How Well Does Your CPA Know You?

Blog
August 12, 2016

Do you have a collaborative relationship with your CPA? Do you consider your CPA a friend?

Are you taking advantage of all the resources your CPA offers? For many people and organizations, the “resources” that a CPA offers occupy a narrow and limited purpose, auditing of the financial statements and/or preparation of the tax return. While these may be the end products of the relationship between you and your CPA, these items are likely a small sample of what’s available. In fact, most of a CPA’s value added offerings are built through a collaborative year-round dialogue.

Construction and real estate companies in particular, face increasingly complex situations due to new accounting guidelines and government regulations. Especially with the upcoming changes to revenue recognition and lease accounting standards, now might be the best time to explore what further value your CPA can provide.

So what can be achieved from year-round collaboration with your CPA and how can you ensure maximum benefit to your company or personal finances? It might be prudent to discuss navigating the new revenue recognition rules and the ways they will affect your company. Much like any other issue or area of concern, an issue in accounting is best solved by preempting the problem and being a step ahead. Provide your CPA the opportunity to help you. The right CPA will be more than happy to brainstorm methods with you to prevent any problems from festering and becoming larger problems down the road. If there is a significant or unique transaction you aren’t too sure about, it’s a safe bet to include your CPA in the discussion.

Getting ahead of your financial situation with your CPA should also prevent surprises at year-end. Here are a few ways your CPA can add value beyond the numbers…

  • Participate in your banking and surety meetings
  • Review and assist with unapproved change orders or claims evidence support
  • Recommend trustworthy professionals from their networks
  • Assistance with accounting system selection and related platforms
  • Advice on setting up effective internal controls to detect and prevent error and fraud
  • Forensic and IT audits to detect and prevent deficiencies/fraud
  • Provide real-world information on the latest accounting and industry standards

Lastly, make sure to check out the free advice your CPA is also offering, sign-up for their email newsletters and blogs, if possible.

For further information, please contact our CPA’s at 301.231.6200.