Accounting is one of the essential services of any business, be it small or big. And accounting firms play a major role in the growth of a small business.
Businesses are often forced to spend a lot on the accounting department. There are various approaches that a business can take when it comes to their accounting needs. It is a good idea to go through the different options and choose the one that will provide the most benefits without having to cost your business a lot of money.
One of the most common options people take is hiring an accounting firm.
The accounting firms take care of all the tax and accounting needs of the small business and give you the chance to focus on important tasks that help increase sales and grow your company.
What Are Accounting Firms? Why Are They Important For Your Small Business?
An accounting firm mainly offers services like accounting and auditing for your business. It produces financial records so that you can easily track your revenues and expenses. Providing consulting on your business’s overall financial health is yet another important service that an accounting firm offers.
It helps you with long-range planning, such as buying property or upgrading your infrastructure. You will be, hence, able to determine how to break even and what your cash-flow needs are.
Accounting firms conduct audits by examining not only financial records, but also the processes and controls in place to ensure records are being properly kept, policies are being adhered to, and your financial practices help support your business goals and are the most efficient way to do so.
Many accounting firms offer a range of tax services. The firm’s accountants can help you figure out a new tax code to help ensure your financial reporting practices comply with current IRS regulations, determine your company’s tax liability, and make sure you meet filing requirements and deadlines.
With effective small business accounting services, you can plan your next moves, figure out whether you are making a profit, and make decisions about your company’s growth.
How To Choose Accounting Firms For Your Small Business?
Whether youre a business requiring a complete accountancy service or an individual in need of tax advice, choosing the right firm is important.
1. Know your small business needs
You need first to understand the kind of work or responsibilities you want the accounting firm to handle for your business. This must happen before you look for accounting firms. If you need monthly financial statements and bookkeeping tasks, a non-certified accountant or bookkeeper can be hired. But to get tax planning advice, tax returns prepared, or audited financial statements, you need a CPA or certified public accountant. Check the type of accountants the firm has.
2. Look for small business experience
Large accounting firms like the Big 4 often charge higher fees than small to mid-sized firms. That may not be beneficial if you are a small business and have just started. You need someone who works with small businesses, and it could also be a bonus if the accountant works with businesses in your industry. While working for clients from a specific industry for a long time, some accountants get to know the related challenges very well.
Fees are an important consideration after all, your accounting firm’s fees need to fit in with your business or personal budget.
Most accounting firms calculate their fees in one of two ways either per hour or at a fixed rate. How fees are calculated and the overall amount charged depends on the accounting firms, so make sure you clarify how much everything is going to cost before agreeing to move forward.
4. Ask About Accounting Software
Before you choose an accountant, youll want to ask what software they recommend for their small business customers. You may find some accountants who are using the same old desktop accounting software. They do not want to switch to the latest online accounting solutions. You want to invest in an accounting software system that you can grow into in 3-5 years.
5. Decide Whether You Need an Accountant or a CPA Firm
Many small business owners start by managing their taxes on their own. Unlike in the past, it has become much easier for business owners to do simple bookkeeping tasks with the help of advanced software like ProfitBooks, Xero, Sage, and similar others.
But after a certain point in time, it does make sense to hire a professional or a team of accountants to handle accounting, payroll, and tax responsibilities. Whether you need a CPA or a solo accounting firm depends on the scale of your business and the number of transactions you do per month.
6. Range of accounting services
For businesses in particular, you want accounting firms that offer a range of services such as financial management, auditing/reporting, cash flow analysis, and succession planning.
This type of firm will do far more than complete your tax return; theyll be able to provide you with advice regarding your businesss financial situation. Its also far more efficient to be dealing with one firm for all your financial needs.
When it comes to accounting, although the Big 4 has a name and a well-deserved reputation, companies can get the same expertise and, oftentimes, better service at substantially lower fees when hiring a mid-sized regional accounting firm. If you own a small business, your accounting needs can be fulfilled by smaller firms with greater accessibility.
We have listed the top 8 accounting firms in the US for a small business. Let’s check them out:
1. ORBA – Accounting Firms For Small Business Owners
Located in Chicago, Illinois, Ostrow Reisin Berk & Abrams (ORBA) is a full-service accounting, tax, and financial services consulting dedicated to helping clients achieve their goals and build success.
ORBA provides ongoing accounting services in the form of tax consultation and other advisory roles. They offer tax planners to make the filing process as simple as possible.
Ultimately, you need an accounting firm that listens and invests in the relationship. At ORBA, their clients turn to us as their number-one advisor for almost every financial need. They help clients reach their financial objectives through experienced, resourceful, and proactive relationships — Relationships built on their ability to be a comprehensive knowledge resource, provide industry-leading face time with clients and maintain a firm-wide culture of dedicated, creative, and client-focused professionals.
Their sector experience includes:
- Health Care
2. Yount, Hyde, and Barbour (YHB)
YHB offers a range of accounting and tax services to private sector companies, not-for-profit organizations, individuals, and fiduciariesprovided by experienced CPAs and business management professionals. It is located in Falls Church, Virginia.
