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What are the best tax accounting outsourcing companies for a small business?

Answers

Topic Expert
Paul Benedetto
Title: CFO, Director of Finance, Consultant
Company: Nextwave Software, Rethink Fabrics
(CFO, Director of Finance, Consultant, Nextwave Software, Rethink Fabrics) |

I hate having to qualify a response to a question, but that may be the case here. In my experience the right fit depends on a number of factors - the primary ones are (1) how large is your company currently (e.g. revenue, # of employees and where located - how many states) ?, (2) what jurisdictions do you operate in that have tax requirements (e.g. city, county, state, country)?, (3) who are you selling to (e.g. are you subject to multistate sales tax issues)?

Based on these intiial responses, I would venture to say that a local CPA firm can cover most, if not all of your business taxes, for a company up to approx. $2M - this if you don't have internal staff or an part-time Controller / CFO type with such capabilities at your disposal.

For more complicated taxation issues and especially if you have foreign business, you should seek out a regional, if not national audit and tax firm to consult on specific matters and/or take control of your tax compliance and strategy.

Happy to give you some pro-bono advice offline if you want to dig more into your specific details. - Paul

(Agent, JKS Solutions, Inc.) |

The best accounting outsourcing companies in the US are those run by CPA firms. You can find great client accounting services practices right here at home and have the benefit of monthly flat rates based on different service levels. The transaction initiation and approvals and approval to pay as well as the customer facing work related to billing your clients will remain with you.

The best outsourcing firms are utilizing cloud accounting services such as Quickbooks Online Plus, Xero (even better for small business), and Intacct for the larger business.

The benefit of a single ledger in the cloud is that not only is your burden of accounting for receipts minimized, you have an accountant ready to assist you based on the service level agreement you signed up for.

I don't practice tax and don't prep financial statements in my advisory practice, but you the client can allow your external tax preparer access to your system to provide those services at year end.

Everything is easier in the Cloud.

Topic Expert
Regis Quirin
Title: Director of Finance
Company: Gibney Anthony & Flaherty LLP
LinkedIn Profile
(Director of Finance, Gibney Anthony & Flaherty LLP) |

In this environment of a moving tax target, a CPA firm is where you need to be. The services are dictated by your needs -- Accounting Management; Financial Reporting, Investor Audits, Tax Preparation... The first two on the list may not require a CPA, but the last two items definitely do.

Topic Expert
Patrick Dunne
Title: Chief Financial Officer
Company: Milk Source
(Chief Financial Officer, Milk Source) |

Adding on to what is mentioned above; some firms will focus on certain industries or sectors. I would check to see if one firm performs more work in your industry and target them.

Topic Expert
Randall Hylek
Title: President
Company: RJH Consulting
(President, RJH Consulting) |

I believe that Grant Thornton and RSM McGladrey will do a good job

ronny cheng
Title: VP of Marketing
Company: Digital Astronauts
(VP of Marketing, Digital Astronauts) |

We're a local marketing agency and we use Pacific Crest Group. (http://www.pcg-services.com). They've been our partner for a few years now, and we've always been satisfied with their services.

Kundan Lal
Title: Accounting & Finance Consultant
Company: Real Time Cloud Services, LLC
(Accounting & Finance Consultant, Real Time Cloud Services, LLC) |

Outsourcing firm's accounting is essential because it offers many benefits to the organization. It not only saves time and money but also decreases the burden of employee management and training. I would suggest some of the important points your small business should consider if you want to choose the best accounting outsourcing company-

1) The service they provide- The outsourcing company should offer all essential accounting services like- Payroll, financial statements, tax services etc.

2) Experience and reputation in the market- Research the market and check what other customers have to say about their experience with the company.

3) Software and security measures used - The outsourcing company should use the latest accounting software and technology like cloud technology to ensure the security of your data.

4) Pricing plan they offer - Pricing is one of the important factors to consider before making the decision. You should see that the pricing they offer should balance out the amazing benefits you will get.

5) The Service Level Agreement - It is the most critical part between you and your outsourcing company. Make sure that everything is transparent, and there is no room for confusion. By keeping these factors in your mind, you will inevitably land up to a reliable outsourcing accounting company.

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