Questions Every CPA Should Be Prepared to Answer
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Are you prepared for the questions new clients are likely to ask? Potential clients looking for a qualified CPA may have questions to ask before making the decision to hire you. You should be ready for any questions they may ask during the vetting process.
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Questions Every CPA Should Be Prepared to Answer
- 1. Questions Every CPA Should Be Prepared to Answer
- 2. 2 Are you prepared for the questions new clients are likely to ask? Potential clients looking for a qualified CPA may have questions to ask before making the decision to hire you. You should be ready for any questions they may ask during the vetting process.
- 3. 3 Popular questions include everything from your basic services to how you can save potential clients more money next year. If you have an answer ready for every question, your potential client will be more likely to trust and rely on you.
- 4. 4 Do you have a PTIN (Preparer Tax Identification Number)? Savvy taxpayers know CPAs must have a current PTIN to prepare federal tax returns. Be ready to answer this question by showing a client this number upon request. If you don’t have one, they most likely won't trust you with their financial information.
- 5. 5 How can you help me understand my cash flow? Helping to manage payables and receivables with a comprehensive cash flow model is one of the vital services you can provide to your clients. Let them know how you can take on the detailed task of projecting their cash flow and bouncing back if they fall short.
- 6. 6 What is your history with preparing returns? Anyone shopping for the right expert is looking for someone with experience. Even if you have only been a CPA a short time, you’ll need to answer this question with confidence and honesty. Be ready to explain any additional credentials or related experience you have.
- 7. 7 Are you available year-round? This can differ from firm to firm and even CPA to CPA. Maybe your office is only available during tax season, or maybe it is available year-round. Some businesses may worry about this because they need ongoing help. Whatever your availability is, be honest about it and talk them through your availability.
- 8. 8 Do you work with clients who have financial situations similar to mine? Clients want to make sure their CPA understands their type of business. Each business industry is different and has different tax laws relating to them. The best way to answer this question is by assuring them that you have worked with other clients in that industry. If you haven't, talk about the ins and outs of tax laws for your client's industry to build their confidence in you.
- 9. 9 What are some considerations we should collaborate on in the long-term? You'll want to answer this question by letting the potential client know that you will work hard to get to know them and their business, and that you will regularly keep them aware of the different factors that could affect their bottom line. Be sure to ask if they would like you to weigh in on the financial ramifications of their business decisions. Working together will be key to a lasting business relationship.
- 10. 10 How much professional education do you get annually? Since the tax code and interpretations of it change every year, be sure they understand how much you value your continuing education. Highlighting relevant qualifications from continuing education, conferences, volunteer work, and recent experience can reduce friction in your sales process and differentiate yourself from other alternatives.
- 11. 11 Are you a conservative or more aggressive accountant? You'll want to let them know what your approach is to taxes. If you are the type that wants to write off everything you possibly can, let them know. If you take a more conservative approach and look out for more red flags that can trigger audits, let them know. You'll want a client who believes in your philosophy.
- 12. 12 How do you bill for your services and determine your fees? Be upfront and clear about your costs. Explain whether your fees are fixed rates, time charges, or tiered based on complexity. Also inform them how your rates may change from this year to the next. Offer to look at your client’s tax returns from last year and give them a quote on the cost for you to file this year.
- 13. 13 Is timely service delivered? Clients will want to know if you can meet their needs in the expected timeframe. Give them a realistic projected timeline of the services you will provide for them.
- 14. 14 Do you think my tax payments are too high, too low, or the right amount? Your clients will want reassurance you are doing everything you can to file their taxes fairly. Let them know why you think their tax payments are too high, too low, or just right. This will take an in-depth understanding of their situation, so let them know if you can’t answer this question accurately during a first meeting.
- 15. 15 What technology do you use? The days of sitting down with a calculator and stack of papers may be long gone, but that doesn't mean every CPA uses the same tools. Explain to clients what technologies you use to facilitate a closer, faster, and more reliable work experience. Mentioning newer technologies you use for collaboration, like cloud storage, or your internal security protocols can let clients know how serious you are about efficiency and keeping their data safe.
- 16. 16 How can I lower my taxes? To many clients, your primary job will be lowering their taxes. While it may be too late to do anything about the amount due for the current tax season, tell your clients about ways you can help them potentially lower their tax bill for the upcoming year.
- 17. 17 While you may not be able to anticipate everything clients will ask, this list of popular questions should get you thinking about potential answers. The better you understand your own skills, experience, and capabilities, the more accurately you can convince your clients of your expertise and quality of service.
- 18. 18 Website: pearlinsurance.com Email: info@pearlinsurance.com For over 60 years, Pearl Insurance has been a trusted provider of Professional Liability Insurance for accountants.