Many of the services public accounting firms offer are also offered by professional tax services, accounting software or in-house accounting staff. However, there are times when it makes sense to hire a public accounting firm.
1. You Are Starting a Business
Starting a business can be a complicated endeavor. Without the right advice, it can be easy to make mistakes that will get your business started on the wrong foot. A public accounting firm Des Plaines IL, can help you choose a business structure, determine the best accounting method for your business, plan your budget and your tax strategy and more.
2. Your Taxes Are Complicated
There are a lot of options out there for doing your taxes. You can do it yourself. You can use tax preparation software. You can hire a tax service or if you are running a business you can let your accounting department handle it. If you are a business owner, investor or have a lot of financial assets to deal with, your best option may be to hire a public accounting firm. A CPA can prepare your tax returns and provide advice that could help you minimize your future tax liability. A CPA may also be useful for reviewing any tax documents you have prepared yourself or had prepared by internal staff.
3. You Need Financial Advice
There are many times in your life when you may need some expert financial advice. If you are opening or closing a business, purchasing or selling real estate, planning your retirement or being audited by the IRS, the advice of a public accountant can be an invaluable resource.
Public accounting firms are not the only option for many financial services; however, they can sometimes be the best option. If one of these three circumstances apply, consider hiring a public accounting firm.