How CPA Firm providing Outsourced Services be part of your Company Extended Team?

Outsourcing accounting services from certified public accountant firms have become a mainstream practice in the business world. Many business owners use outsourced accounting services for their institutions.

They outsource services for some aspects of their finance department's needs, which help in decreasing the financial burdens of the company. By working with professional CPAs, the staff of your company will also benefit as they work alongside experienced professionals.

Services Outsourced by CPA Firms

Many services can be outsourced from CPA firms, some of which are listed below:

• Filing taxes
• Part-time CFO (Chief financial officer, who manages the financial department as a whole)
• Account/Record management
• Tracking Finances/Billing
• Expert Bookkeeping

The business owners can outsource the specific CPA services which cater to their needs from the firms, which are the best at it. Subcontracted Accounting Service providers focus on Reliance.
They provide financial intelligence and risk management programs that you can rely on to make data-driven financial decisions that will help you in the future.

Benefits of Outsourcing CPA 

There are many benefits of CPA outsourcing for business owners. Some of them are listed below:

1- Flexibility to choose the Services

By outsourcing CPA services, the business owners have the flexibility to choose the services required. You have the choice of paying for the services you need and the level of accounting help. The team of CPA’s can become a part of your extended financial team and collaborate with your existing personal finance department.

2- Free from Financial Burden

By outsourcing services from a CPA firm, the company can free itself from the unnecessary financial burden

For Example: Employee Benefits, Taxes, Paid Leaves, Training.

3- Skills CPA should have

It’s essential for the accountant to know about the specifics of your business. By outsourcing, you can select the specific skills the CPA should have.

4- Future Development of Business

The business owners have more time to spend on planning about the future development of their business. 

5- Hire Accounting Experts

Outsourcing enables the company to hire accounting experts as well as fulfill the need of human resources within a period.

6- Get Technical Help

By outsourcing CPA firms, you can get the best services and the technical help needed according to the needs of the company.

The accounting department is the foundation of any business. The business owners will hire those professionals that are adept in the entire process from collecting information to making financial statement analysis and giving expert advice according to the needs of the business owners.

The prime benefit of outsourcing CPA services from multiple firms is that the finance department of your company will gain knowledge and skills from the expert CPA's of their specializations.

So as the business world grows, the concept of outsourcing CPA services is becoming more mainstream, which has led to the creation of firms that only provide outsourced services and cater to your particular needs.

How to Find the Best CPA Firms near Me?

When you’ve reached the point of needing help in your business or organization finances, you opt to hire a CPA firm in your area.  Finding a nearby firm is not hard as there are a number of them in every city or town. They are all licensed to perform internal audits, handling taxes, financial consultations, and other accounting services. How will you choose the best one to handle your accounting needs perfectly and make your business or organizations successful?

Here are some points to help you find the best CPA firm near you:

1- Ask for referrals 

Referrals are the best way to find a firm that is close by. Inquire from close relatives and acquaintances who use the services of CPA firms.  You can also ask for recommendations from neighboring businesses or organizations especially the ones in a similar trade. This is an effect they have first-hand interaction with the accountant.

2- Use an online directory such as AICPA 

The American Institute of Certified Public Accountants is an established and reliable source of all top accounting firms. It has a list of public accounting firms, their location, and the services offered also their contact information and a direct link to their website. This gives you exactly what you need to narrow down your list of potential hires.

3- Training in Accounting

Make sure the CPA accounting firm is trained in accounting. The accountants should have a CPA certificate and undertaken a finance-related bachelor degree. The senior accountants in the firm must have additional postgraduate degrees. You can trust a firm that is educated since they know what is to be done and do it perfectly.

4- Their experience level

In addition to having the required training, hire an accounting firm that has worked other organizations or businesses for at least three to five years. This shows that they have gained the skills and expertise in consultation and handling accounts over time. Also, the longer they have worked the easier it is for them to solve problems and do a perfect job.

5- Specialization in your field

CPA firms are specialized in different industries to serve the different types of clients seeking their services. Only choose the firm that is familiar with your profession. This is beneficial since they know how your enterprise or organization runs and its needs unlike one who hasn’t specialized in your field.

6- Which services do they offer?

They should be able to fully serve all your accounting needs. CPA firms have a wide range of services from handling taxes, doing audits, bookkeeping and offering financial consultations. Look for one that meets your needs since not all firms offer a variety of services. This will save time, money and effort of hiring another firm when the need arises.

7- Their service fee should fit your budget

CPA firms are known to charge differently according to time, service or a fixed rate. Don’t hire a firm without confirming how much they charge for their service. Even if they look qualified and reliable, it’s important to make sure their fee fits in the planned budget.

How to get the best Non Profit Audit Services from Professional CPAs?

