Accounting Firms Near Me
Accounting Firms Near Me Beat Big 4 Multi-National CPA Firms. Large firms are limited to Fortune 1000 clients, tasks are automated reducing billable hours
Small Accounting firms near me adopted Fixed Fee Value Pricing years ago. Since the fee to the client is fixed, Clients do not feel “They do not feel they’re being nickel and dimed to death every time they call with a question.
If the Big 4 stooped to think, with automation and AI, redundant low-level tasks have been automated. That in turn reduces billable hours and a reduction of income. This conundrum eats away at gross profit sends the Big 4 to look for other revenue streams. That is allows Accounting Firms Near Me to swoop in and lure the clients away with Flat-Fee pricing.
Accounting Firms Near Me has a much larger pool of clients to choose from. The individuals or corporations who can afford the Big 4 are very few. So, besides the very rich, the remainder of business or individuals are fair game for Accounting Firms Near Me. The average Miami Accounting Firm last year saw an increase of 70.2% in new 1040 tax preparation.
Small to Mid-Sized Accounting firms near me have invested heavily in technology in the past 5 to 10 years. We can do more, with less, and therefore focus our time on value-added services like tax planning and business analytics, generally, at the same fee levels, they were paying 5 years ago. We simply pass through our savings in the form of providing added “Value” to our offerings.
REPLACING LEGACY SYSTEMS
Legacy systems hurt the quality of data available for financial analysis and slow analysis and reporting processes. Fifty-four of the Accounting Firms Near Me stated that the challenges of integrating legacy systems prevented the adoption of new technology platforms that would aid in improving finance department processes. Miami Accounting Firms identified legacy systems as a major source of data quality issues that slowed analysis and required a different set of talent in their origination, generally categorized as “data crunchers,” instead of analysts with strong business knowledge.
This indicates that higher-performing companies replace legacy infrastructure more rapidly, have less reliance on key legacy personnel, and have fewer Excel-based processes. Based on our experience, there are three main ways for CFOs of organizations with limited technical support to reduce legacy system dependence:
- Disintermediate legacy platforms. Identify technologies that can wrap around legacy systems to remove direct dependencies, permitting future flexibility by isolating the systems, and providing cleaner data access.
- Implement incrementally. Break large-scale change initiatives into short-duration, impactful change efforts with well-defined outcomes. This reduces implementation risk and provides faster benefits for the finance department.
- Use the cloud. Work with Accounting Technology that is offered in the cloud on a Software-as-a-Service basis. This reduces upfront costs and largely removes the need for direct IT support during implementation.
Four key conclusions were drawn:
A faster close cycle is strongly correlated with improved financial performance.
- Infrastructure investments that keep pace with revenue growth show financial benefits.
- Strong working relationships between finance and technology result in better financial infrastructure.
- Replacing or tackling inefficiencies surrounding aging legacy systems allows for more efficient and effective business analysis.
Accounting Firms Near Me Now Offer Outsourced Accounting Services
We found 11 Benefits to Outsourcing your CFO
1 – Financial Strategy
The greatest benefit a CFO will bring to your organization is a higher level of financial strategy. While most other finance roles in your organization involve maintaining past and present financial records, a CFO is focused on the detailed short- and long-term strategy of your organization. An outsourced CFO is an expert in long-term planning and figuring out what, exactly, is needed to take your company from where it is now to where you would like to be.
2 – Short- and Long-Term Forecasting
A financial forecast is one of the most important tools an organization can have. It is the detailed financial and operational roadmap giving a step-by-step guide to take you from where you are now to achieve your goals. A financial forecast requires analysis, strategy, and practicality. It requires a strategic understanding of the current and future capabilities of your company, mastery of financial algorithms and trends, as well as in-depth analysis of the competitive landscape within your industry.
3 – Financial Systems Strategy & Design
If your financial management software and internal systems are incapable of keeping up with your growth, are incompatible with your other operational and/or sales systems and processes, or lack features essential to your business, it may be time to reevaluate. While outsourced CFOs don’t typically implement the actual system, they can help to analyze your current systems, assess your current and future needs, design the combination of a system that will work best for your organization’s current and future growth (including tiers of implementation, if needed), help select and negotiate with a provider, help ensure the transition goes as smoothly as possible, and help train personnel on the new systems to maximize understanding, comfort, and utilization.
