When it comes to your money, whether it’s for your family or your business, you want to get it right. Choosing an accountant or CPA is one of the most important financial decisions you’ll make, but it’s surprising how many people in Waterloo and throughout Monroe County make some common, and often costly, mistakes. We’ve seen them all, and we’re here to help you avoid them.
So, before you hand over your tax returns or business books, let’s walk through the top five missteps and why a local, trusted professional like Sharon M. Gum, CPA, can make all the difference.
Mistake #1: Overlooking the “C” in CPA
Many people think an “accountant” and a “CPA” are the same thing. They’re not! A Certified Public Accountant (CPA) has gone through rigorous education, passed a difficult four-part exam, and must meet strict licensing and continuing education requirements. It’s a higher level of professional qualification that signals a deep expertise in tax law, financial planning, and business advisory.
Choosing a CPA ensures you’re working with a professional who has demonstrated a commitment to the highest standards of the accounting profession. At Sharon M. Gum, CPA, that “C” is our promise to you—a promise of knowledge, accuracy, and a commitment to helping you navigate even the most complex financial situations.
Mistake #2: Choosing a Firm Based on Price Alone
It’s tempting to go with the cheapest option, but when it comes to your finances, you often get what you pay for. A bargain-basement price could mean you’re working with a less-experienced professional, or that they won’t take the time to find all the deductions you’re entitled to. This can end up costing you far more in the long run through missed opportunities or, worse, an audit.
Instead of focusing on the lowest price, focus on value. A great CPA is an investment, not an expense. At Sharon M. Gum, CPA, we offer transparent, cost-effective solutions that deliver genuine value, ensuring you receive quality service and sound advice that saves you money and provides peace of mind.
Mistake #3: Picking a National Firm Over a Local One
It’s easy to be drawn in by big-name, national firms with their slick advertising. But for local residents and businesses in Waterloo and Monroe County, a local CPA offers unmatched advantages. When you work with a national firm, you’re often just a number on a spreadsheet, dealing with a different person every time you call.
With a local accountant like Sharon M. Gum, CPA, you’re a neighbor. We’re right here in Waterloo, we understand the local economy, and we are easily accessible for face-to-face meetings. That personal connection and accessibility mean we are truly invested in your success, because your success is a win for our community, too.
Mistake #4: Not Clarifying the Services You Need
Do you need help with just tax season, or do you need year-round support? Are you looking for someone to handle your payroll and bookkeeping, or do you need strategic advice for business growth? Not every accountant offers a full range of services. Assuming they do can lead to gaps in your financial management.
Before you hire, have a clear conversation about what you need now and what you might need in the future. Sharon M. Gum, CPA, offers a comprehensive suite of services, from bookkeeping and payroll to business planning and advisory services. We can grow with you and provide the right support at every stage of your financial journey.
Mistake #5: Forgetting to Check for a Personality Fit
This might seem trivial, but it’s crucial. You’re entrusting someone with your most personal financial information. You need to feel comfortable asking questions, no matter how small they seem. If you find yourself holding back or feeling intimidated, it’s not the right fit.
A great accountant should be a good communicator, patient, and approachable. At Sharon M. Gum, CPA, we pride ourselves on building relationships based on trust and clear communication. We speak in plain English, not confusing jargon, and we’re always here to help you understand your financial picture.
By avoiding these five common mistakes, you’ll be well on your way to finding an accountant or CPA who is a true partner in your financial success. Ready to make the right choice for your family or business? Contact Sharon M. Gum, CPA, right here in Waterloo, to schedule your consultation today.
Sharon M. Gum, CPA helps businesses throughout Southern Illinois succeed by offering business setup and advisory services, tax preparation, payroll and bookkeeping services. You didn’t start a business to manage payroll and keep track of bank reconciliations. By outsourcing your books to our financial experts, you can get back to doing what you love. With over 30 years working as an accountant in Waterloo IL, Sharon M. Gum, CPA can save you time and money – whether you have 2 employees or 20. We would love to help your business succeed. We are proud of the relationships we’ve built with small business owners throughout Monroe, St. Clair, and Randolph counties.
