Accountants are essential pillars of business success. They help you uncover tax-saving opportunities and fulfill tax obligations before closing a trading period. Although you can start a business without a CPA firm, the complexities of bookkeeping and tax filing may eventually require you to hire one.
Finding a reputable accounting firm is easy, provided you research widely and ask questions about the firm. Some factors will also help you make the right decision when looking for a reputable accountant. Before hiring a CPA firm to audit your accounts, here’s what you should consider.
Certification
Accounting is a formal profession with a well-defined career path. Most accountants have a university degree in Accounting, Finance, or a related field – although it’s not mandatory. Professional accountants also undergo rigorous testing and must pass high-level financial exams to obtain accreditation.
Although simple tasks like bookkeeping do not require a certified bookkeeper, complex assignments like auditing will require the input of a certified public accountant. Therefore, before hiring a CPA firm, you should ascertain the certification level of its practitioners.
Industry Experience
An important consideration before hiring an accounting firm is its level of experience. That way, you’ll know the quality of their services and the level of satisfaction from past clients. An excellent way to start is by asking about their success stories. Find out how they helped other clients handle similar challenges and the relevant outcomes. If your business associates have hired the firm in the past, don’t hesitate to embrace their referrals and recommendations.
Service Specialization
CPA firms specialize in various accounting services, including bookkeeping, payroll management, tax filing, and revenue management. Whereas a CPA firm may be better at tax filing, it may not have the specialty to handle real estate financial services. For this reason, you should ensure the firm can handle the task at hand as expected.
First, evaluate the services for which you require the firm in order of priority. Are you looking for a simple bookkeeping service, or do you need them to audit your financial expenditure? Once you highlight your requirement, you can ask which services the company provides and continue with the hiring process.
Information Security
Financial information is essential for the day-to-day operation of a business. A good accounting firm should have proven strategies for guarding the financial information they will receive from your finance department. If they handle a lot of paperwork, they should allow only authorized access to the documents. Similarly, if some transactions happen over a digital platform, there should be data encryption systems to regulate access to the data.
Pricing Strategy
Pricing is an essential consideration when hiring an accounting firm. You should know the firm’s pricing structure beforehand to understand how much you’ll pay for the services. It also pays off to ask about the pricing strategy before hiring the firm. Do they charge an hourly rate? Or do they charge a flat fee for all the services they offer?
Special Requirements
Accounting isn’t a one-off service but an ongoing process. The firm will often require you to submit documentation to complete the required monthly and annual obligations. It is good to ask if you’ll submit the documents every month or only once to close the financial year. If they require more information about your income streams, you should also know beforehand to avoid inconvenience.
Communication and Availability
Proper accounting requires clear communication channels because you’ll likely work with the CPA firm continuously. You should therefore ascertain that the company’s communication channels and processes suit your company’s needs. A reputable firm will appoint a dedicated manager as the contact point between the two organizations. You also need a company that is always available for action in case of complexities during your working relationship.
Do You Need Tax Assistance?
Accounting firms offer various specialties and services. However, with careful consideration, you can find a firm that meets your company’s expectations. Gurian CPA Firm is a certified accounting firm offering tax consulting, business advisory, and accounting services in Texas. Contact us for expert advice on tax planning, accounts reconciliation, and related services.
