Having a good outside accountant can mean a lot for a business — just look at the hoops companies had to jump through to apply for the federal Paycheck Protection Program loans and grants during the height of the COVID pandemic. But accounting services are not a commodity. There are differences between CPA firms, and finding a good one can take a bit of digging.

“CPAs generally must meet certain educational requirements and must pass a national Uniform CPA Examination,” said Michael Hochman, a partner at Grassi and co-leader of the firm’s New Jersey market. “But the difference between one CPA firm and another often comes down to their expertise and service offerings. Smaller businesses in particular often require assistance in more areas, since they don’t have the resources to address everything.”

Grassi works with a spectrum of business and other organizations, ranging from small to large, “but our ‘sweet spot’ encompasses our major niches, including construction, manufacturing-distribution, health care, not-for-profit, and financial services,” he noted. “Our expertise includes traditional areas like audit and tax, but we also offer consulting services — which are increasingly in demand — like CFO advisory, HR outsourcing and M&A due diligence.”

Before taking a new client, Hochman said the firm ensures the two are “in synch” on goals and objectives. “We have to be comfortable with each other,” he explained. “We get to know them and they get to know us.”

There’s often some sort of existing connection, he added. “While some potential clients find us through the Grassi website, many connect with us through referrals from clients, or from banks and attorneys. We’re also out in the marketplace, presenting at industry seminars or through webinars, so some groundwork and basis for trust already exists. And as we work longer with a particular client, the bond with them gets even deeper and stronger.”

A company that’s looking into a CPA firm should consider whether it offers an “integrated team and approach to meet your needs,” explained Paula Ferreira, the New Jersey office managing partner at Mazars. “We all offer services like compliance, and financial statement and tax return preparation, but the differentiators involve a firm’s ability to understand a business and whether the firm can offer strategic value to clients.”

The firm tends to shy away from “strictly transactional” relationships. “We don’t target individuals or companies that just want us to file a 1040 or other tax return. That doesn’t add value. Instead, we pursue long-lasting, deep strategic relationships.”

Mazars connects with new clients primarily through referrals, according to Ferreira. “New clients are also referred to us though our partnerships with other professionals, such as law firms, bankers, and insurance agents.”

Some companies build a reputation by their laser focus, according to Phillip Goldstein, CEO of Goldstein Lieberman and Co. LLC. “We are a B2B [business-to-business] CPA firm,” he said

“We don’t do municipalities, or nonprofits, or school districts. Many CPA firms take on a wide range of clients, but we prefer to focus our activities and we’ve demonstrated an expertise in those services and we’re known for them.”

In one instance, he said, a specialized bridge painting company had to get bonded — “painting a bridge can be a $100 million project” and the bonding company specifically called for Goldstein’s firm to do the certified audit. “We cleared the deck and started on the audit the next morning,” he noted.

Has his firm ever rejected a potential client? “Yes, it happens” said Goldstein. “If they’ve got a bad reputation, or if they’re looking to do something unethical. If they’re too demanding, or arrogant, I’ll also cut ties. The fee we could get is not worth the risk of losing my own people.”