An accounting firm can identify areas where you're paying more tax than necessary, suggest operational adjustments to reduce costs, help you make informed financial decisions to avoid costly mistakes, and ensure compliance to avoid penalties and fines. They can also assist with strategic planning to improve business efficiency and profitability.

A CPA, or Certified Public Accountant, is an individual professional designation awarded to accountants who pass a licensing examination in their state. An accounting firm, on the other hand, is a business entity that employs CPAs along with other accounting professionals to offer a range of accounting services. While all CPAs can work within accounting firms, not all accountants within a firm are necessarily CPAs.

Look for a firm with experience in your industry and with businesses of similar size and complexity to yours. Consider the range of services offered to ensure they can meet your current and future needs. Evaluate their reputation, ask for references, and consider their communication style and client service approach to ensure they're a good fit for your business.

This can vary based on your business needs, the complexity of your financial situation, and any ongoing services you're utilizing. Some businesses meet with their accounting firm quarterly, especially for tax planning and review of financial performance, while others may require monthly meetings. For routine bookkeeping and payroll services, less frequent meetings may be needed, but it's essential to have regular check-ins to ensure financial goals are being met and to adjust strategies as necessary.

CPAs are licensed accounting professionals who can perform a variety of accounting services. Their roles include preparing and reviewing financial statements, conducting audits, tax planning and preparation, consulting on financial strategies, and providing advice on business operations and compliance issues. They can work in public accounting firms, corporations, government agencies, non-profit organizations, or be self-employed. CPAs are distinguished from other accounting professionals by stringent licensing requirements that include education, experience, and passing the CPA examination.

Hiring a CPA over a non-certified accountant can be beneficial for several reasons. First, CPAs have met rigorous professional standards and passed a comprehensive exam, ensuring a high level of expertise in accounting and finance. They are also required to adhere to a strict code of ethics and to continue their professional education to maintain their license. This combination of education, experience, and ethical standards means that CPAs are well-equipped to handle complex financial issues and provide reliable advice on a wide range of financial matters. For individuals and businesses facing complex tax situations, audits, or needing strategic financial planning, a CPA's expertise can be invaluable.