Dear Abacus,
I work with an amazing CPA. They do my taxes and somehow magically do all my bookkeeping at the end of the year. They’re great! But I recently met with my business coach, who made me think that maybe I need someone with a specialized skillset doing my bookkeeping. My coach asked all sorts of questions about my profit, the money I make, and everything in between. I am not sure where to get this information because I only see my CPA once a year at tax time. My business has grown a lot since I first started working with my CPA. How do I decide if they’re still the best choice for my business?
Thank you,
Outgrowing my Accounting
Dear Outgrowing my Accounting,
It sounds like you have an awesome CPA/bookkeeper who primarily focuses on taxes. When you first start your business, getting your taxes filed is the main goal. But as your business grows and becomes more complex, it starts needing more than tax accounting.
You’re already recognizing the need to understand more about your business’s financials—your profit, revenue, cash flow, etc. Your needs are branching out, and you’re probably looking for more frequent reporting, which is something your current CPA might not be able to provide.
I would sit down with your business coach and make a list of the financial questions you both think will help keep tabs on your growth. Once you have that list, go back to your CPA and ask them if answering those questions is within their skillset and how often they will be able to provide you with these answers.
It’s also probably a good idea to start interviewing potential firms who specialize in answering the types of questions you and your business coach come up with, just to see what’s out there. Don’t worry about offending your CPA. It’s very common to have a whole team of accountants working with a growing business. In fact, you can ask your CPA for recommendations. It’s highly likely that they have a list of local accountants they have worked with. Remember, if your CPA is truly as great as you think they are, they’ll be just as invested in your success as you are.
Good luck,
Abacus the Accountant
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