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Home > Services > Domestic Wealth Planning > How to Choose an Accountant
The objective of Strategic Advisers is not just to get a qualified professional for the job; our goal is to get the best person that is right for the job.
Many factors enter into the formula when we choose an adviser. The initial conquest begins with many questions. We choose an advisor that meets every qualification and furthermore, we choose professionals who can contribute to the team, which is generally an Asset Protection Planner, an accountant and a local attorney.
This decision may mean the difference between success and failure. Our financial matters are at the root of our ability to achieve our strategic goals and compete with the competition.
It is important to choose the right person from the beginning. Accountants have philosophies and opinions about taxation and the techniques that will achieve the best results. It is somewhat like; you can get to your destination on different roads, but still get there. Once a plan is in place, it is difficult to undo, so to speak, therefore, you should choose your accountant wisely.
For small business, with one accountant or firm, your choice certainly makes a difference. In the same way, an accountant has the same effect on an estate. Accountants gain access to very personal information and become very active in advising about taxation. It is certainly true that not all accountants are equal or provide standard services.
There are daunting numbers of accountants from sole practitioners, to large firms, national firms, firms that sell self-service and highly specialized Certified Public Accounts (CPA). There are attorneys who are accountants and there are accountants who are Asset Protection Planners.
Here are some of the considerations.
Size – If you think that one-on-one contact will benefit you, then choose a smaller firm. If you think that you need a pool of minds to create the best landscape for your situation, choose a firm. You have to have someone on top of your situation. Smaller firms may not have enough consulting power for specialties and you may get lost in the shuffle of a larger firm.
Qualification and Certifications – Many people confuse the certification of a Certified Public Accountant with “accountant.” A CPA has passed accepted financial education levels and a state certification and test to prove their competency. CPAs must take Continuing Education Credits. This does not mean that non-CPAs are not good. Many non-CPAs have specialties in certain types of businesses that can prove to be an advantage. It is important to ask about the accountant’s background.
Technology – There is a lot of software available for businesses and small business owners to take advantage. Often it is important to ask an account what software they use for the consideration that the company may have to set up their books with this software. Another importance is knowing what role technology will play in your communication with your accountant.
Business Consulting and Growth – Consider where your business is going in terms of growth and choose an accountant who can grow with you. If you are setting up an export business or an import business and your accountant has no experience internationally or with this type of business, then you would either need another type of accountant or one who can grow with you. If your personal life is closely tied to your business, then you may find advantages from an accountant who can become integrally involved in both your business and estate. Ideally, an accountant is someone whose role will give you an advantage in tax issues and not just structural planning.
Tax Planning – Tax planning is extremely complicated regardless of an accountant’s certification or qualifications. Experience counts in this area and it is very important that an accountant keeps up to date with the latest changes in legislation and IRS tax code changes. The complexity of your situation may have an added stake as to the specialty of the accountant that you choose.
Reputation – It is very simple to find out if an accountant has a good reputation. You can find out in the community, get references or ask colleagues of the accountant. Most importantly, do your due diligence.
Fees – Find out how the accountant bills. There are many individual choices and you are at will to negotiate if you do not like the situation. Again, most importantly, so your due diligence.
You can check the background and qualifications of accountants at the American Institute of Certified Public Accountants (AICPA) and through other state agencies. Firms that go through the qualifications to join the AICPA also have a peer review process. The AICPA also requires Continuing Education Credits (CEC) and this is a safeguard for indicating that an accountant is keeping up to date in his or her practice.
The bottom line is that your accountant should be much more then a bean counter or bookkeeper. Choose an accountant who can provide comprehensive techniques and structural planning that fits into your entire business plan or personal estate plan and do not underestimate what a good accountant or CPA can do for you.
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Don't miss this valuable conference and the chance to meet all of our Global Strategic Advisors!
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One attitude that cannot be tolerated in medicine is lack of care or apathy and physicians should exercise the same standard of care toward their accumulation of assets, property and wealth.
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Asset Protection Planning Part 3 concentrates on the protection of personal residence, business acco ...
Would you like to remove a dollar from your company, and even better, a tax deductable dollar and pu ...
Trustmakers Estate Tax planning provides advisor direction and guide information on protecting your estate.
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