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5 things to know before hiring a CPA in Nashville

Don Pauly

You are finally sure that you need a certified public accountant (CPA) to manage the financial affairs of your company in Nashville. If yours is a small or mid-sized business, it may not be economical to hire an in-house team of accountants and professionals. Outsourcing is usually cost-effective and can help save time. In this post, we are sharing the top details that matter before hiring a CPA in Nashville, TN.

  1. An accountant is not a CPA: CPAs are required to have a valid license and specialize in a wide range of tasks, which extends beyond making financial statements and bookkeeping. Someone may know what it takes to manage accounts, but they are not as qualified as a CPA.
  2. Specialization and expertise may vary: Not all firms are the same when it comes to accounting services. Most CPAs specialize in tax planning & preparation, generic business consulting, and regulatory compliance, but only a handful are likely to have experience in matters like forensic accounting. Also, these professionals work for a wide range of clients, and it is best to choose someone who has experience in the sector.
  3. You should look for comprehensive services: Besides filing returns on time and taking care of amendments, your CPA should also offer help with financial statements, including income statements and balance sheets. They should also help in reconciling accounts, payroll management, cash flow management, and economic forecasting. Many firms in Nashville also offer financial analysis and forecasting services, which can be immensely useful.
  4. You should not wait for the tax season: You must have support for financial reporting and management from the start of the year. Even if you hire a CPA before the peak season, don’t expect them to find all details. Also, a tax preparer is not necessarily a CPA.
  5. Pricing for services could differ: If you are hiring an accounting firm to handle all financial tasks, you will typically pay a monthly fee. In some cases, you may also get a bill for the number of working hours, while some CPAs charge for each task. It is always better to have an estimate.

Always choose a local firm that’s in Nashville so that you can have support on demand. It makes no sense to outsource financial reporting and tax planning to a CPA who is not accessible when you need it the most. You can ask around for references or check listings online.