The Advantages of Working with a CPA Firm
A CPA firm has the advantage of numbers when it comes to filing taxes and other accounting services. A group can handle more clients, making your chance of being accepted by the CPA firm of your choice higher than being accepted by a popular individual. More employees in a CPA firm means that they can handle even complicated returns more quickly, increasing your chances of filing taxes punctually and receiving a refund quickly.
A CPA firm is also likely to have a wide range of specialists in their employee pool. One member of the accounting group might be expert in filing taxes, while another specializes in financial planning, and a third in handling IRS audits. Individual accountants are not able to have such a wide range of specialties.
An accounting group is also likely to have a range of accountants at different hourly rates. For example, a junior level accountant might start the process of filing your taxes, and have the results checked by a partner in the CPA firm. This allows you to take advantage of the lower hourly prices of the junior accountant, while still benefiting from the experience of an experienced accounting professional.
A CPA firm also has the advantage of having accountants available to check one another's work. It can be easy to overlook mistakes, and having a return checked by someone other than the preparer can save you trouble when filing taxes.
Advantages of Working With an Individual Accountant. While an individual accountant does not have the manpower of a CPA firm, he or she does have the advantage of a more personal touch.
If you hire an individual for your accounting needs, you will be sure that the person working with your personal or business information is someone that you really trust. With an accounting group, you may never even meet the people who do most of the work of filing your taxes and advising your business.
An individual accountant removes the potential of turnover with a CPA firm. You might have a great connection with your primary accountant at a firm, but if he or she quits, you'll be assigned to someone else. Whether you are satisfied with your new accountant is only a matter of chance. Turnover is often high with a CPA firm, since many accountants gather experience, and then split off to form their own companies.
The rates of an individual CPA or accountant are also easier to understand. You never have to worry that you'll be charged for a senior accountant who never even looks at your file.
An individual is also more likely to be proactive in helping you achieve financial success, because he or she has a more personal stake in the business. If you are very satisfied, you'll spread the word about the company, which will increase business. An accountant at a CPA firm might not be so engaged in the overall success of the company.
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