Accounting Firm: Some Great Tips To Keep In Mind While Choosing One   by Andrew Stratton

in Finance / Accounting    (submitted 2010-02-16)

Selecting an accounting firm to handle business or individual financial needs is an important decision. Whether one needs someone to simply do their annual tax paperwork or will require ongoing services throughout the year, there is a firm out there that is an appropriate match. The expertise of the practice doing the job can have a profound effect on how much money stays in their clients' pockets, as well as whether their customers remain in the good graces of the IRS. Here are 5 things to look for when choosing such a firm:
1) Training of accountants and employees: Who is working on the financial and tax paperwork? It is important to have trained and experienced personnel. A CPA is a certified public accountant and has the highest level of expertise in this arena as they have completed rigorous college programs and passed the mandated certification examination. A CPA may be a bit pricey for the average taxpayer's needs, but working with a firm that ensures CPA oversight on all paperwork is a wise choice. Not only should the employees be trained and experienced but their knowledge base must be expanded regularly. Tax laws change constantly and those working in this field must be kept abreast of the newest information.
2) Reputation: It is wise to get a referral from friends, family or the Better Business Bureau when employing someone. How long have they been in operation? Can they give you names of satisfied customers? Do they have any complaints against them registered with the Board of Accountancy or the BBB?
3) What is their specialty? Not all firms are alike. Some offer expertise in corporate and financial matters while others are more adept in personal taxes or small business bookkeeping. Due to the current state of our national economy, many have added services that include debt and bankruptcy counseling as well as budgeting advice to their customers. Determine needs and then search online for firms that offer the services that are required.
4) Location: Having a practice that is conveniently located and locally situated can be advantageous. Much accounting and tax preparation can be carried out via the mail or internet, but the ability to have face time when necessary is invaluable.
5) Communication: An accounting firm that is easily accessible by phone and that offers broad appointment timeslots will make business dealings go much more smoothly. User friendly communication skills exhibited by the accountants as well as the office staff can be a hallmark of a potentially good working relationship.
When it's time to select an accounting firm, one should do a bit of homework and then set up an initial consultation appointment. Having the right financial team can ease an individual's or business's workload and worry.