Having a qualified CPA in your corner is one of the best investments that you can make for yourself and your business. Not only will they scrutinize every detail of your taxes to make sure that you get the most out of your returns, but you’ve got a partner who will help you make the best decisions for your business going forward. However, the range of cost for hiring a CPA can vary greatly, and in most cases, you get what you pay for. Therefore, here are some tips to help you make the most out of your relationship with your CPA and how you can make it more affordable, no matter your budget.

  1. Stick With Your CPA: If the CPA you hire works out for you and you’re comfortable with them, keep them. Building on your relationship and getting just one CPA to get to know you and your business is much easier than starting from scratch. A CPA who is knowledgeable about your business as well is more likely to spot major changes in your books.
  2. Be Truthful About Expenses: CPA’s are not here to judge you. They are here to make sure that you get the most out of your expenses and know the best way to claim certain expenses. Things like medical expenses may seem like private information, and it is, but by disclosing the expenses related to this may end up saving you money in the future. The same goes for gambling winnings. Do not hide these from your CPA. It will only hurt you in the long run.
  3. Make Spreadsheets: One of the most effective ways of reducing costs is keeping things organized. It doesn’t have to be a spreadsheet, but they’re easy to make and even easier to read, making your CPA’s job much easier and allowing them to finish the task faster, saving you money as most CPAs charge by the hour.
  4. Don’t Make Decisions Alone: Before making a big financial decision, consult with your CPA. They’ll be able to inform you whether this could benefit or harm your financial future or not, and whether or not there can be anything to claim on this purchase.

Haven’t found that perfect CPA for your business yet? Contact NOVAA today by calling 1 (888) 325 5099 or by emailing us at info@novaa.ca.

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