FREQUENTLY ASKED ACCOUNTING QUESTIONS

The accounting needs of each person and every business are different. Whether you’re a client of LeMay & Company, a potential client or just someone looking for information, we encourage you to ask questions. Feel free to read through the brief FAQs below, but please submit your more specific questions through our online service. We’d love to hear from you and provide expert answers to your accounting concerns.

What is a CPA?

A Certified Public Accountants (CPA) is a professional, distinguished from other accountants and bookkeepers by stringent licensing requirements. A CPA must have at least a college degree or its equivalent, pass a rigorous two-and-a-half day national examination, and meet certain experience requirements to qualify for the CPA certificate and a state license. They are also mandated to seek out extensive continuing education each year to retain their licenses to practice.  In addition to meeting the profession’s technical requirements, CPAs are governed by a code of professional conduct – one of the most exacting of any profession.  CPAs are innovative and strategic thinkers who are well respected for their integrity and commitment to excellence. They are dedicated to each client and work hard to satisfy the client’s business needs.

 

What should I consider when looking for a CPA?

  • Ask your lawyer, banker, insurance agent or investment advisor for recommendations. Speak with people in the same field as you. They should be able to recommend CPAs who understand your specific needs.  Although specialization in a field is a plus, most CPAs have vast general knowledge about business.  Try to find one that fits your values and understands the current business environment.
  • Outline a general idea of your plans and objectives before you talk with a CPA. Compile information about business or personal financial decisions under consideration so you can ask specific questions.
  • Make sure the CPA is licensed to practice in your state.
  • Ask what professional organizations the CPA belongs to and how active he or she is in those organizations. Many of these organizations require adherence to technical and professional standards, thereby helping to ensure the quality of a CPA’s services.
  • Select your professional accounting advisor carefully. A long-term working relationship between you and your CPA can help you take an informed, consistent approach to personal and business finances, including financial problems, and ultimately help you meet your financial goals.

 

What can you do for my Company?

Depending on your needs, we can assist you with a wide range of services.  We look at the bigger picture and become part of the team working with you towards the success of your business.  All client relationships begin with an interview where we discuss together the plans for the company, the successes you have had as well as the challenges.  We then work together to identify the areas of service that LeMay & Company can deploy to best help you meet your goals, ensure the continuation of your success and navigate your challenges.

 

How do you bill for your services?

LeMay & Company’s fees are based on the time required to perform the services we provide.  We prepare detailed invoices on a monthly basis listing the services provided and the subsequent fee associated with each of those services.  Payment is due upon receipt.  To avoid misunderstandings, we will issue an engagement letter based on our first meeting. The engagement letter describes, in detail, the services to be rendered, fee ranges and the other terms and conditions of the engagement.  Although we do not enter into retainer arrangements, in certain cases, we will establish a monthly plan so that clients can effectively budget the cost of services as related to a large ongoing project.

 

What should my business expect to pay over a given year for your services?

Each and every business is unique and we treat you as such.  We do not provide any cookie-cutter or boxed service.  Since our services are specifically tailored to the client the annual cost varies.  Please contact us to discuss your particular needs and what you can expect in terms of estimated financial investment.

Don’t see your question here? Contact us today with your question.