You have made the decision to retain a CPA to help you with your taxes or your business books. How do you maximize the value that you will receive for your dollar?
Retaining a CPA for you or your business is starting a relationship with the CPA. It is no different than starting any relationship. The more invested you are in the relationship, the more that you will get out of it. Being invested means putting everything you can into the relationship to make it work. When both parties are fully invested, the relationship thrives.
Being invested means being fully open to your frailties and shortcomings, and not hiding anything. This can be daunting, but when both sides are open, they lay a foundation of trust in the relationship. Once you have the trust and you are open, you will be able to share everything you have, including mistakes that you have made.
This is a key level to reach. Once you are open with what you perceive to be mistakes, the CPA can help you. The CPA may also point out that what you thought were mistakes were not mistakes. However, if you are defensive about your actions, then you are not open to receiving guidance and direction.
How does being “fully invested” manifest itself? Being fully invested from a client perspective means initiating contact to ensure that the CPA has all documents that may be needed. For both sides it means promptly returning all phone calls and emails. It means keeping all appointments and communicating timely when appointments cannot be kept. If you as a client sense that the CPA is not fully invested, you are not getting your full value and you should look elsewhere. It also means paying for the services rendered promptly.
Another key factor to gaining the best results from the relationship that you have with the CPA is to ask questions and ask them again until you get satisfactory answers. Do not assume that since the CPA knows more than you do and has years of experience in the field that the CPA understands your situation as well as you do. Do not assume that this or any professional is perfect.
You know your situation best. You, as the paying partner in this relationship have a right- actually a duty to question. You have a duty to yourself and to the CPA to ask before the job is completed. If you did not ask before, ask after. You have your name every finished product that is produced.
Moshe Pelberg, CPA, is a Certified Public Accountant in Maryland who is a contributing columnist who writes on financial matters.
Publisher’s Note: Maryland Newspapers LLC looks forward to providing regular coverage of news and events in Howard County, Maryland. Please support that effort by visiting HowardCourier.com daily, uploading our mobile app, and subscribing, if finances permit.
and then