The hiring of CPA firms as the accounting function of companies is growing. Once thought to be contained to smaller businesses, the use of a CPA firm as an accounting department is spreading to mid-sized companies. Whether it is going to be called an “epidemic”, a “pandemic”, or an “outbreak” is yet to be seen. The good news is business owners now have options on how to run their business. In fact they have more options than at any point in history.
What does this mean?
Mid-Sized companies are facing many of the same issues that smaller businesses are going through. They are wanting to run leaner businesses with less overhead, and are wanting to do so more efficiently. This means that companies are continuing to look outside their own company for help. Sure accounting firms have been offering accounting services to companies for decades – but what is new is that we are now offering accounting solutions to business owners.
Business owners are now asking, “Why would I pay a lone individual to handle my company’s accounting duties, when I can instead hire an entire team of professional accountants at a CPA firm to handle my accounting at a fraction of the cost?”
Good question – and one that every business owner needs to ask his or herself. Hiring a CPA firm with an accounting solutions department is the here and the now, but also the future.
Accounting Solutions: What You Need To Know
There are many benefits to hiring an accounting solutions team. The list of accounting solutions offered include: AP management, AR management, budget development, credit card processing, financial statement preparation and analysis, payroll management, QuickBooks support, and much more! Companies aren’t just looking to maintain the status quo anymore, they are looking to better themselves and find competitive advantages over their competitors. Companies are demanding efficiency and experience out of their accounting departments – when these demands are going unmet – you need solutions.
If hiring a CPA firm to be your accounting team is something that you are considering, be sure to consult with a number of CPA Firms and choose the one that best fits your company and your vision. Make sure that they have the right staff in place to handle your needs, make sure you are not going to be charged by the hour, and make sure you choose a firm that you feel comfortable with. You want to be able to call your CPA at any time throughout the year with questions, so make sure you feel comfortable with your accountant. This person is going to effectively become a member of your team, so finding a CPA that meshes well with your personality and can fit into your office culture is an important part of the process.
Remember – you are running your organization. When you use an independent accounting firm, you are in a better position to do so. Let your CPA handle your daily accounting functions and you can better focus on the core competencies of your business!
Ready to learn more about the Accounting Solutions team at LBA Haynes Strand? Contact us for your free consultation!