Why wait until tax season to meet your financial goals?
The current landscape…
Intuit, makers of TurboTax and QuickBooks, are making a big splash this year by offering CPAs on-demand as you’re filing your tax return. If you watched either of the NFL games this weekend (the Patriots…again?…ugh…), then you know exactly what I’m talking about. Basically, if you run into trouble with your tax return or want somebody to review it with you, you have the option of connecting with a CPA over the phone. You get peace of mind that you entered your tax information correctly. The CPA gets $25 an hour to work from their kitchen. Win-win, right?
OK. So, what’s a ‘year-round CPA’?
CPAs are typically known as the professional accountants who file tax returns once a year, the number-crunching nerds who help with your personal budget or the fiscal gurus who guide you through financial planning. A year-round CPA is someone with whom you want to build a long-term relationship.
Why is a year-round CPA important?
The same reason you want to have a relationship with your doctor or dentist can be applied to a relationship with a year-round CPA. Here’s an analogy: you go to the dentist with some mouth pain. It’s your first time at this particular dentist. He gives you some x-rays (everybody hates, HATES, dental x-rays), says you need a root canal, and recommends that you schedule the procedure. You call back the next day, but nobody answers. The dentist has left town. What do you do? You go to another dentist the next week. The new dentist gives you another (ANOTHER!) set of x-rays , and says you need a root canal. Obviously. Thanks.
Avoid the rinse and repeat.
Much like the first dentist, a TurboTax CPA is gone as soon as you hang up the phone with them. When you call TurboTax back, you will be assigned a different CPA and have to start the process all over again. No fun.
For the custom advisory services you need, a long-term relationship with your CPA will help you achieve your goals — whether they are saving for retirement, paying off debt or starting your own business.
Has this happened to you?
It’s July. You haven’t talked to your CPA since he filed your tax return back in March. You’re fed up with your 9-5 and you want to go start your own business. Where do you start? What sort of legal entity do you need to create? Do you have enough money in the bank? What documents do you need to get a bank loan? And what is an EIN, anyway?
These are all good questions. If you’ve ever come across a big financial decision outside of tax season, you will wish you had somebody who you know, like and trust to answer those questions. When you work with a professional year-round CPA , that person is just a phone call, email, text or carrier pigeon away. That CPA already knows your backstory, has access to your important financial information and can provide you with well-informed guidance.
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My brother just bought into a small business. It looks like he will need an accountant during tax season now. I like what you said about having a relationship with a doctor or dentist as the same with an account. I also like the consistency of always having the same accountant to work with. It is so important for tax preparation.
Thanks for explaining why a year-round CPA is important. I think I would like to hire a CPA because I am starting my own business. I will keep this advice in mind and hopefully I can find a good CPA in my area that can help me.