Working with a Creative & Modern CPA Firm

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elementscpa-modern-creative-cpa-firmHow you leverage your CPA firm makes a big difference, as does their perspective on business. Unaware, you could find yourself in a low-potential relationship that’s hampering your progress, instead of an opportunity-oriented relationship that’s furthering your vision.

Recognizing that difference, plus using your CPA team in the most effective ways, will empower you and your business to flourish.


The CPA Firm: Traditional/Uninspired vs. Modern/Creative

The traditional and uninspired CPA firm comes from a justifiably long and proud history, but hasn’t evolved to effectively address the needs of modern businesses. Common characteristics include:

  • Believes traditional accounting financial statements are the most important and highest value offering.
  • Overly-suspicious of any new technology as unproven and unsafe, and committed to being a late adopter.
  • Reacts to taxes after the year’s over, often with sizeable adjustments.
  • Evaluates twelve-month old financial results for insights that are no longer relevant to your current situation.
  • Focuses on small minutia that don’t meaningfully change your situation.


In contrast, a modern and creative CPA team:

  • Recognizes traditional financial statements present only a partial picture, and are often muddied by weird accounting/tax rules. Instead, they present your finances with a fresh approach that gives you true insight into your business.
  • Keeps abreast of the latest technology developments, continually tests the ones that look promising, and recommends the ones you can most benefit from.
  • Anticipates changes in your tax liability during the year, and helps adjust payments so you can avoid any surprises at year-end.
  • Forecasts your business profit and cash position forward twelve-months, then helps monitor the results and key indicators so you can adapt throughout the year.
  • Continually draws your attention to big picture items like your business model, your profit model, your short- and long-term strategy, and what’s important to your life.


5 Things Modern & Creative CPA Teams Can Do

Examining the above traits, hopefully you find that: yep, you’re working with a modern and creative CPA team. Great! The next question to ask yourself: Are you putting that team to their highest and best use?

A bench full of all-stars isn’t doing you any good, so here’s five key ways you can get your CPA team out on the field for you:

  • Helping vet your business ideas. You start percolating a new campaign, product line, location, team hire, etc. — setup a quick video chat with your CPA help flesh out the picture, identify key pitfalls to avoid, clarify an approach path, test financial viability, and more. A clearer concept on the front end is many times likelier to succeed on the back end.
  • Unpacking your business performance. There’s more to profit than just reading the bottom line — your CPA team can help unpack your critical financial levers, calculate breakeven points, hone in on performance indicators, and design ways to keep tabs on them automatically.
  • Saving & de-stressing your tax. Every entrepreneur pays tax, but being smart about what tax entity you choose, learning and benefitting from tax law changes, helping you pro-actively set aside the right estimated payments, and more will result in a seamless, no-surprise experience.
  • Acting as your business coach. Modern and creative CPA teams have worked with hundreds of entrepreneurs, and those who have consciously developed the skill, are well-positioned to ask the right questions that open possibilities, clarify direction, and escape your own echo chamber so you can actively direct your business and life.


Finding Your Creative & Modern CPA Firm

Entrepreneurs work to surround themselves with people that can amplify and accelerate their entrepreneurial vision, and your CPA firm plays a critical role on that team. By (a) choosing to work with a modern and creative CPA firm, and (b) fully leveraging their skill set, you’ll significantly impact your long-run success and even quality of life.

Finding that right fit is important, and we recommend pairing up a firm that both specializes in your industry and with whom you form a natural rapport. At ElementsCPA, we specialize in entrepreneurs in the technology and service industries with $1m to $5m in revenue, and if you’d like to explore a relationship with our team, simply request a Coffee Conversation and we look forward to meeting you.