The Best Accounting Firms – How To Spot Them

The best accounting firms are those that have been in business for many years, have depth of experience in their personnel and whose credibility and high level of attention to client servicing is second to none. The best firms are trustworthy, attentive, professional and respected. The professionals at these firms take a vested interest in your business and your finances; they become a trusted advisor on all types of business and tax matters you may encounter.

What benefits can be derived by using an outside accounting firm? What decisions can they help me make?

Company profitability and stability – Over time, your accountant will get to know the finances of your business as well, if not better, than you. They are experienced business advisors and they are extremely knowledgeable at analyzing the ongoing financial health of your business. The best firms will gather the information needed quickly and efficiently to give you an accurate, timely assessment.

Proper recording of all your business financial transactions; monitoring adherence with tax regulations and generally accepted accounting principles.

The best accounting firms are detail oriented and will insure accurate
accounting for all of your business transactions. This is done by systematically compiling all transactions in the books and records so that as the company continues to grow, all that transpires financially inside the company is properly documented.

The capability of the company to expand – A good accounting firm provides comprehensive reports and information that empowers the business owner. The accounting analysis can determine the chances of branching out or expanding the business by analyzing the financial affairs on a comparative basis. Also, the accountant can aid in the study of strategic locations and marketing plans to help the owner solidify the proper decision.

Fraud, embezzlement and errors committed by employees or customers – Unfortunately, this is a very consistent theme in the business world today. You can hope it’s not happening in your business, but your accounting firm can bring absolute clarity to this issue, through the auditing of specific transactions. Forensic accounting can help track fraudulent transactions that could be hurting your business without your knowledge.

Why is there a need for an accounting firm? Many business owners, new as well as established companies, want to insure they have the best chance for success, and they employ the philosophy of “sticking to what they know”.

They bring in the expertise of a good accounting firm, in matters of accounting, banking, financial reporting, cash flow, and of course, taxes.

Usually a small business or a new business employs the services of an accounting firm to help them establish an accounting system right from the start; that way, the business owner can focus on running and growing the business, and allow the seasoned accountants to oversee the financial reporting and posting of the business transactions.

Sometimes accounting firms are also hired to file reports with governmental authorities, help establish a corporate identity, assist with the raise of capital, or for many other business matters.

Responsive, Timely, Expert Advice

With the complicated nature of a multitude of financial aspects associated with your business, it is wise to work with the best accounting firm you can find, one that is responsive, cares about and listens to you, and provides timely, attentive service when you need it most.

What are the characteristics one must look for when they need to employ the services of an accounting firm? Here are some pointers to consider:

Integrity – integrity must be imbedded in the character of an accountant. Your accountant should be a trusted member of your team, someone you can depend on for honest guidance. Without integrity, records can be manipulated, reports can be window dressed and company resources can be wasted.

Competence – of course, fees will be incurred for good accountants/advisors, but the cost can be commensurate with the additional money saved by your business because of their competency. Accounting knowledge is gained through experience, working with accountants who have years of experience in the field of business directly benefits your results.

Character – hiring principled people should be of foremost importance. As a member of your financial team, an accountant can often be called upon to give tough advice; those who can stand for what is right and true and those who have the strength to expose anomalies or provide hard answers will benefit your business. As a successful business owner, you know that the investment made hiring the best professionals for your team will pay off in the long run.

High Technology – the best accounting firms are adaptable to a shifting business landscape. An accounting firm must be flexible to adapt to innovations and will be knowledgeable about developments in technology that can benefit your business.

Accounting firms vary in size. There are big accounting firms with hundreds of partners and staff. These firms have encountered all kinds of accounting transactions because of their broad array of corporate clients who have different accounting needs.

There are also small accounting firms, often more flexible, with bookkeepers and certified accountants to help provide the best, most attentive service possible to clients. When deciding the route that is best for your business, let your needs dictate the right choice.

But remember, an accountant is only effective if their services are used on a regular basis. You are limiting your potential for success and growth if you only use your accounting firm once a year.

Small and large businesses have different accounting needs that require different handling. Large accounting firms by their nature must service their larger corporate clients first as a priority, and your needs as a smaller business can possibly be neglected.

The best accounting firms are those firms that can deliver extraordinary, timely professional services to their clients and accommodate all of their clients’ needs. The best firms offer you an accurate insight into the financial operations of your business and empower you to make the tough decisions to grow your business into the future. They are a valued resource for many decision making scenarios and a trusted member of your financial team.

