Miscommunication can be costly. From missing out on valuable tax-saving opportunities to failing to meet compliance deadlines, not staying in touch with your Certified Public Accountant (CPA) can quickly become a financial burden. On the flip side, clear, ongoing communication with your CPA can lead to more effective financial management, proactive planning, and ultimately, cost savings.
“Clients often don’t realize how much more value they can get out of our services by simply staying connected. It’s amazing what regular check-ins can uncover—whether it’s a new tax strategy or a better way to manage their finances,” said Joe Rubenstein, Partner at Froehling Anderson. “Just keeping in touch is so valuable.”
Here’s how maintaining open and regular communication with your CPA can help keep more money in your pocket.
1. Staying Ahead of Tax Changes
Tax laws and regulations are constantly changing, and failing to stay informed can mean missed opportunities for savings or, worse, non-compliance. By keeping in regular contact with your CPA, you’re more likely to be informed of tax code changes that could benefit your business or personal finances. A proactive CPA will notify you of these changes, but regular communication allows you to ask the right questions and act before it’s too late.
Tip: Set up quarterly meetings or check-ins with your CPA. This ensures you stay ahead of any new tax laws and can make adjustments before the year ends.
2. Catching Deductions You Didn’t Know Existed
One of the key ways CPAs save clients money is by uncovering deductions and credits that might be missed otherwise. These savings often go beyond what’s obvious, especially when CPAs have a deep understanding of your business operations and personal financial situation. By keeping your CPA in the loop about major purchases, expenses, or life changes, they can identify opportunities to minimize your tax liability.
Tip: Be transparent about any financial decisions throughout the year, such as new equipment purchases, changes in staff, or investments. The more information your CPA has, the more they can help maximize your deductions.
3. Avoiding Penalties with Proper Compliance
Filing deadlines, payment schedules, and regulatory requirements can easily be overlooked without clear communication. Misunderstanding these details can lead to late fees, penalties, and interest charges that quickly add up. Regular communication ensures that both you and your CPA are on the same page, meeting deadlines on time and staying compliant with government regulations.
Tip: Keep track of important filing dates and ensure you communicate them with your CPA. A good CPA will help you stay organized, but a collaborative approach ensures nothing slips through the cracks.
4. Making Informed Decisions in Real-Time
Business moves fast, and financial decisions need to be made quickly. Whether you’re considering a major investment, a hiring decision, or a new product launch, your CPA can provide valuable insights—if they’re kept in the loop. By communicating regularly, you can get real-time advice that helps you make decisions that are financially sound and beneficial in the long run.
Tip: Whenever a major business decision is on the table, reach out to your CPA for guidance. Even a quick email or call can help prevent costly missteps.
5. Planning for the Future
Your CPA is more than just a number cruncher during tax season—they are a strategic partner in your long-term financial health. Clear communication allows your CPA to help you plan ahead for the future, whether it’s for growth, succession planning, or retirement. By staying connected year-round, you’ll benefit from advice that aligns with your goals, setting you up for success down the road.
Tip: Schedule a year-end planning session with your CPA to review financials and create a strategy for the next year. This proactive approach ensures you’re starting off strong and financially prepared for any challenges or opportunities ahead.
Clear and open communication with your CPA doesn’t just keep things organized—it can save you money. Whether it’s staying on top of tax changes, uncovering deductions, avoiding penalties, or making better business decisions, regular contact with your CPA ensures you’re always making informed financial moves. By working together, you can maximize your financial potential while avoiding costly mistakes.
“Communication is the foundation of every great partnership. When clients keep us informed, we’re able to anticipate their needs and offer solutions that save both time and money,” said Joe Rubenstein. “The more we know, the more we can do to help.”
