Answers to Your Frequently Asked Questions by 3 Rivers Tax
Should I outsource my accounting and tax preparation?
In our very biased opinion, yes. I would argue that doing your own accounting and tax return preparation costs you much more than it saves in most situations. Are you taking advantage of all the tax saving opportunities your business affords you? Could you focus on more profitable activities like serving customers and gaining new clients if you weren’t doing your own accounting? If you had a financial advocate to discuss your business numbers and situation with during the year, could you better leverage the opportunities available to you? If you answered yes to any of the following questions, let’s at least have a conversation.
How do I choose the right accountant for my business?
Here are the top three reasons why clients chose us over their prior firm: 1.) Communication Issues: It could be not responding timely, it could be the attitude in which the communication occurs (the “I’m smarter than you…” attitude), or it could be not knowing what the price is upfront. 2.) Incurring Tax Penalties: We’ve gained more than a few clients due to tax penalties incurred as the result of operational failures at their prior firm. 3.) Lack of Tax Planning & Goal Setting: A good accountant should be an extension of your business, a trusted advocate that partners with you to help you grow your business, build wealth, and take advantage of the opportunities available to you.
Why do you charge a flat rate instead of hourly billing?
At 3 Rivers Tax, we do not charge hourly rates. We believe clients should know what they will pay upfront, exactly what tasks our firm will complete, and at a price both parties agree to at the beginning. Hourly billing creates all sorts of negative incentives such clients being afraid to call with questions, the amount billed depends on the experience/proficiency of their tax advisor, and most of all, we don’t like keeping time sheets!
Why should I choose monthly bookkeeping and accounting instead of yearly?
What makes 3 Rivers Tax different than other accounting firms?
Communication! We like people, we aren’t the grumpy, stuffed chest, white glove accounting firm that smells of arrogance and believes we are doing you a favor by working with you. We are challenging the traditional hourly model for our clients’ benefit. Like you, we are a small business presented with the same challenges of growing our clientele, making intelligent business decisions within our financial constraints, and putting systems in place to grow. We partner with our clients as their advocate to help them grow a business that accomplishes their personal goals.
What does your new client process look like?
It’s cliché, but it starts with a conversation. We want to understand you, your business, and your primary concerns. We aren’t a fit for everyone. We want to make sure we are taking on clients where we can have a meaningful impact and provide real value. The process can start over the phone (that device in your hand is more than for sending emails and text messages!) or if you are local to the Twin Cities area, we can connect face-to-face.
What types of businesses do you work with? Do your clients have to be in the Twin Cities area?
We primarily work with service orientated businesses. All the way from the solopreneur to companies with multiple locations and employees. Location is not important these days and virtually every accounting/tax task can be completed remotely and over the internet. As an Enrolled Agent (EA), we are able to work with clients in all 50 states.