Regardless of the nature & size of your business, it would help if you had a reliable team of accounting professionals to manage the everyday and long-term affairs of the company. Spending on an in-house CPAs may not be a feasible choice for smaller companies, and it’s not surprising that many startups and growing businesses prefer to outsource their requirements. If you are hiring a CPA in Naperville, IL, here are five things to expect.
- Bookkeeping: The role of a bookkeeping service is to ensure that all financial records are maintained, managed, and recorded appropriately to gather valuable data later.
- Tax planning & preparation: As a company, you have to invest time in tax planning so as to minimize the tax burden, and it requires extensive work all through the year. Your CPA should focus on tax preparation in advance.
- Payroll: If the accounting firm can offer assistance with basic payroll tasks like calculating salaries, checking dues, and evaluating other payments, it is always an added advantage.
- Financial reporting: Your accountant should offer assistance with preparing quarterly and annual financial reports, which can help track financial anomalies, take corrective measures, and evaluate the performance of the business.
- Business valuation: If an accountant can offer valuation reports for your company, that is always a great benefit for securing loans and funding from various sources. Also, many firms specialize in offering outsourced CFO services.
How to choose the right accounting firm?
Before anything else, make a comprehensive memo of what you expect from the CPA and the mix of the above-listed services you need. Also, every industry is unique and adheres to certain accounting practices. Make sure that you review the clientele of the firm and don’t step back from asking questions related to their work in your sector. The size of the accounting firm is also a factor. Do you need a small accounting service that only works with new businesses, or are you willing to pay for a reputed CPA who has expertise across industries? It is also a good idea to consider the extent to which a firm relies on tech solutions. Ask them about the accounting software they use and whether they can help with the installation of QuickBooks or other solutions for your business.
Ideally, you should consider hiring a CPA when you chalk out your business plan so that the accounting team is involved at every step.