For Michael Bergquist, knowing how different businesses define success and goals is a key element to being a great CPA.
The knowledge required to counsel small business, Bergquist says, includes understanding business matters such as personnel, marketing, production, finance and insurance, retirement planning, owner and management succession, information systems and product development.
A CPA is able to share experiences and best practices from other small businesses, says Bergquist, and develop business strategies considering the strengths, weaknesses and future prospects of the business and its industry. And a good accountant knows when to refer a business owner to another professional.
Says Bergquist: “The role as a small business adviser often takes the form of a coach, which includes knowing when to suggest to businesses they should involve other professionals such as attorneys, bankers, insurance agents, marketing agencies and other outside specialists.”
