Table of Contents
What is an accounting firm?
An accounting firm is a firm that specializes in providing accounting services for clients. Meaning this company can handle a client’s payroll, accounts receivable and accounts payable, taxes, and any other accounting services. Many of these accounting firms equally offer auditing or advisory services.
Ways to pick from the list of accounting services for Your business
Envision the best CPA
It’s important that you treat your CPAs as partners of your business. By doing this, the tax accountant will be very happy to work with you. Try to envision the best CPA for your business so that you will manage your business expectations properly.
Reviewing your company’s Five-Year plan
A five-year plan is an excellent period to measurw your company’s progress. Statistics has proved that, many small businesses fail within a five-year window. Of course, some small businesses do succeed as well. By analyzing your company’s five-year plan, you will have an idea which of the services from the list of accounting services that will bring the best results.
Set your business Goals and priorities
Goal setting is a crucial part of a business journey. When your goals are not clear, then you will certainly encounter troubles in growing your business. The same thing applies when you search for the list of accounting services. By having a clear picty of your business goals and priorities, you will know which one to choose from the list of accounting services.
Know your financial situation
One of the major responsibilities of a business owner is to know the financial situation of their business. When you think that your business is about to face some financial problems, sit back and re-strategize. Or better still contact a trustworthy CPA. CPAs can always handle different types of financial accounting services. Just explain your financial situation and a good CPA will advice the right service to take.
Top qualities of an accounting firm
The best way to be able to secure the services of a CPA is to reach out to an accounting firm. Since there are hundreds of accounting firms that operate in United States, it might be very difficult to make a choice. However, the process can be very easy for your business when you have a checklist of accounting firm qualities.
Some of the qualities of an accounting firm to look out for:
Integrity
Undeniably, integrity is one of the difficult traits you can measure. At first glance, there’s no correct way you will be able determine if a CPA firm has a deep sense of integrity. The main basis of integrity is the operational mindset of the accounting firm. If the accounting firm is very willing to forget moral principles just to attain a particular goal, certainly that’s a red flag. It’s better you seek for another firm’s list of accounting services. Once you start working with an accounting firm, you will be able to know its operational methods on a daily basis. By then, you can easily determine the firm’s level of integrity.
Innovation and creativity
Innovation is a remarkable trait that can easily measure the competence of an accounting firm. If the firm is innovative, then it can easily offer modern solutions to your accounting problems. On the other hand, an innovative CPA will have fresh and creative ideas that will help your business to grow. Just like innovation, creativity will go a long way in helping your company. Even though accounting revolves around numbers and information, a creative CPA will string solutions in an unexpected way. Perhaps this CPA will find a tax problem that has been bugging your business for years.
Professionalism
Professionalism is a required trait, not just in accounting, but in every other industries as well. Any accounting firm with a high sense of professionalism will understand your needs on a larger scale. A simple situation that will highlight professionalism is the way the firm will respond to your inquiries. If the firm allows you to wait for more than 24 hours, then know it’s not worth your time. A professional accounting firm will respond very fast and equally value your time.
Another way you can measure professionalism is the firm’s way of responding. The accounting firm need to be friendly, considerate, and client-oriented. The quality of the response shouldn’t only be limited to phone but in every aspects as well, such as social media or email.
Reliability
A reliable accounting firm will help your business in many possible ways. Reliability is an important trait that measures a firm’s effectiveness in every possible accounting way. If an accounting firm is reliable in all aspects, you will ask for various kinds of solutions. Most likely, a CPA from the firm will be equally reliable enough.
Credibility
An accounting firm will handle your delicate financial matters and documentation processes for your company. For the sake of your small business, you will need to find an accounting firm that is backed up with strong credentials. Some of the common credentials that you will be looking for are educational backgrounds, certifications, achievements and past work experience. Have in mind that credibility is far more than just achievement on paper. You will equally measure a CPA’s credibility by the way they suggest a major solution for your business.
Flexibility
A flexible accounting firm will be able to handle all kinds of accounting troubles and situations. Even when your schedule is constrained, the firm need to be flexible enough to provide as soon as possible. Accounting is constantly on the move, just like your business. So, it pays a lot to have any of the flexible accounting firms by your side.
Steadfastness
Many company owners and businesses always forget about the importance of steadfastness. This is a strong quality that always separate a mediocre CPA firm from a good one, that provides a CPA tax services. A steadfast accounting firm is always unwavering when it comes to its operational beliefs, policies, and general strategies. Such a firm is often aware that no half-measures will be made during an accounting period. So when you need to be sure of the long term financial stability of your business. Then contact a steadfast accounting firm, they will handle it.
Breadth of Knowledge
An accounting firm must be knowledgeable in all areas or types of accounting. Even when a client requires one or two services from the list of accounting services. The knowledgeable firm should present many solutions. However, if you need a particular accounting service, a knowledgeable firm will offer more solutions in the given area. This will translate to better results for your company.
To choose from the list of accounting services for your business is a smart yet delicate move. Be sure that you’re prepared before you reach out to any accounting firm.
The list of accounting services
Accounting services
Bookkeeping
Meaningful and well organized financial records will show that your company operations are done more efficiently on a daily basis. That’s the foundation of a successful business, which shows that your business is doing well.
Audits, reviews and compilations
Your accounting firm should be able to view their role in your financial reporting process as an opportunity. For them to be able to provide constructive solutions to maximize your company’s profitability and efficiency. They will provide financial reporting on all three levels of assurance:
Audit: This means an intensive examination with the highest level of assurance
Review: An analytical procedure that will be conducted with limited assurance
Compilation: This will be based upon the information you will provide and used primarily for your internal use.
