Q: I own a small business, what should I look for in a CPA?
A: Great question! Most CPAs have technical skills necessary to perform tax return preparation and financial statements. The most critical component for any small business is their ability to talk to their advisors. Being accessible and informative are two criteria that all business owners should look for in their CPA.
Q: Why do I need a licensed CPA?
A: CPAs are licensed professionals and adhere to certain regulations in the state in which they are licensed. In the State of Maryland, CPAs are required to accumulate 80 hours of qualified educational hours over a two-year period. They must report these hours to the Department of Labor, Licensing and Regulation when they renew their license. What this means to you is that the accounting and tax advice you are getting will be relevant and timely.
Q: How will I know if a particular CPA is right for my business?
A: First, ask around. Other business owners typically are happy to share their thoughts on their own CPA. Generally, recommendations are a sound choice. Gather a few names and set up a meeting with the prospective CPA. Interview them, just like you would an employee. It’s not fool-proof, but that personal encounter will certainly provide a first-hand impression so that an informed decision can be made. I95
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