Should You Hire an Accountant or a CPA Services Firm?

Managing finances is a critical aspect of running a successful business, and which professionals you hire to help can significantly impact your company's financial health. In this blog, we'll explore when it makes sense to hire an accountant and when you need a larger strategic partner like a comprehensive CPA services firm.

When to Hire an Accountant

Day-to-Day Financial Management

If your business has relatively straightforward financial needs, such as basic bookkeeping, invoicing, and transaction recording, hiring a qualified accountant may be sufficient. Accountants are adept at managing day-to-day financial tasks, ensuring accurate record-keeping and compliance with tax regulations.

Tax Preparation

For small businesses with uncomplicated tax situations, a tax accountant or CPA can efficiently handle annual tax preparations. They ensure that your financial records are in order and assist in filing both personal and business taxes. An accountant’s work can help you maximize most deductions and minimize liabilities.

When to Hire an Accounting and CPA Services Firm

Complex Financial Needs

If your business is growing with complex financial transactions, acquisitions, or expanding into new markets, a CPA services firm becomes essential. A firm’s expertise goes beyond any one accounting professional’s knowledge, allowing them to handle intricate financial challenges and provide strategic guidance.

Regulatory Compliance

CPA services firms are well-versed in complex tax laws and regulatory compliance issues. If your business operates in an industry with specific compliance requirements or if you're facing audits, a CPA firm can ensure that your financial practices align with legal standards.

Strategic Business Planning

When your business requires more than just routine financial management, a CPA services firm can offer strategic business planning. They go beyond numbers, helping you develop clear business directives, assess risks, and plan for long-term growth.

Financial Consultation

When you need advice on larger financial matters or want insights into optimizing your financial processes, a larger CPA services can provide valuable guidance. They can help with finding unusual tax credits you qualify for, budgeting, cash flow management, and other more specific recommendations for improving financial efficiency.

Comprehensive Financial Services

If you have a lot of different financial needs, it makes sense to choose a firm that can offer all of them under one roof. Some firms can offer a suite of accounting, bookkeeping, and CPA services based on your organization’s needs.

This comprehensive approach ensures that all your financial needs are aligned and optimized for success.

Why Consider LG Resources For Your CPA Services Firm?

At LG Resources, we understand that every business is unique. Our virtual CPA and CFO services are tailored to meet the diverse needs of our clients. Here's a glimpse of what we offer:

Small Business Accounting: Let us take care of your books so you can focus on running your business.

Tax Services: Our experts can assist with filing quarterly, federal, and state taxes at both personal and business levels. We can also help you save on taxes with more unusual or difficult-to-apply-for credits, such as the ERC.

Audits, Reviews, and Compilations: We can help with a wide range of risk tolerance needs, including handling audits and reviews.

Forensic Accounting: Our team can investigate to help you resolve both existing and anticipated accounting disputes.

Bank Financing Assistance: We can help you with requesting bank loan preparation.

Business Valuation: We provide objective valuations across all industry types.

Strategic Business Planning: Our team assists in preparing clear business directives for sustained growth.

Succession Planning: We help set up well-designed successions from one generation to the next.

New Business Formation: Our specialists can assist startups with accounting or help properly form new business units.

Non-Profit Organizations: We guide organizations on retaining tax-exempt status based on IRS classifications.

Personal Financial Planning: Our consultants provide one-on-one guidance to help you manage risk and improve performance.

Cash Flow Management: We develop cash flow projections to help you avoid a cash crisis.

Choosing between hiring an accountant or a CPA services firm depends on your business's needs. While accountants are suitable for some routine tasks, a CPA and accounting firm like LG Resources provides a comprehensive suite of services to make your business more efficient and poised for growth. 

Schedule a demo with LG Resources to see how our virtual CPA and CFO services can align and optimize all your accounting, bookkeeping, and financial needs. With LG as your strategic partner, you can navigate your finances with confidence and focus on achieving your business goals.