Mastering the Art of Prescreening: Essential Questions to Ask in Undefined Situations

What industry-specific experience do you have?

You want someone who understands the financial landscape of your specific industry. This person will be familiar with industry terminology, common expenses, and income sources unique to your field. They may also have connections with other industry professionals that may be beneficial.

Can you describe your experience with tax planning or strategy?

Tax planning doesn't only happen during "tax season." You need a global view to help your business stay on the right path all year long. The right individual will utilize strategies that consider the specific tax implications for your industry and business size.

What is your experience with financial software?

Financial software can lighten the tax preparation and planning load. It's crucial your financial professional is proficient in the software your business uses, or is willing and able to learn.

Do you have experience providing financial guidance to businesses similar to mine?

Familiarity with your business model can expedite the onboarding process. Your financial expert will already understand some of your business's key financial concerns and be able to provide tailor-made solutions for you.

Do you have any certifications other than being a CPA?

Additional certifications mean your chosen professional has pursued further education and specialties. This additional expertise could enhance their ability to serve your company’s financial needs.

Do you have experience in performing audits?

Audits can be daunting, but with an experienced professional who knows the ins and outs of the process, they don’t have to be. If an audit is mandatory for your industry or business size, this is a vital question to ask.

Are you familiar with the tax regulations and laws specific to my industry?

Each industry has different tax regulations that or may not apply. You need a financial professional who's well-versed in your industry-specific regulations to avoid any compliance issues.

What is your approach to minimizing tax liability?

Different approaches and strategies can minimize tax liability. A good tax planning strategy tailored for your business can help keep more money in your pocket, rather than in the taxman's.

What strategies do you typically recommend for improving business profits?

While decreasing tax liability is essential, it's equally crucial for your financial professional to have strategies for improving your business profits. Their approach should consider your company's industry, size, growth goals, and more.

Can you describe your experience with payroll?

For businesses with employees, handling payroll taxes can be a major headache. A financial professional who is knowledgeable about payroll can efficiently navigate the intricacies of this process, saving you time and peace of mind.

How do you typically communicate with your clients?

Communication preferences vary from person to person. Whether your preference is email, phone, or in-person meetings, ensure your financial professional is willing and able to meet those. This will ensure the relationship is as smooth as possible.

How often do you typically meet with your clients for updates?

Regular meetings are crucial to update your financial status, plan for tax deadlines, and strategize for future growth. Agreeing on the frequency of these meetings will keep you both on the same page.

Are there any additional fees for contacting you outside of scheduled meetings?

Unexpected costs can sting. Clearing up any potential fee surprises during the prescreening process can save both time and future misunderstandings.

How do you stay updated on changes in tax laws and regulations?

Tax laws and regulations evolve constantly. You need a financial professional who is committed to their continued education, ensuring your business stays compliant and benefits from any new tax breaks.

What other services do you provide besides tax preparation and planning?

There could be additional services that your business could benefit from. Future business planning, financial advice, or payroll services might be on the table.

What is your process for preparing and filing taxes?

Each financial professional will have a different process for preparing and filing taxes. By understanding their methodology, you can align with their system and streamline the process.

How do you handle tax audits and correspondences with the IRS?

Navigating through tax audits and dealing with the IRS can be tricky. It’s critical to have a pro on your side who's experienced and can efficiently handle these complex matters.

Do you provide or offer ongoing financial advice throughout the year?

Continual financial advice can give your business a competitive edge. Regular check-ins can identify financial opportunities, keeping you ahead of the game.

Can you handle both personal and business taxes?

If you're a small or medium-sized business owner, having someone who can handle both your personal and business taxes can be a game changer. It saves time and ensures consistency between your personal and business finances.

How will you approach creating a financial strategy for my business?

Your financial strategy should be tailored to you: your goals, your business, your industry. Understanding how your financial professional plans to create your strategy will help align your expectations and ensure your optimal success.