Auditing for non-profit organizations is quite different from that of profit organizations. The fact that they do not run the same purposes makes it clear that they will not go through the same processes with regular profit-making companies. This is reason enough for non-profit organizations to require professional audit services. Irrespective of how well the business has been handled, you would the help of a professional who would be able to point out a thing or two that would guide you. It might surprise you that what was seemed completely in place would fall apart under the scrutiny of an expert. The benefit of this examination is that, in the end, your organization has more information and instructions to thrive on
If you want to come out of the audit unscathed and with a great result, you might want to reach out to certified professional accountant to help you with the task. Certain accounting principles guide the auditing of non-profit organizations and the professional can use this knowledge in your father. How I can get the best, you’re probably asking now. Luckily for you, I have a couple of tricks and tips that would get you just what you want- the best!

1. Begin Your Search

You won’t get anywhere with wishful thinking. Therefore, you need to take action. If you have an audit committee, they would need to come in here. Ask your colleagues in your field questions. They might be able to point you to someone. The CPA directory would also be a great place to check as the directory also shows their expertise and qualification. Google can also be of great help to you. Get a list of companies that would probably meet your needs. Finally, it is necessary to make sure that the audit firm is licensed in your state. Don't forget to consider cost. Be sure to make choices based on what you can afford. This way, you won't run into a fix in the middle of the process.

2. Run an Investigation on your Choice

Ascertain the expertise of the audit firm that you have chosen. Can they handle non-profit auditing? Make use of their peer audit reports (a report of the audit carried out on the audit firm or professional). This way you’ll be sure of their ability to deliver. Ensure that there is no conflict of interest between the audit firm and your organization. The auditor must be independent and free from bias and negligence. The audit firm that is chosen for the job must not be the same firm that offers consulting services to the organization. This is the most important part of the process because your choice determines the outcome of your audit. Confirm the ability of the audit organization to train your staff on what they need to know before the audit process.

3. Make Contact

You’ve made your choice, now it's time for you to send in a request for a proposal to the audit firm of your choice. In the request, make sure that the objective and scope of the audit is clear. Ask for a meeting where they would provide a quote and their credentials. They should also provide references from tax-exempt non-profit organization clients.

Follow these steps and you’ll have one of the best non-profit audit firms at our service in no time.

Importance of Bookkeeping Services for Small Business

Accurate bookkeeping is a very important aspect of your accounting process. In everyday business, you borrow money, receive income, acquire assets, and many other financial transactions. Keeping a record of those transactions accurately is key in your business’ success.

Keeping accurate and organized records will help you record credits and debits, as well as eliminate room for surprise. This is also key when it comes to cash flow management as well as projections for growth and other estimations.

It may seem to be something of a chore but it’s vitally important that you keep track of your revenue and outgoings. Many businesses which would otherwise have been successful have been brought down by their failure to maintain proper financial records. Whether you do it yourself or hire someone else to do it, the need for bookkeeping services for small business is essential.

Taxes – You will have to provide information to your financial authority regularly about your business’s profits or losses so that they can assess the amount of tax you owe. This information has to be accurate and presented in a professional manner. Failure to keep up to date with your tax affairs can lead to serious repercussions, as your financial authority can impose large fines and penalties which could lead to the demise of your business.

Cash Flow – Keeping track of cash flow is critically important for any business and it’s only possible if you have accurate financial records. Many seemingly profitable and growing businesses have failed because they have suddenly been hit by an unexpected cash-flow crisis.

Expenses – Sole traders can claim specific expenses which have been wholly and exclusively incurred as part of their business. Expenses should always be paid for directly from the business bank account and should ideally be submitted on a monthly or quarterly basis. This ensures that the person doing the bookkeeping has an understanding of outgoings and can monitor them for tax and accounting purposes.

Profitability and Growth – Accurate bookkeeping allows you to see whether or not your business is actually making a profit. It is surprising how often business owners fail to keep track of this but it is obviously extremely important.

Bookkeeping also allows a small business owner to have a greater understanding of how much progress has been made. You can look back and see patterns and draw comparisons with previous business years. This can provide a greater understanding of the areas within the business which make a profit and where costs might be trimmed. This kind of financial analysis can help you to avoid problems in the future.

Getting Help – Accountancy websites can provide in-depth information for any business. There is a ‘Knowledge Centre’ which has invaluable resources for sole traders and limited companies. The subjects covered include VAT, Tax Planning, Personal Tax, Company Tax, Insurance and Specialist Services.


It is, of course, possible to purchase software which you can use to carry out these bookkeeping tasks which would provide you with the data required. However, employing the services of a professional firm of bookkeeper or an accountant to manage the financial affairs of your company could prove to be profitable for your business in the long term. Not only would they help you to minimize your tax liabilities, but they can also provide valuable advice on other aspects of running a successful and profitable business.

How a CPA firm takes the stress out of Small Business Tax Affairs?

As your business grows, it becomes more and more complex. Taxes are one aspect of your business which will inevitably become more complex, time consuming and expensive. The stress of small business tax affairs plus other business and personal burdens can be a bit overwhelming. Luckily, there are organizations called Certified Public Accounting (CPA) firms which take away this excess stress.

Certified Public Accounting (CPA)

CPA Firms have licensed accountants who are recognized by the Internal Revenue Service (IRS) as enrolled tax preparers. These accountants are familiar with tax laws and possess skills such as audit support, financial analysis and of course, taxes.

