The need for accurate and timely financial statements is as strong now as it has ever been. Companies of all sizes and industries are working harder than ever to keep pace with rapid revenue growth, competitive pressures from other businesses, and changing regulatory standards.
To ensure that the financial data they provide to their stakeholders is reliable and trustworthy, accounting firms need to put in the hard work beforehand. Luckily, there are a number of factors to consider before hiring an accounting company to help you with your financial reporting needs.
Below, the accounting specialists from the Forensic Accounting and Global Investigation firm SDC CPA, share with us some things to consider when choosing an accounting company.
Fees
Accounting fees can vary significantly based on a firm’s financial advisory capacity, but they typically fall into one of three categories: hourly, percentage, or flat. Hourly accounting fees generally range from $100 to $500 an hour, with some firms charging higher rates for larger firms. Some firms may charge more for larger firms and for larger companies. Generally speaking, the more experience and knowledge a firm has, the higher its accounting fees will be.
Business Specialties
It is not sufficient to hire candidates who are well-versed in all aspects of accounting. It is also important to find a financial professional who has the right background for your business.
For example, SDC CPA specializes in providing fraud investigation and forensic accounting services. However, in addition to that, SDC CPA has extensive background & experience and is a leading provider of crime investigation, fidelity investigation, and accounting education to its clients.
Accounting professionals should be familiar with the specific operations of your business. In order to understand common costs and operating procedures in your industry, they should have experience working with companies in your industry. For tax preparation, it is especially important to have the right background.
Furthermore, you should seek a financial professional with experience working with businesses at the same stage as yours. As the company grows, it should know what opportunities and challenges lie ahead.
Certification
Accounting certification is a way for accountants to certify that they are able to use specific accounting methods and techniques. Certifications typically cover how an accountant uses specific accounting methods and techniques in specific situations. While certifications are not meant to be a replacement for accounting training, they do offer a level of assurance for those who have completed the training. Your accounting needs will be better served by a general accounting firm that hires certified public accountants.
Level of Service
Choosing an accounting firm with bookkeepers who handle daily client transactions is the best way to get complete bookkeeping services. CPAs who handle routine bookkeeping tasks for accounting firms that do not employ bookkeepers will charge more.
Availability
Many clients are content to meet with their accounting firm once a year to file their taxes. Other clients have frequent business questions that need to be answered in a timely manner. Make sure you know whether your accountant is accessible by phone or if you will need to schedule an appointment to meet, add from SDC CPA, also known as Studler Doyle.
Wrapping Up
When you’re hiring an accounting firm, make sure you know what to look for when it comes to trustworthy and reliable accounting services. One of the most important factors to consider is the level of expertise a firm has in various areas of accounting. This will allow you to determine if you need to invest time and money into further training, which will help you achieve greater financial stability in the long run.