In 2019, the global market for accounting services grew to almost $574.4 billion. By 2023, that size is anticipated to reach $734.7 billion. The impressive growth of the public accounting industry over the years is proof of how crucial the accounting services sector is in today’s economy.
A reliable certified public accountant (CPA) can significantly boost your business’ revenue. Few entrepreneurs start their journey in business with a good grasp of how to organize and manage business finances. Almost every business owner can avoid common tax preparation mistakes by working with a seasoned Irvine CPA.
In this comprehensive guide, we tell you all you need to know about selecting the best CPA for your business.
What is a Certified Public Accountant?
A certified public accountant, or CPA, is an accounting professional who has successfully passed the CPA exam. Besides passing the CPA exam, a CPA must have fulfilled the state education and work experience requirements before they’re licensed to become certified public accountants. All standards CPAs must meet are set by the board of accountancy in their state.
CPA firms in Irvine CA help all kinds of businesses achieve their financial goals, from small businesses to multinational corporation.
What Does a CPA Do?
CPAs do a variety of jobs in accounting firms in Irvine, CA. Read on to learn more about some of these unique roles a certified public accountant can take on.
Auditing and Review
One of the primary jobs of a CPA is to audit your company’s financial statements and issue an expert opinion of those statements. As an unbiased third party, the CPA reviews and evaluates your business’ financial statement after they’ve been prepared by the management. Then, they give an opinion of the financial statements and disclose whether they’ve found any financial misstatements.
One of the most challenging things business owners encounter entails tax preparation. Fortunately, CPAs are experts when it comes to the preparation of various types of tax forms, from income taxes to property taxes. A reliable CPA will also advise you on what tactics you can use to structure your company’s affairs and reduce tax burdens.
Public accounting firms are constantly engaged in consulting services to help companies determine business problems and conduct their operations more effectively. A CPA can offer consulting services by evaluating your company’s internal controls and suggesting operational improvements.
Forensic Accounting Services
Instances of employees embezzling money from businesses are quite rampant, with US businesses losing about $50 billion annually to workplace crime. In many cases, it takes months to uncover sophisticated embezzlement schemes.
A seasoned CPA can dig through your company’s financial records, identify any stolen money, and inform you of any fraudulent activities that may be happened without your notice.
CPAs may not be licensed to practice law, but they can help discover and prove evidence as expert witnesses in the courtroom.
How Do You Select an Irvine CPA Firm?
With more than a million actively licensed individual CPAs in the US, selecting the ideal one to work with is easier said than done.
Check out the following list of six top tips to help you make the right decision regarding your choice of CPA firm.
Have a Clear Picture of Your Business’ Finances
Before you can begin interviewing CPAs, it’s important to know what your individual needs are. Take the time to gather your company’s accounts and keenly examine your finances. This way, you can figure out the kind of financial assistance you require.
How big is your business? How many employees do you have? What’s your budget?
The answers to these questions can help you choose a certified public accountant who is most qualified to meet your needs. For example, at White Nelson Diehl Evans, our CPAs specialize in a variety of industries, allowing them to hone their work to their clients’ exact industries.
Determine Which Services You Need
Few professional licenses are more highly regarded than the CPA license. However, no CPA can handle every accounting need out there. That’s why you need to determine what kind of tax or accounting advice you need before hiring the right person for the job. Hiring someone to manage your taxes annually will demand a dramatically different relationship than the person who handles the day-to-day finances of your business.
Value Experience Aligned to Your Industry
The best CPA for you is one with considerable experience in doing returns for your specific industry. You don’t want someone who has never heard of the type of work that you do to file your tax returns, especially when you run a big company where the task will be a demanding one. Sure, a more experienced CPA will probably charge a higher rate, but getting the job done right is worth every dime.
Consider Using a Local Firm
The benefits of working with a local CPA are many, with the biggest one being the ability to meet with your CPA in person and discuss your personal needs. Generally, you want to make sure that your initiatives are in line with your overall business goals.
Of course, there’s convenience in holding remote meetings in this day and age. Choosing a local firm means that even if you’re meeting virtually, you won’t have to work to shuffle your respective timezones, thereby providing an additional layer of convenience.
Seek Referrals from Your Peers
The best accountant is someone you can trust and feel comfortable working with. Arguably the best way to find such a professional is through referrals.
Talk with friends, colleagues, and relatives to find certified public accountants they’ve worked with previously. If they’ve had a good experience with a certain CPA, chances are you’ll have the same. Of course, you can also check out online reviews to get an idea of what to expect from a particular CPA.
Find a Personality Match in Your CPA
A good certified public accountant can become a great business partner. You want a CPA who will be able to advise you on how you can set goals and grow your company.
During your interview, find out about their communication preferences and work schedule. Also, consider personality fit and determine whether they’re really interested in working with you.
The Right CPA Can Make a Tremendous Difference in Your Business
There’s a lot of value in hiring the right Irvine CPA for your company. Not only will they take the stress out of filing taxes, but they also provide valuable guidance on how to make your business more successful.
Are you looking for reliable tax and accounting services for your business? Please contact us today.