How Physicians Can Find a Good CPA

Finding the right CPA is crucial for any physician.

Here are some tips to help you find the perfect fit for your practice.

Consider These Tips to Find a CPA to Handle Your Physician Tax Planning Needs

Get a Picture Of Your Current Finances

It’s important to make sure that the CPA you choose is qualified and credentialed. The IRS has a Directory of Federal Tax Return Preparers With Credentials and Select Qualifications that allows you to search for tax return preparers in your area with recognized credentials and qualifications.

Inquire About their Physician Tax Planning Experience

When it comes to choosing the right CPA, experience is key. Make sure to ask potential CPAs how much physician tax planning experience they have. The right CPA should be able to answer this question easily and give you an accurate estimate of the number of returns they’ve filed for practices like yours.

Check Their Credentials

Ensure They Can Meet Before the End of the Year

If you’re looking for a CPA for help with your taxes, it’s important to choose a tax planner instead of a tax preparer. Tax preparers are typically only consulted after the year is already over, and at that point, it can be very difficult to find ways to improve your tax situation. A tax planner will meet with you before the end of the year and provide you with strategies designed to improve your financial situation.

Consider Local CPAs

By talking face-to-face with your CPA, you can establish a personal connection that allows you to better explain your individual needs and goals. That way, if you have an issue or need advice, you can easily schedule an in-person meeting to discuss the details without having to worry about the logistics of coordinating a remote meeting.

Ask Your Community

One of the best ways to find a CPA you can trust is through referrals. Talk to people in your network, such as colleagues or friends, to find a trustworthy professional. Asking your community to refer you to a CPA is far more valuable than simply relying on good online reviews or Yelp ratings. You’ll be able to get firsthand accounts of how they work, what kind of services they offer, and if they’re a good fit for your practice. You should also ask your peers if there’s any in your area that you should avoid working with.

Look for a Partner

Whether you’re a budding physician or you’ve worked in the field for decades, having a CPA to help you keep track of finances and give sound advice on growth and development is essential. When looking for a good CPA, ask if they can advise you on how to grow your business, set goals, and ensure you’re making the most of every financial opportunity.

Find a Physician Tax Planning Specialist

With the complexities of taxes and financial matters, it’s important to have someone on your side with knowledge and experience in your industry. Take your search one step further and find a CPA focused on your particular niche. Someone that specializes in providing financial services for physicians can provide you with insight into legal benefits that generic CPAs may not be aware of. By working with a physician tax planning specialist, you can maximize your deductions and ensure your finances are managed in the most efficient way possible.

At Physician’s Resource Services, we’re dedicated to serving physicians and their families with our cutting-edge tax planning strategies.

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Understand How They’ll Protect Your Privacy

No matter how much you like your CPA, confidentiality should be a top priority. A good CPA takes the necessary precautions to ensure your data remains secure by using encryption, limited data access, and multi-factor authentication protocols. Additionally, someone who’s aware of the importance of keeping confidential information safe ensures that their employees with access to your information are adequately trained on best practices.

Look for a CPA Who Provides Catered, Holistic Solutions

When finding a good CPA, make sure they provide a catered, holistic approach. Someone with a deep understanding of your industry and particular goals can give you advice designed to best serve your situation. They should also be up-to-date on the latest technology and methodologies in the accounting world, so you can ensure they’re providing you with the most comprehensive service.

Ensure They’re a Team Player

Your CPA is more than just your accountant—they’re part of a larger team that’s responsible for helping your practice reach its financial goals, so they need to be able to work well with other professionals, including attorneys, financial advisors and other consultants. The right CPA will also be focused on your team’s success and shared goals, knowing that more can be achieved when everyone works together.

Chat Casually

A casual chat with your CPA helps build a relationship of trust. You want to know that your financial interests are in safe hands and that the advice you’re receiving is beneficial in the long run. Having a comfortable conversation at the start of your professional relationship helps set the tone and ensures you’re comfortable and confident working with them.

Goal-Oriented Physician Financial Planning Services

At Physician’s Resource Services, we provide tax preparation and financial planning solutions that make it easy to accurately report all of your business income. We’ll look through your sales records for accrual-based accounting, review your business checking/savings account interest, and make sure all receipts from sales and services are properly accounted for. Contact us today to learn more about our tax planning and financial services for physicians.

Tax services and insurance products and services offered through Physician’s Resource Services. Advisory services offered through PRS Investment Advisors, a Member of Advisory Services Network, LLC. Physician’s Resource Services and Advisory Services Network, LLC are not affiliated.

This material is provided as a courtesy and for educational purposes only.

Please consult your investment professional, legal or tax advisor for specific information pertaining to your situation. Advisory Services Network, LLC does not provide tax advice. The tax information contained herein is general and is not exhaustive by nature. Federal and state laws are complex and constantly changing. You should always consult your own legal or tax professional for information concerning your individual situation.

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Advisory services offered through PRS Investment Advisors, a Member of Advisory Services Network, LLC. Tax services and insurance products offered through Physician’s Resource Services. Advisory Services Network, LLC and Physician’s Resource Services are not affiliated.