Want to know what CPAs do? This video captures four days of interviews with CPAs all across Maryland to find out about the different roles that CPAs perform. Is your accountant a Certified Public Accountant? Produced by the AICPA & MACPA in 2007

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Article by Alan L. Olsen, CPA, MBA (tax)

The relationship between a chief executive and his accountant is an extremely important one. An outside accountant can be one of your most trusted business advisors and a key to your success. That’s one of the reasons why a new initiative by the Public Company Accounting Oversight Board (PCAOB) is creating a stir in the offices of CEOs across the land.

Established by the Sarbanes-Oxley Act, the PCAOB is charged with establishing rules for–among other things–auditing, quality control, ethics, and independence. In April of this year the PCAOB issued a set of seven rules for auditors of public companies. Though focused primarily on tax services, these rules also address ethics and independence.

The Rule in Question

Rule 3523 is entitled “Tax Services for Persons in a Financial Reporting Oversight Role.” In a nutshell, this rule states that an audit firm must maintain its independence by not providing tax services to any person in an audit client firm who fills a “Financial Reporting Oversight Role” (FROR). In layman’s terms, this means that CEO’s, CFOs, controllers, and others cannot have the company’s CPA firm do his or her personal taxes, or those of his spouse or dependents. Using the same firm to perform both services would create at minimum the appearance of a conflict of interest.

So Now What Do I Do?

There is a daunting array of accountants and firms to choose from–from sole practitioners to huge national firms, from generalists to highly specialized CPAs. However, there are few basic guidelines you can follow in order to make the process of choosing the right accountant a little easier:

* What’s the Big Picture? Take the time to step back and look at your needs from a 30,000 foot perspective. Your new accountant should be able to deal with not only your present need, but with the unforeseen circumstances of the future. A good financial partner will not only manage the individual pieces of your financial picture, but also won’t miss the forest for the trees.

* Specialist or Generalist? If your financial needs require a specialist, look for someone who has experience in your area. Do you simply need someone to prepare your taxes? Then perhaps a general purpose firm will do. But as in most industries today, specialization has worked its way into all areas of society and accounting firms are no different.

* Large or Small? Will you feel more comfortable with a large name-brand firm, or do you want the personal attention a smaller organization can give you? Larger firms may farm out pieces of your work to junior staff or even outside contractors. You may not be getting what (and who) you think you are paying for. And on the other hand, the smaller firm may not have the breadth of resources you really need.

* Check the Qualifications. It’s easy to find out if the firm you are investigating is properly licensed or has any pending disciplinary actions. Make sure the people you partner with have the education, licenses and certifications you need. Accountants who have the certified public accountant (CPA) designation must adhere to certain rigorous accounting standards. It’s uncommon, but some who offer accounting services may be unqualified and may not carry liability insurance. Nor would there be any supervisory body you could go to if things go wrong. The apparent savings in fees, if any, could prove costly in the long run.

* Reputation is Key. Ask around and find out what kind of reputation the prospective accountant (or firm) has. Talk to your friends and business associates. If your friends and business associates had to choose another accountant, whom would they choose? A firm’s reputation among non-clients is almost as important as its track record with existing clients. Finally, consider the “relationship fit.” In other words, do you get along with the individual? Do you share a similar outlook and philosophy? Does he or she show a real interest in your business?

Don’t forget that your primary factor in choosing an accountant should be the value he or she brings to the relationship. And always remember that real value from an accounting firm comes from several key factors:

* Superior professional service * A forward-thinking attitude with your needs at heart * A relationship of trust

Evaluating such elements as a proactive approach to your total financial picture, the ability to bring specialized expertise to your situation, and superior professional credentials will help you make an informed decision on the CPA’s skills and ability to address your unique needs.

Related CPA Articles

When you are in CPA marketing having a number of audiences, it seems quite difficult to grab their attention. With the increasing technology and pacing business trends you may find your customers very motivated, busy and demanding and unless you do not put your whole effort to keep up with them, regardless of what you are offering you will be left far behind. For all the people working in the field of CPA marketing, nothing is more important than to make and keep a list of the people that are not only available to you but are also willing to hear from you. Building this list continuously and maintaining it with great care is something most important in the profession of CPA marketing.

When marketing to CPAs, always keep in mind that you are dealing with the people that have great respect for the written words. Especially if you are planning to have some older lot of crowd you will come to know that the personal contacts that can be brought to you by the mailing campaign can not be beaten. The important thing that you should keep in mind is this that all the CPA’s coming in the market are equipped with a lot of knowledge and information about computers, communication and marketing, but that does not mean that you should stop making effort to tackle them. While communicating with your CPA, keep in mind that the more attention and concentration you will have the better results you will get.

Another important point that is worth keeping in the mind is this that you can find a single CPA at many different points of communications. Many of them would like to do over fax and phone while rest may like to do off line rather than remaining on line. The mode or channel of communication that can be chosen by the CPA varies, depending upon the choice and the ways with which they have become used to. You would probably find a large gap between the CPA’s that are planning to get retired and leave the field and those that are just entering into the field, but if you want to excel in your business you may not be able to ignore either one of them.

Keep in mind that whenever you are planning to keep up your marketing list, the more information you will provide for it, the better results it would yield for you. First of all make sure that the person you are adding on your list is available and interested in what ever you are offering, secondly do some home work to present and market the product in such a way that the customer could be convinced.