Hiring The Services Of Accounting CPA

For any running business, the prospect of finding a good accountant is a big decision, and you have to be careful in selecting an accountant that will keep your financial information and credibility intact.

It is extremely plausible that most people would try the hand at search engines to find the accountants. While this is a fast approach, but in reality, you need to ensure proper research and do a full investigation before you rely on any online resource. Hiring an accountant online is a tricky prospect, and you should not take the process lightly.

The Five top Things to Consider When Deciding the Accountant

Whether you are hiring the accountant online, or you are following a referral, keep a check on the following five details before hiring the accountant.

1. Certification and Background

Clearing the CPA test is not easy — deliberately so

While it is a given that anyone holding the CPA qualification is an accountant, there is no certainty that all accountants have the CPA credential. It is on your part to make sure the accountant you are hiring is well-versed with all accounting knowledge and hold the qualifications of all significant accounting studies. A good accountant is a person who continues with his professional educations to keep pace with all the business developments. You need to work with a professional who is active in pursuing financial courses, getting new certifications, and have a firm understanding of all the rules and regulations that are continually changing in the business economic environment.

With the necessary qualification, another important detail you must look into is the experience the accountant in the field. You are better off working with an accountant who has practical exposure in handling all tax-related and accounting requirements of the business. You also need to check with the options you have as your accountant can be a one-person or he can represent a firm. Do you want to work with the accountant having a team, so you do not have to look elsewhere when your business evolves, or you want to work with a single accountant as it fits the scope of your financial and tax requirements?

Tax reformations in the US and Canada are frequently occurring, and you want to assure that your accountant is aware of all the changes in the rules. Those accountants who have team support are quick to respond to such changes, however often the accountants work alone and are still able to keep a check on all tax reforms. While you may find one-person hiring economical but you need to look into your options carefully if you want proper accounting for your operations.

2. The Use of Technology

Thanks to the speedy progress in technology, accounting software is more sound — appending computerization and host of features that save time— changing accounting Port Coquitlam into a quick and powerful enterprise. There are robust online accounting software such as Xero and QuickBooks Online, assists increase productivity by working on tiresome accounting duties while decreasing one’s perimeter of failure with a simple click of the mouse.

One of the most constant innovations of today’s advancement in technology is the ease of obtaining real-time data regardless of your location, without having to surrender your business’ safety. The more informed an accountant is with the cloud-based technology and the use of the medium for accounting and business administration, the more capable they are in automating the business process and ensuring accurate financial visibility.

There are many new software, including the tax return software, cloud-based applications, that reduce the use of extensive paperwork and the time it takes to manage routine tasks. Accountants who keep themselves aware of the financial tools and learn how to adapt to better technology can cater well to the requirements of your business.

3. Business Development

Getting an accountant who has the attitude to connect to your business, and understanding the scope of your operations is essential.

It is imperative that your company gets all the assistance it requires and that you are satisfied with the people managing your records. Remember that your CPA’s position does not end at tax preparation and setting — they are your committed trading advisors. They can be your origin of light when your company is facing contingencies, and they can assist you in making the best financial choices when you want some direction. Work with an accountant who will treat your business with the same respect as it is his own business.

4. Scope of the Services

As the owner of a business, the last resource you want to waste is time and hiring a qualified CPA can get you more time to stay committed to your business goals. Some accountants offer a broad range of services where apart from the usual accounting and tax handling, they will assist you with bookkeeping, payroll, and other business function. Working with such professionals will allow you ample time to progress your business.

Apart from regular services, hire an accountant who can help you with tax planning and other strategies to assist you with your business tax planning and ensure that you get the benefits of all tax deductions. When you are new in the business, it is easier to manage things, however as your business progress you need services of a CPA accountant well-versed with specialized tax restructuring to deal with your unique business situations.

5. Protection

Although the advancement in technology is welcoming it also means you need to be more aware regarding your security when utilizing the digital medium. You should make sure to work with a CPA accountant that confirms with the latest security protocols and encryption standards to protect your valuable information from hackers. You should avoid regular emails as a mode of communication with your account and rely on more secure portals for official correspondence. A qualified CPA understands the nature of electronic operations as well as the need to keep confidential accounting details well-protected and concealed from any outside infiltration by the hackers.

Do You Need An Accountant Or A Financial Planner

People who need financial advice often turn to financial planners and accountants. Which professional you choose will depend on your personal and business requirements. In some cases, you may even need both.

Personal and business finance tend to be more complicated than they seem, and it only makes sense for people to look for professional help, particularly when it comes to making investments and filing taxes. If these are your main concerns, what you need is an accountant. If you need help managing your money, making investments, or maintaining a large inheritance, a financial planner is your best choice.

When Do You Need an Accountant or a Financial Planner?

You Need an Accountant When:

You are facing a specific situation regarding taxes, such as when you have a business, are earning over $200,000, planning to bequeath money or properties to your children, own rental properties, or are expecting to receive a sizable capital gain.

Put simply; an accountant will assist in areas of your finances where you need professional help with money and taxes. It is important to work only with an accountant who is knowledgeable in taxation and bookkeeping, and the laws and regulations that cover them.

