Since fundamental tax reform is not likely to occur, new entrepreneurs need to think about hiring an outside accountant to help with tax work (do not do your own taxes unless you give yourself haircuts and perform all minor surgery on yourself such as appendectomies and open heart surgery). Start-up.com has offers some good advice on this process.
Here are my tips:
1. Start with referrals from other professionals and entrepreneurs and choose two to three to interview.
2. See if this is someone you want to work with for the next several years, often during some of your most difficult times. Personal fit with you and your team is critical. You need to be able to be open and honest with your CPA. Pick someone you can trust.
3. If they know your industry that can be a plus, but is not as important as when you pick an attorney.
4. Get honest and clear about their billing policies. If you are a new business, many accountants will give you some initial discounts. To some degree fees can be somewhat negotiable. Judge how sensitive each one is to your cost constraints.
5. Note things like how quickly they return your phone calls. They should be in their sales mode so this is as responsive as they may
ever get.
And when you pay your bill each year to your accountants for their tax work, remember the opportunity we missed this year to really reform the tax system in America.
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