Q: What are some things I should consider before I talk to you about being my CPA?
A: Take some time to consider what your present and future accounting and tax needs might be. The more you understand about your needs, the better job we can do together of matching our services to those needs. Different CPA firms offer different levels of experience and provide different services. Some general questions you should consider:
- Will you need help with personal financial issues, individual or corporate tax returns, retirement, estate or college planning?
- Do you need financial statements prepared for your business? Must those statements be audited or reviewed? Will you need special financial reports for government agencies?
- How comfortable are you in your own ability (or in the case of a business, your staff’s ability) to handle financial and operational details. Do you want to do as much as possible in-house or are you considering out-sourcing some of your bookkeeping, accounting, or CFO functions?
- Do you need help preparing a business plan or a personal or business loan application?
- Will your business need other services such as technology planning, strategic planning, process consulting or cost analysis?
- What is your budget for CPA services?
Q: How can accounting help me make money?
A: Essentially, accounting tells you if you are making money. If you create a profit and loss statement each month, you can ascertain your position quickly. If you are losing money, you can make changes in your operations, such as increasing prices or reducing expenses, to correct the situation long before the year’s end and ensure that your overall year will still be profitable.
Q: Can’t I just write checks, make deposits and file taxes?
A: If you don’t do any accounting, then that is probably all you are doing – making deposits, writing checks and paying taxes, but not making any profit! Even in a very small business you need to be in control of your expenses. This doesn’t just mean having the money, it means knowing what portion of your revenue gets spent for what purposes. What percentage of revenue do you spend on marketing each month? What about payroll? What about supplies or inventory? If you don’t track and control these expenditures, you are not managing your business – you are just blindly hoping there might someday be a profit.
Q: Can’t I hire a bookkeeper to do the accounting for me?
A: A good bookkeeper or even a good accounting software program can help you organize your accounting quickly. But you still need to understand the basic principles of accounting. This will allow you to use the information supplied by the bookkeeper or software program intelligently, enabling you to make the changes in your business that will keep it on track toward success and profitability.
Q: What is a Balance Sheet and how can it help me?
A: A Balance Sheet shows you how your assets are being used. For instance, from a balance sheet you should be able to determine whether or not your inventories are too large, whether your receivables are growing, or whether your ratio of debt to equity is getting too high.
Q: How much do you charge?
A: We base our fees on a number of factors including the type of services required, the time required to perform the services, the level of expertise and experience required, and the complexity of the work. The fees at Kohart & Company are fair and affordable and fall into two basic categories:
- Hourly Based Fees – For much of our work we are compensated based on the number of hours it takes to complete the work. We are happy to quote our hourly rates and to provide fee estimates for specific tasks.
- Fixed Fee Services – For some longer-term projects or commitments such as monthly accounting services we charge a fixed fee that is tailored to your business’s specific needs.
We will talk frankly with you about our fees and put together a plan that utilizes the right formula of staff and time for the services you need so that the value of the service and the price of the service makes sense for you and your business. Visit our Fees Page for a more comprehensive explanation of services and rates.
Q: What types of industries do you currently perform services for or have experience working with?
A: Kohart & Company has been serving businesses in a wide range of industries throughout the surrounding communities for more than 20 years. We understand the unique practices and demands of these industries, and our experienced CPAs, accountants and advisors will give you the support you need to succeed and excel in all aspects of your business and in today’s competitive marketplace. Some of the industries we represent include:
- Emerging & Small Business
- Sole Proprietors
- Entertainment & Hospitality
- Healthcare & Health Maintenance
- Information Technology
- Computer Software & Hardware
- Legal Agencies & Law Firms
- Real Estate
- Restaurant & Food Service
- Printing & Publishing
- Professional & Personal Services
- Wholesalers & Distributors