An accountant is also the best professional to hire if you own or rent out real estate property. There are certain similarities between owning real estate and owning a business, and an accountant’s skills can prove invaluable.

If you are facing a complicated tax issue, consider hiring one. While many people can do their taxes using tax software, those who run a business or have significant investments may not have enough knowledge in tax laws to prepare their taxes correctly. It is also a good idea to hire a tax specialist or a CPA to help you if you decide to purchase property or adopt a child, for example, or earn/receive a sizable amount of money. In most cases, you might see an accounting specialist once every year, usually during tax time.

You Need a Financial Planner When:

You intend to invest, get out of a debt situation, or need advice on how to budget. A financial planner can work as your financial adviser when you are drawing up a budget plan or help you design a financial plan to help you create and build wealth. For these services, a financial planner usually charges a fixed fee. If he/she sells a financial product or customizes investments for you, he/she may earn a commission instead.

A skilled and knowledgeable financial planner will also help you manage your money wisely. If you are in debt, they will help you budget and plan your repayments before helping you make investments. The best financial advisers will make sure that you can handle your debt, pay it off, and maintain a budget before starting an investment.

Some financial planners work on their own, but many are connected with banks. If you prefer someone who is backed by a financial company, ask your local bank or ask friends who they can refer as a financial planner to you.

Another situation when you will need a financial planner is when you are getting ready to invest. Financial planners know the best investments for your needs and will help you decide which ones to put your money in.

A financial planner is also the best professional to turn to when you want to create a realistic budget. A budget may seem like a simple undertaking, but surprisingly, many people fail to make a plan that works for them. A financial planner can assist you not only in creating a budget that you can follow; he/she can also help you plan for savings and retirement.

You Need Both an Accountant and a Financial Planner When:

Your financial concerns are more complex and complicated, such as when you own a business. Both an accountant and a financial planner can work to help you keep track of and manage your finances and taxes. In some cases, you might even find an accountant who doubles as a financial planner.

When working with an accountant and a financial planner, trust is a key element. Both the client and the service provider should be able to trust one another, particularly since their transactions involve not only money but also the future of the client and his/her family. A professional in this field should have enough knowledge and experience to explain the intricacies of your finances so that you are fully informed. If there are things that you do not understand, these professionals should explain details in a way that is clear to you.

An accountant and a financial planner should also explain issues that will affect your finances and have an impact on your present and future decision-making. They should also help you examine the risks associated with financial steps you intend to take. You should also be able to understand and interpret any financial documentation that is related to you, your business, or investment.

A financial planner and an accountant play an important role in your financial success. They are your partners in helping you manage your money and properties, create wealth, and keep yourself financially stable.

Why Do You Need To Hire An Accountant?

As the owner of a small business, you may have managed your money successfully until now. In case you do not have sufficient financial experience or knowledge, you can seek the help of programs like QuickBooks for managing your money.

However, with the growth of your business and revenues, it becomes a difficult task to manage your financials, especially as you just do not have the knowledge or time for it. This is more important when avoiding compliance and legal issues. In such cases, a small accounting firm can be extremely useful for you.

Look for these nine signs in case you are not sure whether you need to hire an accountant:

1. You have no knowledge of accounting

You will have a hard time creating reports if financial statements confuse you, or if you are puzzled with regards to accounting terms, you initially require to hire an accountant to educate you in all financial matters. An accountant, rather than confusing you with terminology, can talk to you in straight terms, and educate you how you can manage your finances. Apart from this, you do not want to make mistakes or miss on key information early that could cost you in the end. An accountant can help you as well as your business start off on the right track.

2. You are ignorant about taxes

The Tax Code is complex. You will likely have to pay fines and penalties if you ignore to pay the appropriate taxes for your business or industry. The early advice of an accountant ensures that you can meet with all tax regulations. In addition, the accountant informs you of tax deductions and credits you can avail of, and compute your due taxes so that you do not end up paying short. Because he or she can file your taxes for you, the accountant makes the job easier.

3. Bookkeeping prevents you from doing other important tasks

Even if you have knowledge about taxes, bookkeeping can prevent you from carrying out jobs that could help your business soar or managing it effectively. Hiring an accountant lets you focus on building your team, and carry out other development activities like garnering new clients.

4. You Have Experienced Rapid Growth

You will need to serve more customers as your business expands. This mean taking on additional vendors, hiring more employees, and so forth. For this, you need additional paperwork and data crunching, which could soon become unmanageable.

5. Increase in revenue but not in profit

The accountant can look at your overhead costs objectively and point out where you can make adjustments or cut costs to increase your profit margins if you have an increase in sales, but are not observing an increase in profit.

6. Your Financiers Anticipate Professional Reports of Finance

Accountants can create accurate and detailed reports that your investors love and permit you to concentrate on tasks like business development. Additionally, you require to provide a polished business plan if you need funding or loan from an investor. The accountant can assist you with this too, making sure that you have thought of everything.

7. You Want to Expand to a Different State

An accountant can check whether you are compliant with payroll tax-reporting requirements, income, and regional sales, if you want to open a new outlet in a different state, and hire employees from that state.