The accounting firm that is best for you will help grow your business into a success and allow you to gain financial prosperity.

Best Way To Bypass Cpa 150 Hour Requirement

Certified public accountants or CPAs are among those professions that are looked up to by many people these days. And, why not? For one, it requires one to be adept in numbers to make him qualified as a certified public accountant. Another, and most importantly, certified public accountants need to be able to pass the licensure exam for certified public accountants before they could even practice their profession. That means that certified public accountants actually have a license, so no one could ever get them wrong, and if ever they get anything wrong, they would face sanction, even revocation of their license.

But, is that really all there is to be to ensure that one really gets to become a certified public accountant?

The 150 Hour Requirement For Certified Public Accountants

Becoming a Certified Public Accountant is not just all about finishing an accountancy course or passing the board or licensure exams. There is actually a requirement of 150 credit hours or 150 hours related work experience before one can qualify to the title of certified public accountant. Now, why is this so? This is basically because in the United States most especially, the powers that be in the world of accountancy believe that a person can only be qualified to the title of certified public accountant if he possesses the three Es, namely: education, exam, and experience. Perhaps what most people know is the education and exam aspects only; most are not aware that there has to be experience before they could qualify.

So, what needs to be done? Look for a job or internship as a clerk, cashier, or bookkeeper in some rundown firm for 150 hours, just to satisfy the experience requirement? That may, of course, be an option. But there are now easier options. Check this out:

Ways to Bypass the 150 Hour CPA Requirement

The Best Way: Opt to get a certified public accountant’s license in Massachussetts or in Colorado. These two states do not require aspiring accountants to get 150 hours working experience just to get certified. However, please remember that there would be a few things that need to be considered if the aspiring accountant is going to venture into these two states. These considerations are as follows:

1. The aspiring certified public accountant needs to make sure that he completes all 150 semester units of accountancy if he is going to venture in Colorado.

2. Now, for those who opt for Massachussetts, the aspiring certified public accountant needs to have a graduate degree in accountancy or on related courses such as business, finance or taxation. This is, on top of his college education.

3. Expect some limitations in terms of work authority, duties, and responsibilities if a certified public accountant has chosen the proverbial “easier way out.” For example, in Massachussetts, those who got their full certified public accountant’s license without the 150 hour requirement will not be allowed to sign and attest to audit reports.

4. Certified public accountants who got their license without work experience may not be allowed to practice or, at least, be restricted for work in states other than Colorado and Massachussetts.

Tax Return Outsourcing Will Give You Peace Of Mind!

Tax return is the official entry related to the financial expenses of an individual or a company in a given financial year. Any individual who has an income is supposed to pay taxes annually to the government. The amount that a person, a company or any business has to pay as the tax amount differs depending on various factors. The tax preparation season in the United States witnesses hectic activity in the office of the accountants and CPAs. Everyone wants to pay their taxes in time and become tax free as soon as possible. Tax return outsourcing is the best bet for accounting firms to deal with this heavy influx of customers during the tax paying season.

Outsourcing means to give out the work of your firm to a third party. Outsourcing is one of the most successful business processes that have been undertaken in recent times. The amount of success and profit associated with this is immense and everyday many new businesses are undertaking this process. Paying taxes in time is very important if you want to rest easy during the tax paying season. And to pay taxes in time, you need to have your tax return prepared well in advance. There is no point in rushing to your accountant’s office at the eleventh hour.

If you have an accounting firm and are looking forward to undertake tax return outsourcing, there are certain things you need to take special care of. Any individual who works in the United States of America is required to file tax returns and pay income tax by the 15th of April every year. So, your accounting firm must be prepared very well to deal with this and tax return outsourcing is the appropriate means for this. First things first, you have to find out the best outsourcing firm that will do the work for you efficiently without any fault.

Due to the advancement in the field of science and technology, communication has become very easy no matter in which corner of the globe you are in. Outsourcing work is also done using these advanced means of communication. The third party that does your tax return outsourcing work begins the work once you have provided them with all the documents containing the financial details of your customers. While transferring the financial details of your customers you have to be very careful about the security of that data. For this you will have to check out the security features that the outsourcing company has in place to protect your customer information.

While doing tax return outsourcing through a third party, you are basically handing over a very important aspect of your business to them. So it becomes all the more important for you to do this entire process systematically and in a well planned manner. The very success and failure of your business depends on the kind of outsourcing work that you undertake for your accounting firm.