To ensure you find the right fit for your financial needs, here are five key qualities to look for in a CPA.

1. Professional Certification and Credentials

The first and foremost quality to look for in a CPA is their professional certification and credentials. A reputable CPA should hold a valid CPA license, indicating that they have met the rigorous education, examination, and experience requirements set by the state board of accountancy. 

2. Experience and Expertise

Experience matters significantly when choosing a CPA. Always look for a professional with a solid track record in handling financial matters similar to your own. Whether you’re an individual seeking personal tax advice or a business owner in need of comprehensive accounting services, a CPA with relevant experience and expertise can provide valuable insights and guidance tailored to your specific situation.

3. Strong Communication Skills

Effective communication is key to a successful CPA-client relationship. In fact, a good CPA should be able to explain complex financial concepts clearly, ensuring that you are informed and empowered to make sound financial decisions. Moreover, they should be responsive to your inquiries, proactive in providing updates, and capable of fostering open and transparent dialogue throughout your engagement.

4. Ethical Standards

Integrity and ethical conduct are non-negotiable traits in a trustworthy CPA. You should look for a professional who upholds the highest ethical standards, maintains client confidentiality, and operates with transparency and honesty in all financial dealings. In fact, verifying their adherence to professional codes of conduct and ethics can give you peace of mind knowing that your financial interests are in good hands.

5. Strategic Thinking and Problem-Solving Abilities

Beyond just handling routine financial tasks, a top-tier CPA should possess strong analytical skills, strategic thinking capabilities, and adept problem-solving abilities. They should be able to anticipate challenges, identify opportunities for financial optimization, and develop creative solutions to address your financial goals and concerns effectively.

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1. An accountant is not a CPA: CPAs are required to have a valid license and specialize in a wide range of tasks, which extends beyond making financial statements and bookkeeping. Someone may know what it takes to manage accounts, but they are not as qualified as a CPA.
2. Specialization and expertise may vary: Not all firms are the same when it comes to accounting services. Most CPAs specialize in tax planning & preparation, generic business consulting, and regulatory compliance, but only a handful are likely to have experience in matters like forensic accounting. Also, these professionals work for a wide range of clients, and it is best to choose someone who has experience in the sector.
3. You should look for comprehensive services: Besides filing returns on time and taking care of amendments, your CPA should also offer help with financial statements, including income statements and balance sheets. They should also help in reconciling accounts, payroll management, cash flow management, and economic forecasting. Many firms in Nashville also offer financial analysis and forecasting services, which can be immensely useful.
4. You should not wait for the tax season: You must have support for financial reporting and management from the start of the year. Even if you hire a CPA before the peak season, don’t expect them to find all details. Also, a tax preparer is not necessarily a CPA.
5. Pricing for services could differ: If you are hiring an accounting firm to handle all financial tasks, you will typically pay a monthly fee. In some cases, you may also get a bill for the number of working hours, while some CPAs charge for each task. It is always better to have an estimate.

Always choose a local firm that’s in Nashville so that you can have support on demand. It makes no sense to outsource financial reporting and tax planning to a CPA who is not accessible when you need it the most. You can ask around for references or check listings online.

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