What Doctors Should Look For When Hiring A CPA For Their Practice

Most physicians embark on their careers because they want to help out people, so managing a business may not be the first thing on their minds. Whether you are just starting your career, expanding your current practice, or starting a new one, sooner or later you must make some major financial decisions. That’s where a CPA in Miami can help. Tax accountants in Miami provide a variety of services, which include tax preparation, bookkeeping, personal financial consulting for physicians and other medical professionals. In our article, you will learn about the things doctors hiring a CPA should look for in Pembroke Pines.

doctors hiring a cpa

The Right CPA Provides Multiple Services

If you are looking to hire CPA services in your area, first make sure the CPA firm in Miami provides a variety of services. Some of the skills or knowledge a CPA should have to help you manage your practice more efficiently include the following:

  • Experience with medical practice management.
  • Understands expenses and revenues associated with a medical practice. 
  • Able to assist you with personal and practice taxes.
  • Skilled at other practice financial issues.
  • In-depth understanding of taxes as well as regulations in the healthcare industry.

Your Miami CPA can help you put a system in place with a chart of accounts to prevent any kind of fraud or money mismanagement.    

Accountant VS CPA

A tax accountant is not the same thing as a CPA. An accountant completed a bachelors’ degree in Accounting while a CPA is a Certified Public Accountant with extra schooling, tests, and plenty of experience. Each state has unique licensing requirements, which a CPA has already met. A CPA is licensed by the board of accountancy in the state where they work and will continue pursuing other licensing requirements.

Since a CPA is required to earn and maintain this designation through extensive studying and multiple tests, he or she is considered an expert in the field and may also charge more for the services offered. Overall, a CPA can assist you in more ways, especially with your taxes, than an accountant can.   

Find A CPA With Industry Experience

If you are searching for a local CPA, you must get referrals from several reliable sources. Do not commit your finances to someone you have not met in person. Arrange to sit down first to discuss your financial circumstances and ask all the important questions. Make sure you ask about the CPA’s licenses and/or designations, length of time doing business taxes, tax issues they specialize in, whether they outsource their work, or their staff completes it personally. Also, ask about how much time it takes them to complete your taxes, their fees, and what’s their privacy policy.

Verify Their Credentials

If you found the tax preparer’s name from the IRS website, a CPA society, or your state board accountancy, chances are the credentials are legit. However, if you got the name from a referral, make sure you know whether the person holds the certifications they say they have.

Look at your potential CPA website and social media accounts to see the type of content they post. There is always that unhappy client, but if there is a pattern of client complaints, that’s definitely a red flag.

The Red Flags

If it is too good to be true chances are is not true. A tax accountant who promises a giant refund right from the start without taking a look at your financial situation may not be trustworthy. The same rule applies to someone who says they can deduct a lot of expenses before establishing a conversation with you. If you don’t see a preparer tax identification number (PTIN), they aren’t legally entitled to receive a payment. Ultimately, if you aren’t satisfied with the services offered, don’t be afraid to shop around and change CPAs, even if the deadline is approaching, you can always request an extension.

Transparency Is The Key

A good CPA will always be ready to discuss your specific tax circumstances and be willing to learn about your tax issues. So, when it’s time to choose your personal tax accountant, pick the person that will go the extra mile to keep his or her clients happy, such as answering your questions honestly, and if they don’t have the answer at the moment, they will take some time to seek the right answers and get back to you after.

They Have A Good Team

A good CPA leads a team and will not do all the work alone. They will consider the overall picture of your finances or business and carefully review your tax return. So, observe how the office staff interacts with you. You will probably talk more with these people than with your CPA. If they are friendly and knowledgeable, then you got the right CPA. 

Expectations Should Be Clear

Before handing over your books to a CPA in Miami, you must understand they can’t perform magic. In other words, they can provide the accounting services you request but your financial success is ultimately your responsibility. So, make sure you discuss your expectations. You should also understand their fee structure and get estimates for the CPA accounting services you are requesting.

Meet In Person

Meeting your CPA face to face is always a good idea. Remember, this individual will be handling your finances. If they don’t want to meet in person, call someone else. Take your spouse, family, or a trusted friend to get a reasonable opinion.

Hire A CPA In Pembroke Pines

Finding a good CPA in Pembroke Pines is priceless. If you have a business idea but not sure how to handle the financial side of it, contact our CPA firm My CPA, PA.

In the end, hiring a CPA is an excellent decision for your business and for yourself. Just make sure you follow the above-mentioned tips, and you will get your business off the ground in no time.

Legal Disclaimer

Information Only / No Legal Advice Intended

This publication is designed to provide general information regarding the subject matter covered. It is not intended to serve as legal, tax, or other financial advice related to individual situations. Because each individual’s legal, tax, and financial situation is different, specific advice should be tailored to the particular circumstances. For this reason, you are advised to consult with your own attorney, CPA, and/or another advisor regarding your specific situation.

To ensure compliance with requirements imposed by the IRS, we inform you that any US federal tax advice contained in this communication (including any attachments) is not intended or written to be used, and it cannot be used for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing, or recommending to another party any transaction or matter addressed herein. Always seek advice based on your particular circumstances from an independent advisor. Any disclosure, copying, or distribution of this material, or the taking of any action based on it, is strictly prohibited.

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