Financial aspects of any business are one of the top priorities an owner has and for all the right reasons. After all the work in production and product management, the thing which ends up deciding the future-run of any company is its financial strength. Due to this primary need, it is mandatory for a company to have a good accounting department at its disposal. This key need and financial limitations of any small or large-scale businesses have led to the idea of an Accounting Firm.
What is a Public Accounting Firm?
In simple words, public accounting firm is the accounting department and financial consultant of your company outsourced to a third-party.The word which is missing from the image is – Outsourcing. Public accountants can not only assist with monthly bookkeeping and reconciliation, they also provide valuable financial consulting regarding operations, cash flow management, internal controls, income tax consulting, can provide assurance over financial statements, and much more.
A business owner has a lot of things to manage, using their limited resources. An accounting firm lifts the burden off your shoulders by managing your accounting records and providing timely, accurate reports so that you can make the sound financial decisions. A good public accounting firm should be staffed with experienced accountants whose services will be less costly than having an accounts department in your company. Your accounting department is responsible for keeping a track of the company’s financial transactions, depositing corporate taxes, managing employee’s payroll, providing budgets and projections, filing tax reports and much more why not have the experts take care of the accounts without you worrying about the financial branch of your company?
The key responsibility, before trusting a public accounting firm with your company’s accounts, is finding the right one. As the number of businesses keep increasing accounting firms keep growing in number. GCK Accounting LLC is one of the top accounting firms in Colorado providing services such as Tax Planning preparation and consulting, Bookkeeping Services, Financial and Assurance services and numerous other accounting and financial services., etc, GCK Accounting, LLC also has the experience to provide competent financial advice while providing security over your accounting records.
Here are a few qualities to look for in a public accounting firm.
The experience of the accounting firm is of primary importance. A good accounting firm has owners and staff with years of experience and whose business work experience covers multiple industries. Make sure that the accounting firm has worked with your industry and has received good feedbacks
While interviewing public accounting firm, check for their eagerness to work for you. The dedication of an accounting firm is quite important. Communication and keeping you updated on the accounts of your company is a key branch of an ideal accounting firm. Ask them if they have a proper channel for effective communication setup to ensure smooth functioning.
- Certified Public Accountants
The difference between an accounting firm and a public accounting firm that employs certified public accountants (CPAs) is education and work experience. CPAs in most states are required to obtain a four to five year bachelors degree in accounting, have two years work experience under another professional, obtain a minimum number of substantiated work hours in various accounting fields, pass the CPA and ethics exams, and maintain a minimum of forty hours of continuing education on an annual basis in order to stay current with the latest accounting and tax changes. Accounting firms that are not owned by or employee certified public accountants do not have to meet any of these requirements
- Defined Process
This is an important quality to look for as well.. An ideal public accounting firm has a properly planned process in place to handle your Company’s accounting records Ask your accountant for the process they have in place and make sure they are sufficient to meet your Company’s needs
Asking as many questions as you can, before hiring an accounting firm, is going to help in making up your mind. Ask questions related to their work, experience, how well they understand your business, references, clients, etc.
GCK Accounting, LLC; expert accountants ensuring the best for your company. Hire one of the best accounting firms, now!