Why You Need to Have Regular Check-ins With Your CPA

 

One of the Most Valuable Relationships You Can Cultivate is with Your CPA

Your CPA is not just someone who prepares your tax returns once a year; they can be a strategic partner who provides valuable insights and guidance to help you achieve your business and personal financial goals. However, to fully realize the benefits of working with a CPA, regular communication is key.

 

Have Meetings Regularly

In the fast-paced world of business, it’s easy to get caught up in the day-to-day operations and lose sight of the bigger picture. That’s where regular meetings with your CPA can make all the difference. By setting aside dedicated time each month, you create an opportunity to step back from being in the business, and instead, work on the business from a financial perspective.

These regular check-ins allow your CPA to gain a deeper understanding of your business, its challenges, and your goals. They can review your financial statements, such as your profit and loss statement and balance sheet, and identify trends or areas of concern. For instance, if your revenue is down, your CPA can dig deeper and uncover the root causes rather than just pointing out the obvious.

These meetings provide a platform for you to discuss your personal financial goals, growth strategies, and exit or transition plans. Your CPA can offer insights and recommendations tailored to your specific situation, ensuring that your business decisions align with your long-term objectives.

 

Getting Deeper than Surface Level

One of the most significant benefits of regular communication is that it allows your CPA and their team to develop a comprehensive understanding of your business. When you first engage with a CPA, there is often a ramp-up period of 60 to 90 days, during which they familiarize themselves with your company’s financial records and operations. However, with ongoing meetings, your CPA can quickly gain a deep knowledge of your business, enabling them to provide more informed and effective advice.

Often, you already know the answers to many of the questions you ask your CPA. However, your CPA can help you bring those answers to light by providing an objective perspective and drawing upon their expertise and experience working with other businesses in similar situations.

 

Getting Strategic

Regular communication also allows your CPA to proactively address challenges and propose strategies before they become major issues. By staying informed about your business’s day-to-day operations, your CPA can anticipate potential roadblocks or opportunities and offer timely guidance to help you navigate them successfully.

Having a trusted advisor who truly understands your business and personal goals can be a game-changer. By fostering regular communication with your CPA, you can unlock a wealth of knowledge and expertise that can help you make informed decisions, maximize your profitability, and achieve your long-term aspirations.

So, if you haven’t already, schedule regular meetings with your CPA — whether it’s monthly, quarterly, or at a frequency that suits your needs. Treat these meetings as an investment in your business’s success, and leverage your CPA’s expertise to gain valuable insights, identify opportunities for improvement, and stay ahead of the curve.

To learn more, tune in to The Progressive Agency Podcast where we dive more into the importance of regular communication with your CPA and the questions they can answer for you and your business.