About FBK
Selecting a CPA Firm
The process of selecting a CPA firm requires careful consideration of several criteria.
The process of selecting a CPA firm requires careful consideration of several criteria. As trusted financial advisors, your CPA’s will work closely with you or your company on a variety of issues, so you want to be sure you are confident in your selection. The information contained in this section is intended to assist you as you make a critically important decision for your future or that of your company. Among the most important criteria you should evaluate in selecting a CPA firm are:
- Experience
- Education
- Training
- Resources
- Area of concentration
- Professional and community involvement
- Size of firm
- Price
- Chemistry
- References
- Selection
Experience
How many years have the CPA’s been practicing? What did they do before becoming CPA’s? Does the firm have a variety of CPA’s, with different areas of expertise, who will work as a team using their combined skills to get you the results you need?
Education
Where did the CPA’s attend college? When did they graduate? What degrees were conferred? Did they attend any graduate-level education? Although all CPA’s must pass an intense four-part exam before becoming a Certified Public Accountant, regardless of schooling, it still may be useful for you to learn more about their educational background.
Training
A college education and passing the CPA exam are only the beginning steps in a CPA’s career. What additional training have the CPA’s undergone and in what areas? Most states require that CPA’s undergo regular "continuing professional education" (CPE) in order to retain a license. How many hours of CPE credit have the CPA’s earned during the last year? What classes do they attend to receive the continuing education?
Resources
No two clients are alike, and specific questions are bound to develop as the CPA’s handles your financial matters. What resources are available to the CPA’s when they have any questions that need to be researched? To whom does they turn for advice?
Areas of Concentration
Depending upon your needs, you may want to select a CPA firm that concentrates its efforts in a particular area. If you own several franchises, you may want to select a CPA firm that primarily services the franchising industry. If you are in the construction industry, you may be more confident in selecting a CPA firm that has dedicated its practice to providing financial and consulting services to that industry. Does the CPA firm concentrate its practice in any particular area? What percentage of the firms business is in that area? How do they stay abreast of trends and developments in that industry? Do they belong to any related trade organizations?
Professional and Community
What professional associations
do they belong to and why? Are the firms CPA’s involved in any leadership
capacity in the association(s)? Are they involved in the community and if so, in
what way? These questions will be more important to some clients than others,
but they will elicit helpful information you might use in making your selection.
Size of Firm
There is no "perfect" size firm in the accounting industry. CPA firms range from sole practitioners to international accounting firms with offices around the world and thousands of CPA’s on staff. Consider interviewing CPA’s in different size firms, and make the choice best for you.
Price and Value
Although some prospective clients may be hesitant to ask questions about pricing, any responsible CPA firm will welcome an opportunity during the selection process to explain the billing fees and procedures. Will the work be charged on an hourly basis and if so, at what rates? What if a support-staff person performs work; will that be billed at a different rate? How frequent is the billing? There should be a clear fee structure that everyone understands. Although price is an important consideration, at the end of the day, value is what really matters. It is critical that you understand the value of the services you will be receiving. What is the cost/benefit relationship?
Chemistry
All CPA’s must meet rigid professional standards in order to maintain their licenses and the accounting industry as a whole adheres to a strong ethical code. But just as no two clients are alike, not all CPA’s are exactly alike. After you have learned about experience, education, etc., take the time to learn about the people whom you will be trusting with your financial matters. Subjective as this may sound, pay attention to your instinct.
References
If you did not first learn about the CPA firm from a referral, you might want to ask for a list of references. Take a few moments to contact current clients to gauge their level of satisfaction.
Selection
There are literally hundreds of thousands of CPA firms in the United States, so how do you go about identifying those you might consider retaining? Person-to-person referrals are probably the most common means, but you might also consider contacting your state's CPA society. Of course, the Yellow Pages, newspaper advertisements, and your local Chamber of Commerce are other means.
Summary
We hope that our website has provided you with enough information about Fitzpatrick Bongiovanni and Kelly, PC to realize that we might be the right firm for you. We look forward to the opportunity to meet with you so that you can better make this vital decision.
