Are you in process of picking a CPA firm based in Long Island? Wondering what to look for in a CPA firm based in Long Island.
Every other year, authorities and legislators change and tweak tax laws, making the average citizens feel lost and scratching their heads when they have to take financial decisions such as claiming any tax deduction for a home office or selling investment real estate. No matter the industry you are from, accounting firms can be of great help for individuals and small to medium sized businesses to build budgets and develop their financial goals. No matter you need a CPA firm to handle your weekly payroll or you are looking for reliable tax advice, it is important that you choice your CPA firm based on some insightful and smart reasons.
Looking for your CPA firm can be a rather overwhelming task. It would be smart to make sure your CPA firm offers an experts with a variety of subject matter, who are knowledgeable about different financial and accounting areas, keep up with latest happenings in the field and most importantly, they can fulfill your business needs.
If you are seeking for your CPA firm based in Long Island for the first time, looking to change your CPA firm or in need for some additional expertise and services that your current CPA firm don’t offer, then you have found right article. To help you find your CPA firm based in Long Island, here are ten of the most important characteristics to look for in your CPA firm.
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Excellent communication is one of the most basic characteristics you need to consider when it comes to picking your CPA firm, as it is primary requirement for any successful association. Giving all the rights to a firm to handle your company’s finances is a big decision. Hence, to make sure you form a sound and long-lasting relationship with your CPA firm, see to it that the team of your CPA firm takes time out to listen and understand your particular needs as the business owner or representative and communicate honestly and openly with you.
Reliability of the CPA Firm
Trust is the biggest factor when it comes to your CPA firm. When looking for your CPA firm, make sure you do your research and look into the firm’s reliability and credibility in market. You can do so by asking to speak with the current and past clients of your CPA firm. This will be very helpful and give you a chance to get some answers that only actual clients of the firm can know, as they know the firm and their services the best.
Thinks Outside the Box
When looking for your CPA firm, you wouldn’t want to pick a team that simply does the basics for you like simple auditing, preparing your financial statements, filing taxes, etc. however, you would want a group that is ambitious and can get creative every now and then. One would want their CPA firm to creatively identify different ways to save and assist you with new growth opportunities in the future.
Knowledgeable in a Range of Relevant Topics
You never know what specific area of accounting will come in handy in future or if you expand your business in future your expectations from your accounting and CPA firm will also increase. Hence, make sure your CPA firm is well-rounded in a range of relevant topics and areas of accounting and finance. Some focus areas that you may need in coming future are:
- Tax planning and strategies
- Business and financial advisory services
- Business valuation services
- Payroll tax services
- Credit and incentive administration services
- State and local tax services
- Mergers and acquisitions
- Professional training
The professionalism of the CPA Firm
In a work environment to be able to avail maximum from a business association, it is important that your working mannerisms are professional and encouraging for more productive and efficient results. Moreover, when looking for your CPA firm, another characteristic to consider is how the firm present itself and its clients, tells a lot about the firm. Hence, make sure to look for a firm that doesn’t only look professional, but it also treats you with necessary respect and appreciation as required by flourishing workspace.
Some CPA firms offer to help their clients set financial goals and monitor its progress, this can be very helpful especially for if you are in the starting phase of your business. Hence, make sure you have looked into the firm’s policy of goal setting and if they charge additional fees for this service.
Accountants usually specialize in one or few specific branches of the field in order to offer their clients better and more targeted services. Hence, make sure you double check if your CRM firm specializes in your required section, for example a medical-care tax accountant won’t be of much assistance to a farmer, who can more benefit form an accountant who specializes in rural and agricultural clients.
Whether you are an individual or a company, running away from technology is simply a bad decision. Hence, make sure your CPA firm is technology-friendly, which may include they offer web-based portal for real-time services, system security, e-business and disaster recovery planning and telecommunication services.
Some CPA firms also offer business intelligence consulting services where they provide activity based costing and management and profitability, business process and performance improvement advisory services. These business intelligence services from your CPA firm give you a whole new view, from legal, accounting and finance stand point, for overall business success.
Fees Structure of the CPA Firm
The fees structure for CPA firms vary for one firm to another. Some firms charge fees according to each single task performed, for example filing for tax returns, preparing financial statements or preparing payrolls, each task will be assigned separate fees. Whereas, other CPA firms charge by the hour, where they will charge you according to the time firm spent working for you. Make sure you are clear about your CPA firm’s fees structure beforehand to avoid any confusion in future.
I am Emily Adams and I am a part-time blogger. Coming from an accounting background, most of my blogs are somehow related to the same. I believe there is definitely more space in market for businesses and companies to better what is the right approach. Some of my usual blog titles are cpa firm long island and accountants and advisory services.