Are you Getting your Money’s Worth from your CPA?

Hiring a CPA can be a decent investment – if you find the right firm. There are many less than ideal options out there, some of which can end up causing you hundreds or even thousands of dollars in fees or penalty charges. With so many accounting firms in Salt Lake City to choose from, how can you be sure the one you are using is looking out for your best interests?

Watching out for Red Flags

When you notice something being done which you feel could have been done better, this is a red flag. It’s that little feeling in the back of your mind that tells you something could be wrong. With a CPA, a red flag will only end up costing you money, so be sure to pay attention and take notice of everything that goes on regarding your finances.

•  Are they actually a CPA? Even if they passed the exam, do they have a current license? In addition, not all tax preparers are CPA’s, and vice versa, so when in doubt be sure to ask for verification or check for yourself on the state’s accounting board.
•  Strategic planning in your benefit. If you try a couple of accounting firms in Salt Lake City but they don’t seem to be doing any financial planning for the future of your business, they may not be working in your best interest.
•  Be aware of multiple charges. While it’s common to pay for tax preparation and financial advice separately, it’s not okay to end up with additional fees for commissions after the financial advice. This layering should be avoided.
•  Legitimate references. If they refuse or are unable to provide references for their services, you should continue looking for another firm. References should be something a CPA would be proud to share with potential new clients.

Wouldn’t it be Easier to Do It Yourself?

For some individuals, the answer may be yes. However, accounting firms in Salt Lake City like Cook Martin Poulson can help small businesses and large individual investors navigate through the complexities of tax law and prevent future issues with back taxes or IRS auditing. They can easily guide you towards the best options when it comes to making financial gifts or charitable donations, setting up a trust for your child’s college fund, or organizing your taxes for multiple incomes. Like anything in life, however, you simply need to stay aware and be sure you are getting what you paid for.