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