Whether they own a small business, a mid-sized regional organization, or a multi-national corporation, business owners have a host of options when it comes to accounting services. For some companies, handling routine accounting in-house and relying on an outside accounting firm for attestation and assurance makes sense. For others, turning over all accounting duties, including payroll and tax preparation, to a CPA is the best option.
Ideally, an accountant should be able to give your business custom service so you can choose what works for your business. Staying local with a New York accountant also ensures you will work with someone who knows state and local tax regulations thoroughly. Here’s a look at other factors to consider when finding an accounting firm for your business.
How much time do you currently dedicate to bookkeeping, tax preparation, and other routine accounting tasks? Even in companies that have in-house personnel who can manage daily bookkeeping, it may save you time to work with an accounting firm instead. An accountant who works with payroll, tax preparation, and other essential accounting tasks on a daily basis can work quickly and efficiently, freeing your in-house finance professionals to focus on company-related work.
Entrepreneurs often have to wear many hats, particularly in their companies’ early years, but as organizations mature, their accounting needs become more complex. Sales, mergers, and acquisitions require experience that an accounting firm can provide. Your organization may go through only a few major events such as a sale or merger during its lifetime, but a CPA is familiar with these processes and has gone through many of them. An outside accounting firm also has in-depth knowledge of different accounting software platforms and can facilitate mergers that would be challenging for in-house personnel.
Many business owners find the cost of hiring an outside accounting firm is less than the cost of maintaining in-house staff full time. By taking full advantage of deductions and benefits at tax time, your accountant can save you money at tax time. Working with a client-focused CPA firm that can customize services to meet your organization’s needs also makes financial sense.
The most available accountant is one whose office is down the hall from yours, but an outside accounting firm can be just as close. An accountant who is available to calls throughout the day and outside of business hours may even be more accessible as they are willing to answer questions and prioritize their clients in a way that an in-house bookkeeper may not be able to do. If your current accounting personnel are stretched thin or unavailable, consider an outside accountant to alleviate the pressure.