Skilled Accountants

Firstly, CPA firms have skilled accountants who will interpret and analyze your business’ financial information and will provide you with professional advice. These accountants are trustworthy and legally bound to keeping your information private. They also have the special training required to give you the best possible service and your money’s worth.

Experience in Tax Preparation & Filing

Secondly, these accountants have the skill and experience required for tax filing which enables them to detect errors you would possibly overlook if you had done your taxes on your own. This results in you receiving the best possible tax savings. Skill and experience ensures productivity and efficiency. This reduces the amount of time you would have to spend filing your own taxes. As a result, you’ll have more time for personal and other business matters.

Follow Rules & Regulations

Thirdly, the rules and regulations of tax affairs change over time. It is time consuming to be constantly on top of these updates, therefore, a CPA firm is recommended to ensure your business is compliant with these new rules and regulations.

Access to Information

Lastly, CPA firms have accountants who can answer any questions you may have at any time about your small business tax affairs. A major key to a successful business is understanding and having access to information. You will never have to research yourself when you have information from a certified professional who is just a phone call or email away.

Tax Filing

Tax filing is not a simple task. CPA firms have certified, trustworthy accountants who are able to advise clients, readily detect and correct errors, save you time and energy, comply to updated rules and regulations, and answer queries. If you are a small business owner, you should consult a CPA firm to see if they are the best option for your business.

Tax Advantages of Being Self-Employed

As a sole proprietor, you can have access to some tax advantages, all you have to do is arm yourself with the necessary information about tax as much as possible.

Self-employment tax deduction

This tax for self-employment is the portion for the employer with respect to social security and medicare to be paid by self-employed people. Every worker must pay taxes, as at 2015 it was 15.30% for self-employed and 7.65% for employees. Self-employment tax is seen as an expense by the IRS and is deducted from the Business income.

Other deductions for the self-employed include

Home office

Workspace cost either rented or owned can be deducted as home office expenses but you have to be prepared to defend this in the case of an audit. A good way of doing this is through the preparation of the workspace map with the right measurement. Which you have to submit for substantiating your deduction.

Phone and the internet

You can deduct your fax, internet, website maintenance and business phone expenses. You may need to deduct all this expense relating to the operation of your business.

Health insurance premium

If you are not eligible for the plan of your spouse’s employer you can deduct your own health insurance premium.

Meals

When you are entertaining a client or travelling for business, the meal taken is tax deductible. Though you are eligible only to 50% of the total cost of the meal. This will be possible if the receipt for the meal is properly kept.

Entertainment

For you to be able to claim entertainment deduction, you must have conducted business with the person or about to for the claim to be approved by IRS. You have to meticulously keep the records to scale through the audit team.

Travel

For your travel to become eligible for this advantage, the trip must be more than 1 work day trip and should be outside of your business location. The details of the business purpose will be filled to show your eligibility for the deduction

Car

Car expenses related to business is tax deductible. You have to keep an accurate record of the business trip as well as the expenses which can be accessed either through standard mileage rate or actual expenses.

Interest

Business loan interest is tax deductible. Although credit card interest is not tax deductible if it is personal: but can benefit when it is related to business.

Always seek help from a professional CPA firm in order to cut down your taxes to the minimum.

Tax Filing Basics: Do You Have to File a Tax Return?

Not all income earners will have to file a tax return. Several factors could determine if you have to file, including the source of the income, how much you earned, your age and your filing status. For some people this is quite straightforward while for others it is not. For example, tax preparation for small business is sometimes easy and sometimes its quite hectic when there are too many entries to handle.

Check Eligibility

If your gross income is higher than your age threshold and filing status, you have to file a tax return. Provided no other claims arise from someone else.

If you are a dependent on the return of another person, differences exist in the rules. Single dependent under 65 and are not blind, are eligible to file a federal tax return was more than $5950. For the single dependents and are blind, you can file a tax return if your income was more than $7,400.

The under 65 who are married and not blind must file a tax return if their earned income was over $5950. 

Criteria for Self-Employed Persons

There are other reasons to file tax returns. The most frequent reason for undertaking this action if you do not meet the criteria above is for self-employed persons. The self-employed can file a tax return if their net earnings are less than $400. Special taxes, including taxes on retirement accounts, alternative minimum tax (AMT), household employment taxes, Medicare tax are other reasons to file a tax return.

Take a Tax Break

If you have made up your mind not to file a tax, you may have to take advantage of a tax break which is available. Excess with-holdings are an example of refund you might be entitled to. 

A lot of taxpayers may have been part of one of these categories. If you consider your situation to be out of the box, you have to file so that the IRS will not write you saying you should have filed.

Federal Rules

It is also crucial to consider that these are the federal rules. Though state rules might be very different and are quite inconsistent. We have no personal exemption and thus, taxpayers are subject to tax on the first dollar. It is possible, then, that you might have to file a state (or local) income tax return even provided you are exempted from federal income tax.

Or just, Ask For Help!!

As always, if you have questions, ask for help. There are so many resources out there. Most software packages have an interview interface that can walk you through your situation – but remembers that those are only as good as your answers. For the best results, consult with a tax professional or call the taxing authorities.