F.A.Q
Why do I need to hire an accountant and are they worth the costs?
Many businesses and individuals contemplate this question. Is it worth the money to hire an accountant? There are so many accounting software options available to business owners. Most of those programs offer do-it-yourself options or basic out-of-box solutions. So, letting a computer handle your books is obviously cheaper than hiring the services of an accounting firm. However, hiring an expert accounting firm can save you significant money, time, and provide peace of mind.
Experienced accounting firms can offer:
- Tax planning and saving advice
- Understanding of financial statement
- Identify areas of opportunities to improve profitability and business growth
- Set up accounting systems
- Prevent costly mistakes, such as noncompliance penalties and missed tax filings
Am I locked into a contract if I hire an accountant?
It depends on what service you need and the firm's policy. Carolina Tax Advisor works with their clients to find out the scope of their needs before requiring a signed "engagement" letter. The engagement letter outlines the services, terms, fees, and privacy provided. This way there is a clear understanding from both parties of expectations and deliverables.
Carolina Tax Advisor can provide single-project services, multiple projects, short-term, long-term, or ongoing services depending on our client's needs.
What is the difference between an accounting firm and CPA firm?
There are various types of firms available to the public. However, the two most common are accounting firms and CPA firms. On the surface, they are very similar in offering similar services:
- Both: oversee/help create company budgets
- Both: oversee internal audits (accuracy of reporting financial data)
- Both: handle tax preparation and reporting documents for government audits
Accounting firms generally focus on daily accounting tasks, such as bookkeeping, payroll, preparation of financial statements, and providing financial reviews. (ave. hourly rate: $150-200)
CPA firms typically service quarterly and annual tax planning, forensic accounting, and audit services. (ave. hourly rate: $200-400)
Does Carolina Tax Advisor only handle businesses?
No. Carolina Tax Advisor provides several services for both business owners and individuals. There is no obligation or fee to speak with us to find out your specific situation. We have helped many individuals and businesses with their tax and accounting issues.
To get started simply complete the "Contact Us" form at the bottom of the page.