Issue link: http://cp.revolio.com/i/142672
how to find the right accountant 3. ChECk rEFErEnCEs Checking an applicant's references is one of the most important steps in the hiring process. It may be rare, but even professionals can misrepresent their backgrounds and credentials, or simply leave out important information. Checking references takes a little time, but human resource professionals know it's a simple step that could save you from hiring someone who is woefully unqualified. 4. FinD a ComFort lEvEl Fulbright emphasizes the importance of the chemistry between you and your accountant, especially if you run a small practice. "Make sure you have clear goals for your business and that your prospective accountant understands them," she says. "Go to lunch; have a conversation. That will help you decide if you're both on the same page." Every expert interviewed for this story agrees with the need to have an at-length personal interview before hiring an accountant. 5. usE thE 60 pErCEnt rulE Keep in mind that there is a wide range of specialties open to CPAs, from individual taxes, to large corporate clients, to small businesses, and everything in between. "Look for a CPA who has 60 percent of his or her business coming from small professional practices and business owners like you," Marsala says. "They're more apt to keep up with the laws regarding clients they deal with most often. If your practice is incorporated or is a limited liability corporation, make sure the person specializes in corporate accounting, including financial statements and audits." 6. ConsiDEr your nEEDs If you have unusual accounting problems in your practice, you should look for an accountant with specialized training or experience. "If you ever find yourself in need of an outside audit for your practice, additional designations such as Certified Fraud Examiner (CFE) would be helpful," Fulbright says. Perhaps you have limited experience in personal financial management and would like to explore the possibility of increasing your investment portfolio. "An accountant who is also a Certified Financial Planner (CFP) would be a good choice when you need investment/ portfolio advice," Fulbright says. 7. Don't FEar ChangE Despite your best efforts, you may find yourself working with an accountant who isn't right for you. If this happens, experts say you should not hesitate to look for a replacement. Your accountant is too important to your success for you to compromise. Massage professionals should continually review where they are in the life cycle of their professional careers. "They may need to change the business form of the entity as their business grows," Katz says. Finding the right accountant for your practice may take a special effort, but the time you spend may well prove to be among your most profitable investments. SPH William J. Lynott has an extensive background in management consulting, marketing, and finance. He's written more than 900 articles appearing in a wide range of consumer magazines, trade publications, and newspapers in 17 countries.