Cash flow and budget analysis
Your business can be profitable and still run into trouble due to some cash flow issues. The firm should be able to forecast and evaluate your company’s financial condition. Estimating some financing requirements, that will track your cash flow sources and uses.
Compilations
They should be able to view their role in the financial reporting process as an opportunity to provide constructive solutions to maximize your company’s profitability and efficiency. Understand that compilations differ from reviews and audits as they will based upon the information you will provide.
Financial forecasts and projections
Forecasting is a necessity when you try to effectively manage and lead your business to profitability. From a simple projection to a complex financial modeling, a CPA tax advisor will assist you to achieve your company’s financial goals.
Financial statements
The accounting firm will assist you in preparing your financial statements in line with professional standards. But express no opinion or any other kind of assurance on the underlying information that will be included in them. The financial statements produced might be a useful tool for management to make financial decisions.
Audit services
Your accounting firm should be able to see their role in your financial reporting process. As a way to be able to provide constructive solutions to maximize the profits of your company. Remember that audits differ from reviews and compilations. They are an intensive examination of your business systems and records that provide the highest level of assurance.
Consulting services
Business entity selection
To choose the kind of entity of your business. For example “Teejaytrue” corporation, sole proprietor, limited liability company. It is a crucial decision that will have longstanding tax implications, probably positive or negative. The firm will assist you to evaluate the pros and cons of each entity type and to help you determine the most advantageous form of business for your company.
Business succession planning
Effective coordination of the transition of your company to your successors is very critical to ensure its continued success once you decide to exclude yourself from the company daily operations. You should find out if the accounting firm has a very solid background in tax and other financial matters. To know if they are fully qualified to address the complex issues of your company continuation and assist you to develope a strategically sound plan.
Estate planning
This planning will facilitate the orderly transfer of your assets to your beneficiaries. This will provide much security for your spouse, and will also reduce or eliminate the tax on the transfer of your business and other assets. As a business owner, to provide for your business continuity and succession of ownership is essential. It is work of the accounting firm to guide you through the complex process of getting your financial affairs in order.
Financial planning
A properly structured financial plan will enable you to face any financial challenge that might present itself at any stage of your life. Through this financial planning process, the firm will help you assess your financial needs. As well as to develop strategies that will help you achieve your goals and equally strengthen your financial security.
Retirement planning
Successful implementation and periodic review of your financial plan will help to ensure your financial independence during your active years to your retirement years.
Accounting software selection & implementation
With the number of accounting software packages available now for businesses and individuals growing daily. To select one that is right for you will become increasingly difficult. As CPA services provider, the firm are exposed to most programs through trade journals and also actual use. Their experienced staff will help you choose and implement the system that will best fits your business needs.
Buying and selling a business
To structure the buy or sale of a business properly is a very critical step in the process of buying or selling any business. That’s where the accounting firm comes in to guide you through the acquisition/disposition process. They will also address issues such as cash flow analysis and tax considerations.
Investment review
As you are developing your investment strategy, the accounting firm will be acting as your sounding board. They will help you and your investment advisor build an investment portfolio. That will take into consideration the affect of taxes and will produce a favorable after tax return.
Management advisory services
Even qualified managers will still benefit from competent and objective feedback. This accounting firm will help your company’s management team to develop long term objectives. As well as particular strategies that will facilitate your business’ future growth and success.
Business consulting
Your accounting firm will help your business to identify areas negatively affecting your company’s profitability and growth. They will develop solutions that will be practical and technically sound. In addition for them acting as your sounding board for management. They will provide comprehensive and flexible strategies that will address the problems affecting your business.
Pension and profit sharing plans
Qualified retirement plans might provide significant tax advantages for a closely held business and self-employed individual. Their tax accountant will assist you to evaluate the kind of pension plan that will serve your retirement needs and that of your employees.
Tax services
Estate and trust tax preparation
Effective estate and gift planning will facilitate the transfer of assets to your beneficiaries. As well as to provide security for your spouse, reduce or eliminate the tax on the transfer of your business and other assets.
IRS representation
Your accounting firm should have some level of competence that will ensure that they properly represent you, before various federal and state tax agencies.
Payroll services
As your business grows, you will hire more employees which will certainly result in increased payroll administration. The accounting firm is there to assist you implement the controls necessary to bring about a reliable. As well as more efficient, and effective payroll system. They will equally help you to develop a payroll system and prepare all payroll tax returns in a timely manner.
Sales tax services
They should assist your company in the compilation of information and preparing of sales tax returns in an efficient and timely manner.
Tax planning
Tax planning is a kind of planning that is a very important element of the tax preparation process. To make tax planning part of your business strategy. You will use their experience and access to the most current developments in the tax laws. To be able to minimize both your current and future tax liabilities.
Tax preparation
The accounting firm providing the list of accounting services should have investment in computerized tax preparation and research software. That will enable them to accurately and efficiently prepare tax returns for your company.
International taxation
They should have experience with the taxation of United States residents who works abroad, as well as foreign citizens working in the United States. This must have provided them with an extensive base of knowledge in the area of international taxation.
Tax planning and preparation
Tax planning and preparation will form a winning combination for any successful individual and business. Being a business owner, that’s you as an individual and your company. Their experienced staff should be able to develop tax strategies that will take advantage of the new tax laws and legislation.