Their underlying goals are to help clients comply with all relevant laws and regulationsand at the same time, maintain their focus on the ongoing strategic and operational issues that only they can address.
YHB’s mission is to provide personalized service and attention for its clients and to assist them in achieving their financial and business goals.
YHB’s services include:
- Tax Advisory
- International Tax Services
- Bookkeeping Services
- Software Implementation
- QuickBooks Training
YHB has served families, estates and trusts, nonprofits, and businesses in retail, healthcare, and other fields for over seventy years.
3. CapActix Business Solutions
Located in New York, CapActix offers exclusive solutions for Accounting & Finance for small business owners. CapActix brings businesses to the next level by making its functioning smooth & efficient.
They are specialized in providing the following services;
- Accounting & Bookkeeping
- Payroll processing
- AR & AP management
- Inventory management
- Preparation of financial statements
- Bank & Credit Card Reconciliation
- Management reporting
- Review and supervision
- Cost Accounting & Analysis
- Business Financial & Operational analysis
- Virtual CFO
- Special purpose CFO
- Accounting software consulting
CapActix takes the utmost care of the confidentiality and security of its clients confidential data. They have taken appropriate measures for security-related issues as they firmly believe in data security. Moreover, since exchanging information via emails or any public channel involves some inherent risk, they use an SSL-encrypted document management portal which also has a document processing module.
5. Raben CPA Accounting Firms
Raben CPA Firm has been providing tax preparation, bookkeeping, payroll, retirement planning, tax and estate planning, and many other accounting services to a wide range of clients. This includes both businesses and individuals, throughout the greater Las Vegas and Henderson area for more than 40 years. Certified public accountants who are known for accuracy and experience, experts in tax law, and able to keep the most money in your pocket year after year. They have developed quite a reputation for professional excellence through the high quality of services they perform for their clients.
Raben CPA Firm’s services for small business owners include:
- Payroll Preparation
- Tax Planning
- Tax relief services
They offer professional CPAs for your small business to handle all of your accounting needs and get it done right.
6. NCheng Accounting Firms
Founded in 1989, NCheng provides a full range of services in audits, accounting, and financial management support to a diversified client base
Their experience and professional resources have been tailored through the years to assist their clients achieve their goals. Their mission is to help small business owners achieve their goals and to help them grow and succeed in the long term through sound, strategic management decisions.
Their innovative use of technology, including cloud-based accounting, our understanding of the complexities of the business world, and their creative solutions have all helped to make them respected leaders in the business community.
Their services in the assurance department include the following:
- Financial and compliance audits
- Program-specific audits
- Fiscal and accounting support services
- Review and assessment of finance department and financial reporting
- Human resources outsourcing
- Strategic and business plans
- Financial Information system design
- Preparation of annual returns for small businesses
7. Westside Financials
Located in Los Angeles, Westside Financials specializes in helping clients manage their monthly close requirements and staying on top of their complete accounting cycle. Whether it be basic bookkeeping services like reconciling bank and credit card statements, managing payroll, or fractional CFO services like financial forecasts, planning, and reporting, Westside Tax works to promote solutions that fit the specific needs of the business.
Concerning taxation and financial planning, Westside endeavors to provide clarity, accuracy, and planning strategy when working through these issues at both the Federal and State levels.
Accounting firms like these enjoy finding solutions to optimize their clients taxable footprint and strongly believe prudent tax and financial planning can retain capital and pay for itself many times over.
Westside Financials offer services related to:
- Bookkeeping and Business Management:
- Taxation and Financial Planning
- Quickbooks and consulting
8. Signature Analytics
Located in San Diego, Signature Analytics is a local, outsourced fractional CFO and accounting firm, that provides a custom approach to onsite accounting, financial, and business advisory services. Comprised of accounting and finance experts, with a team of Accountants, Controllers, and CFOs, they provide small and mid-sized companies with the benefits of a full finance and accounting department, at a fraction of the cost. Their team works on- or off-site to meet the individual needs of a company.
Signature Analytics works by either augmenting the existing internal staff or by serving as the entire accounting and finance department. The best use case is for small business owners.
Their services for a small business include:
- Improving processes and controls to reduce fraud and enhancing efficiency
- Developing better financial reporting to run your business
- Establishing sophisticated financial and operational analytics to make better business decisions
- Help business owners improve cash flow and overall performance, and achieve their goals
- Manage the accounting function in your business to allow you to focus on value-add activities
Accounting firms are a crucial aspect of your business. You need a firm that is experienced, reliable, and ready to be there for you whenever a need arises. They will not only manage the accounting tasks but also offer practical business advice to support your business planning and growth. Good accounting firms help companies grow, by managing complex financial work and offering advice on practical business issues. This will be guaranteed to save you money in the short and long term. If you choose an accounting firm based on these tips, you reduce your risk of making the wrong choice for your small business.