients, but to also getting referrals from your clients. So how exactly do you do that? What does staying relevant or becoming more relevant mean?
The NCAA college basketball tournament is always an exciting and often maddening time for all of us. While these teams are looking to play the part of bracket buster, your accountants are working hard to see to it that tax season is not a maddening time of year for you. CPAs thrive on this time of year, and leave it all on the court..I mean...office, to make sure that their clients receive the best possible results.
The hiring of CPA firms as the accounting function of companies is growing. Once thought to be contained to smaller businesses, the use of a CPA firm as an accounting department is spreading to mid-sized companies. Whether it is going to be called an "epidemic", a "pandemic", or an "outbreak" is yet to be seen. The good news is business owners now have options on how to run their business. In fact they have more options than at any point in history.
Accounting services offered by CPA firms are designed to offer flexible, scalable, bookkeeping solutions to businesses and institutions of every size. Whether you are a start-up or an established company, a non-profit or a for-profit, growing your business or sustaining the success of your organization is likely your overall goal. In order to achieve this, business owners must make sure that they have a strong, reliable accounting function in place.
A CPA Firm should not just strive to be your accountant, but strive to be an industry resource to you. Your CPA Firm should be active in local trade organizations and in local chambers, to keep you up to speed with recent changes that may affect your business. As a firm that includes a large number of construction related clients, we are members of the Construction Financial Management Association (CFMA) and have access to The Institute of Certified Construction Industry Financial Professionals (ICCIFP). We do this to be active in the local construction community, as well as to represent our clients.
Are you helping your business thrive or are you helping it survive? If you are a business owner you may be spending too much time focusing on how to keep the ship afloat and not focusing enough on the opportunity to shift your time and attention to helping your business thrive. One option to assist you is outsourcing business functions to professionals. Look outside your company for consultants, for example a CPA firm that provides bookkeeping or outsourced accounting services. This can save you time and money, as the fee will likely be less than hiring a full time accountant on your staff.
A CPA Firm should not just strive to be your accountant, but strive to be an industry resource to you. Your CPA Firm should be active in local trade organizations and in local chambers, to keep you up to speed with recent changes that may affect your business. As a firm that includes a large number of construction related clients, we are members of the Construction Financial Management Association (CFMA). We do this to be active in the local construction community as well as to represent our clients.
Often times the relationship between accountants and their clients can be misunderstood as one that just produces a tax return or one time advice. If this describes your current relationship with your CPA, you might want to re-think your CPA Firm. An accountant is supposed to act as a trusted advisor, one that you can count on to answer all your accounting questions on a year-round basis and someone you will never hesitate to call with a question.
Do you know the old adage of "it takes one to know one?" We believe this to be a characteristic of LBA Haynes Strand, that just isn't available at other CPA Firms. We of course are talking about a growing company. Growing companies face all kinds of challenges: accounting, hr, marketing, operations, etc, etc. But there are two areas that we see growing companies needing the most assistance in: Cash Management and Internal Controls.