| Which would a person prefer, owning one of | | | | maintain satisfied customers and businesses continuing |
| the big four accounting firm or owning a “mom and | | | | to flow. Small local practices can offer book keeping, |
| pop” accounting firm? If a poll was taken, most | | | | payroll, taxes, auditing, consultation etc. all at a |
| people would probably chose to own one of the big | | | | personalized base. Because the small firms are in a |
| four accounting firms. However, what individuals fail to | | | | less fast-paced environment, the companies are able |
| realize is that there are more benefits to owning a | | | | to offer every accounting service as well as specialize |
| small accounting firm than people can fathom. One if | | | | these services in order to ensure that the customers |
| the benefits are the tailored financial services to clients. | | | | return. Being a customer at a small local accounting |
| Another benefit is the opportunity to wisely choose the | | | | firm, one can have an accountant keep their business |
| structure of the firm. Last but not least, the capability of | | | | records full, accurate, and up-to-date. Proper |
| being able to offer more than one and even | | | | bookkeeping can help businesses effectively manage |
| specialized services. | | | | cash flow, stay abreast of profits and losses, and |
| Small accounting firms offer financial | | | | develop plans for the future based on financial trends. |
| services to businesses and the public that are more | | | | On top of that, the same accountant will also obtain |
| personalized for the clientele than any five hundred | | | | information on hours worked, pay rates, and other |
| fortune company. A more personalized environment | | | | payroll-related data from client organizations on their |
| for clientele exemplifies a more compassionate | | | | workers and using that information to generate |
| company and keeps the customers coming back to | | | | paychecks, payroll reports, and payroll tax filings. But |
| the experts that know them best. Small local practices | | | | wait, there’s more than just the mentioned above. |
| have real advantages that give a competitive edge in | | | | To ensure that the client’s business is running |
| recruiting, retention and client service. Owners have a | | | | smoothly the accountant will provided |
| vast awareness and control over situations in the | | | | risk-management by identifying opportunities for |
| work environment opposed to large corporations. The | | | | reducing costs, improving processes, and verifying that |
| firm does not have to change practice/service or | | | | resources are used efficiently and accounted for |
| keep up with large firms. The firm simply has to | | | | accurately. At the end of the year, the accountant can |
| reinforce the personalized practices that attract loyal | | | | perform the client’s tax return with the acquainted |
| clients and professional employees. | | | | information that will be readily available. During and in |
| Another benefit of owning a small local | | | | summation of the year, the accountant updates the |
| accounting firm is the ability to be able to wisely dictate | | | | above client on tax changes, tax laws, and provides |
| the structure of the company. The most wise and | | | | the financial advice the individual or business requires in |
| advantageous structure would be a corporation. A | | | | order to grow. |
| corporation exists as a separate legal entity from an | | | | Optimistically, after reading this more |
| owner’s personal life. Any debts or lawsuits are | | | | entrepreneurs will be inspired to open a small local |
| incurred by the company and not the owner. | | | | accounting firm. One day maybe that small accounting |
| Corporations are also taxed at a lower rate and have | | | | firm will become a fortune five hundred company. Until |
| better taxable benefits. Financing a small business as a | | | | a company can be a huge hit, it must start |
| sole proprietorship or partnership can be difficult. A | | | | somewhere. The most successful life an accounting |
| corporation can sell shares of the company and raise | | | | firm comes from a small local practice that eventually |
| money easier than other business structure types. Last | | | | prospers. One of the advantages of a small firm is the |
| but not least, a non-corporate business is hard to | | | | customized financial services to clients. Another benefit |
| valuate properly. A business corporation value will be | | | | is the prospect of wisely choosing the structure of the |
| based on the business, not the owner, therefore | | | | firm. Lastly, the most important profit of opening a local |
| making it easy to sell the company. | | | | practice is the capacity to offer multiple and |
| The advantage of offering more services and | | | | specialized services to preserve the customers |
| specialized services is the number one scheme to | | | | satisfaction and keep the business producing funds. |