As with many types of businesses and professions, there are many different types of CPA firms in existence. Each type specializes in different aspects of accounting and is capable of helping out both individuals and businesses. In fact, many professional business CPAs specialize in virtually all aspects of accounting, the advantage there being that you only have to deal with one company to have all of your accounting needs met. Crowe Horwath Denver is one such company that can help out business with any aspect of accounting that they need. They certainly specialize in areas, but they are capable of answering any question. If you are an individual or company and you are looking to hire a CPA firm, it would be best to know which kind of firm you are looking for. In order to help people out on their search, here is a short list of some of the different types of CPA firms that are out there.
1. Financial CPA firms. Financial CPA firms focus on preparing financial statements. These statements can be used for a wide variety of purposes. For example, they could be used to give to shareholders, so that those shareholders can see what their shares are worth and how much they have increased. They can also be used for valuations which are important to correctly filing taxes.
2. Management CPA firms. These types of CPA firms do exactly what it sounds like: they prepare financial information for managers. Managers are then able to use this financial and accounting information to make informed decisions on the business. By utilizing the expertise of a management CPA firm, managers can know when and who to give raises to, if they need to downsize their company, if they should look for a new supplier, and numerous other tasks. Essentially, management CPA firms help managers to run their companies more efficiently and effectively.
3. Tax CPA firms. These are the most common type of CPA firms, and they deal with all things related to taxes. They can help you navigate the tricky and tedious tax code, make sure you are claiming all of the necessary income, and ensure that you are getting the greatest number of deductions that you can get. At the end of the day, these type of firms help you to retain the largest amount of income that is possible after you have fairly and legally paid all of your taxes. The majority of people who go into accounting as a profession, and the majority of small, privately owned CPA firms, are tax CPA firms. These types of firms are typically the busiest around tax season, and enjoy a longer downtime than other types of firms.
4. Advisory CPA firms. These types of firms work in all of the major areas accountants are needed, but they work in an advisory manner. This means that they help business to understand their financial statements, their taxes, and more to make the best decisions for the business’ longevity.