Many companies enlist the help of external accountants for help with everything from tax preparation to financial audits — and a good number of them end up paying more than they need to.
When it comes to utilizing the services of a Certified Public Accountant (CPA), there are certain things every company can do to keep costs down and still get exceptional service.
Jon Bell lists an array of tactics on this site. Here are some of the top ways companies can cut down on CPA costs:
Get everything in order before calling in outside help. More often than not, firms will bring in a CPA before their books are completely up-to-date. This is a costly mistake; the more time a CPA spends on-site, the more you’re going to pay. Best best: Get your in-house finance staffers to make sure all of the books are clean and reconciled to the penny before you bring in outside help.
Keep it local. Companies can usually find solid, reputable local help for most accounting services and standard audits — at a much lower price than they’d spend with big name firms like Deloitte Touche Tohmatsu and Ernst & Young.
Consider a review first. A large percentage of firms opt for a full-scale audit when a review will suffice. If you’re a private company that isn’t required to perform an annual audit and you aren’t planning a large acquisition in the near future, an audit should suit you just fine.