7 Questions to Ask a Prospective Accountant | Accountant Monmouth

7 Questions to Ask a Prospective Accountant

If you are in the process of looking for a new accountant to address all of your bookkeeping and taxes, it’s important to do your homework and ask questions of a few accountants before settling on one. A solid accountant will ensure accurate, timely records, as well as comprehensive, correct tax filing every year. Check out these seven questions to guide you in the process.

• How much experience do you have? You want to see at least five years experience in tax advisory or bookkeeping, but much more for CPAs. Those who have worked with a large firm usually have a broader skillset and range of experience.
• Can you review my prior year’s taxes? The answer should be yes. Any accountant worth his salt will do this for two reasons: to detect any mistakes from your last accountant and to get to know you and your financial situation better. It should only take about 15 minutes to review your prior year’s returns anyway.
• How can I reduce my total cost? Make it easier on the accountant and you won’t be billed for as many hours. Send your accountant QuickBooks spreadsheets containing your income and expenses, as well as neat lists of charities, rather than a heap of disorganized papers and receipts.
• Do you have experience with my situation? Make sure your accountant knows your unique situation and has experience with your line of work. Perhaps you’re a self-employed writer or real estate agent with a lot of deductions and self employment taxes, or maybe you’re a high-tech company that issues stocks. Make sure your accountant has experience in these arenas.
• Who will do my actual return? In a large firm, the CPA or accountant may handle your preliminary discussions and reviews, but they may pass off the actual act of calculation to a staffer. If you don’t like this arrangement, go with a smaller firm or choose an accountant who will do the work solely on his own.
• Can we meet face to face? Many people don’t like to deal with the phone, Dropbox, or email, preferring face to face meetings with an accountant.
• What fees will I be charged? Many tax accountants charge hourly – a rate that varies by where you live in the country. You can expect at least one hour spent discussing your situation with your accountant, an hour of review time for your prepared return, and a couple of hours billed at a lower rate by a staff member who handles data input and software operation to calculate the return.

Follow these helpful tips when choosing the right accountant for you. Chris Whalen, CPA, takes a local, personalized approach to your taxes and other accounting services you may need. Get a free evaluation of your personal or business tax profile by calling 732-673-0510.