8. You are to sell your business or thinking about purchasing or selling property

An accountant can help you walk through the process plus determine the transaction structure so that you do not have to pay overwhelming taxes when you want to purchase property, or sell off parts of your business, or sell off your entire business.

9. You are facing an audit

The accountant, by working with the IRS on your behalf or by preparing you to manage the audit, will guide you through this messy process, saving you precious time and money.

Ohio Accounting Services & CPAs

We specialize in small business accounting services, tax planning and preparation and bookkeeping. We have stayed in business because of our in depth accounting experience, by paying close attention to detail, maintaining the highest level of integrity, and by protecting our clients best interests.

Our West Chester CPA firm has over 20 Years of accounting experience!

On this website, you will find information about our CPA firm, including Small Business accounting Services such as Payroll Services, Tax Return Preparation and a list of our other Accounting Services. We have also provided you with online resources to assist in the tax process and financial decision-making. These tools include downloadable tax forms and publications, financial tools, news and links to other useful sites.

We strive to meet each client’s specific needs in planning for the future and achieving their goals in an ever-changing financial and regulatory environment.

Our professional services include:

  • Tax Management Services
  • Compilation
  • Bookkeeping/Write-up
  • Payroll Services
  • Financial Projections and Forecasts
  • Accounting Services
  • IRS Representation
  • Entity Selection and Restructuring
  • Cash Flow and Budgeting Analysis
  • Debt and Finance Advising

Tax Management Services

We guide our clients through a full range of tax planning and preparation decisions with strategies that minimize your tax liabilities, maximize your cash flow and keep you on track to your financial goals. Our expertise, experience, analysis and thorough research allow us to optimize financial opportunities to be found in existing as well as recently altered tax laws. We are knowledgeable and up to date on the tax laws and can make sense of your receipts, bills and notices.

Accounting Services

From start-ups to established enterprises, businesses rely on accurate and insightful financial information in order to maintain profitability and capitalize on new opportunities. CPAs’s accounting services steer you closer to these goals with accurate record-keeping and reporting as well as support on financial issues such as initial accounting system setup, cost-containment, tax planning, investments, and employee benefit and profit-sharing plans.

These services include but are not limited to:

  • General ledger and financial statement preparation
  • Bookkeeping (Monthly, quarterly, or annual)
  • Accounting system setup and support
  • Payroll processing
  • Cash flow budgeting and forecasting
  • Personal financial statements
  • Employee benefit and profit-sharing plans
  • Corporate tax planning and return preparation
  • Litigation support


Compilations are usually requested for internal purposes and are based upon information provided by a company’s management. They do not offer assurance but may involve some adjustment to accounting records.

IRS Representation

Professional representation can be vital during an audit, and our experience with tax authorities enables us to guide clients in their dealings with federal and state agencies. If you have been chosen for an audit, the professional representation you can find with our firm can put many of your worries at bay. We are ready and willing to answer any and all questions the IRS may be asking of you.


Accurate record-keeping is essential to a successful business yet can also be complicated and time consuming. Rethlake & Schneider CPAs can help you with the organization and day-to-day tasks of bookkeeping so that you can focus on your core business.

Entity Selection and Restructuring

Your business entity has a large impact on your taxes and other liabilities. From your company’s inception through its growth and development, Rethlake & Schneider CPAs can advise you on choosing an entity type and later restructuring if advantageous. With our knowledge and expertise, you will always be receiving the most advantageous entity type for the functions your business performs.

Payroll Services

Rethlake & Schneider CPAs’s payroll services can help you reduce the time spent on administration through developing and implementing a computerized payroll system that will facilitate processing, timely payment and preparation of tax returns.

Cash Flow and Budgeting Analysis

Good cash management can improve a company’s liquidity, reduce costs, and increase profitability. Rethlake & Schneider CPAs can help you maintain optimal cash flow levels by tracking sources and uses, forecasting, and budgeting accordingly. To a business entity, cash flow is something that can make or break the business’ ability to survive. We can help you analyze your spending, re-balance your budget and/or debts for an optimal cash flow to support your business’ success. This balance plan would be revisited if and when there were any major changes in your business structure to ensure that you are operating at an optimal level. With our help and guidance, you will always be on top of your finances and ready for the future.

Financial Projections and Forecasts

No one can predict the future perfectly, but we can all benefit from planning for it. Rethlake & Schneider CPAs combines expertise and experience with a gained understanding of your business to produce financial projections that can help you manage your business plan and spending. Forecasting for the future is imperative to your company’s success. We make it a point to keep current with market trends and updates so that your business can be prepared for what is to come. Depending on your needs, our work can range from top-level reports to detailed financial models.

Debt and Finance Advising

Whether your needs are corporate or personal, Rethlake & Schneider CPAs’s professionals can assist you in sorting out the different options available for debt management and financing that will lower your payments and/or reduce the total amount of interest paid. Re-balancing your debts can also result in tax deduction savings. Even if you are able to handle the payments and the amounts of your current debts, our expertise may be able to save you money and/or lower your payments.