What to Expect From Top Accounting Firms

Many accounting firms will tell you or advertise that they are one of the top accounting firms, but are they really? You never want to take their word for it, you need to do some research to see if they truly are a “top accounting firm.” Below we are some tips on how to find out if they are (as advertised) a top accounting firm, and not just hyping themselves up.

Characteristics of Top Accounting Firms

Top accounting firms provide complete accounting services including audits, taxes, advisory services, estate planning, and business management. You don’t want to put your faith in an accounting firm that can’t provide all the services you need.

• Audits: An audit is an unbiased evaluation and examination of an organizations financial statements, completed by the organization itself or they outsource it. Another type of audit is an examination of an organization completed by the IRS to verify the accuracy of the tax documents filed by it.

• Taxes: Accountants ensure that companies know exactly where they stand with profits and losses, as well as ensuring that all financial transactions are documented accurately.

• Advisory Services: Organizations know that investments are crucial to financial success. Where to invest their funds and into what type of accounts are extremely important. Top accounting firms have staff who are experts in this area.

• Estate Planning: One of the main reasons business owners want to take full advantage of ways to increase their wealth is so they can be sure their heirs will be taken care of when they pass away. Estate planning is complicated with many intertwined aspects, so only top accounting firms will have expert members in estate planning.

• Business Management: Top accounting firms have members who demonstrate a mixture of expertise in both strategic management and financial accounting, thus giving them the management skills necessary to help companies make strategic decisions that are based on solid financial information.

In addition to the services above, top accounting firms also have a diversified client base ranging from tax-exempt organizations to individuals with a high net worth; and from start-ups to Fortune 500 companies.

National and International Practices

Top accounting firms are knowledgeable about national and international practices. This is important for organizations that do business on an international level.

Internet Research of Top Accounting Firms

Every year, Accounting Today compiles a list of the top 100 accounting firms. So it is a good idea to take a look at the list to find a top accounting firm in your area.

Top Accounting Firms and Longevity

Usually the top accounting firms have been around for many years and have a solid reputation in the business world. Obviously if they’ve been in business for 20 plus years, they must be doing something right.

When you’re in business, you want to make a profit; and hiring a top accounting firm should always be at the top of your list to do this. Not only can they keep your bookkeeping in order, they also save you money on taxes, and offer expert financial advice.

Miller Kaplan Arase LLP is one of the top accounting firms ( www.millerkaplan.com/about-us/ ) in the US providing professional accounting, audit, tax, business management and advisory services to serve a diverse range of clients, from businesses to tax-exempt organizations, and from start-ups to mid-market enterprises. To learn more on choosing accounting firms, visit Chron.com.