4 – Budgeting
While a forecast is typically a 5- or 10-year projection of costs and operations, a budget plans out in detail your projected financials. Even though this is a shorter timeframe than the strategic forecast, a budget is imperative to the day-to-day actions of an organization. This budget helps guide the year’s financial decisions while keeping the organization on track to reach its goals. A strategic CFO will often use a forecast as a rolling budget to help ensure your financial performance is in line with your company goals and roadmap.
5 – Facilitating & Interpreting Financial Reporting
Finances are imperative to the daily operations and the focus of Accounting Firms Near Me, and financial reports keep you apprised of your current (and future) standings. Many outsourced CFO services include financial report facilitation, interpretation, and drill-down. Let a CFO analyze your reports and give you the most important takeaways in a way that best supports your business needs. This gives you an opportunity to ask questions, re-strategize when needed, stay aware of the goings-on, and to have the information you need to make your essential business decisions.
If you do not currently have a reliable system for timely, accurate financial reporting, your outsourced CFO will also help put a reporting system in place.
6 – Raising Capital
Raising capital is typically very stressful for an organization, but an outsourced CFO can offer services to make the process go more smoothly. An outsourced CFO usually brings with him or her a network of financiers to whom they can introduce you. An outsourced CFO can also:
- Ensure your current accounting and financials are conducive to positive conversations with potential investors or lenders
- Provide financial statements, reports, and documents for due diligence
- Assist in structuring capital including determining how much financing you need and what mix of debt and equity financing is best for your goals
- Bring confidence, reputation, and professionalism to your organization by having an experienced CFO representing you and your business.
- Term sheet review and negotiation
7 – Capital Structure
How much financing do you need, and what combination of debt and equity will help you uphold company value while achieving the growth you desire? An outsourced CFO provides services to help you determine what capital structure is ideal for your organization.
8 – Interim CFO Services
If your company is in transition, facing a challenge, or is in the process of hiring a full-time in-house CFO, an interim CFO can help support your organization in the meantime. Many companies also hire an outsourced CFO for an interim role preceding the need for a full-time CFO. In these cases, an outsourced CFO can not only provide as-needed CFO strategy and services as your company grows but can also help hire and orient a full-time CFO for your company.
9 – Cash Flow Analysis & Restructuring
Cash flow is one of the most common (and influential) challenges businesses face. Solving cash flow issues involves more than just simply bringing in more revenue–it requires understanding what you’re spending and where you’re spending it and knowing which expenses are essential for your organization’s growth and which can be let go or modified. Accounting Firms Near Me Outsourced CFOs take a deep dive into your financials to figure out how to maximize your bottom line. This may include:
- Renegotiating vendor contracts
- Restructuring client contracts
- Ensuring pricing is aligned with company & industry trends
- Analyzing commission structures
- Supply chain management
- Attributing costs to revenues
10 – Making Cost Cuts
Outsourced CFOs can usually make more (and better) strategic cost cuts than an in-house team, which makes it one of the popular outsourced CFO services. The reason an outsourced CFO can be more effective is that:
- They will have expansive experience with a variety of companies in your industry so they have a deep understanding of benchmarks to which they can compare your costs.
- They are more objective. Where managers or teams may have more of an interest in particular projects or initiatives that may influence their cost-cutting strategy, outsourced CFOs have no such biases and make decisions based on data and experience.
- Cost cuts will be more objective. Cost-cutting is not a simple “big numbers are bad, small numbers are good” game. To achieve cost-cutting that is sustainable and that drives company goals as opposed to undermining them, thoughtful consideration, data analysis, and objectivity needs to take place.
11 – Facilitating Mergers & Acquisitions
Whether your transaction includes a merger, acquisition, or partial, public, entity, or asset sale, helpful CFO outsourcing services may include:
- preliminary analysis and reporting
- stabilizing financial functions
- advising key team members during the sales process
- preparing relevant documentation
Create Something They Cannot Get Anywhere Else
Accounting Firms Near Me are focusing on customer service as part of the customer experience. Many consumers are opting to visit Small Miami Accounting Firms for such an experience that they simply will not get at a big box store. Creating such an experience relies on creating something unique. As a Small Miami Accounting Firms, the power is in your hands to shape a positive, one-of-a-kind customer experience. How is your business different from the big box brand? How is your business different from the competitor down the road? What can your clients get from you that simply cannot get anywhere else?
By creating an experience and embedding your business within the community, you create both a niche that is very sought-after in today’s economy.
Accounting Firms Near Me Beat out Big 4 Multi-National CPA Firms
U.S. Income Tax Return for an S Corporation Form 1120-S. Do not file Form 1120-S unless the corporation has filed Form 2553, Election for Sub S status