Listen to this articleThere are several instances when a business seeks online accountant consultation – for example, to ensure compliance, save time on financial operations, or start new projects, etc. In an era of globalized markets, a competitive business industry, and growing financial technology, more small businesses have recognized the need for professional assistance.
However, most small and mid-sized businesses do not find it feasible to hire an in-house accounting expert for consultation. Instead, they look up to online accounting consultation services. This explains the success of top accounting consulting firms in the past few decades. Let us look at the benefits of accountant consultation and why a business needs it.
Who is an Accounting Consultant?
While accountants and bookkeepers perform day-to-day transactions, accounting consultants analyze financial data and provide suggestions. Accounting consultants offer advice to businesses and individuals and help them strategize and make decisions. They are experts when it comes to accounting operations, finance, and business laws.
Most of the accounting consultants have years of experience in the accounting and financial firms. When the question comes of what the business would benefit from, it needs accountant consultation.
Take a look at the responsibilities of an accounting consultant listed below.
- Optimize accounting operations
- Participate in account reconciliations
- Investigate discrepancies in financial records
- Create financial documents and analyze them
- Find scope for improvement
- Identify opportunities to save on expenses
- Forecast profits
- Advise business on decisions
- Prepare strategies
- Partner with other departments and support business processes
- Ensure processes are compliant with laws
- Prepare and plan for audits
- Help with mergers and acquisitions
What Does Accountant Consultation Mean for Business?
In layman’s terms, accountant consultation helps clients come up with effective strategies and make sound business decisions. Businesses reach out to accounting consultants for advice on financial management, auditing, forecasting, etc. The accounting consultants assist the company in collecting, analyzing, and understanding the financial data. Accountant consultation offers personalized advice as per the industry standards.
A seasoned consultant can provide powerful insights to help the client improve its financial performance and identify risks and opportunities. Moreover, accountant consultation also helps in developing the perfect accounting system for accuracy, higher efficiency, and compliance.
Here are some things the accountant consultation does for a business:
- Helps the business carry out efficient and accurate accounting operations
- Assists it in understanding financial data and their implications
- Examines the profitability of the business
- Develops and implements new accounting practices for the business
- Streamline accounting operations
- Enhances the internal business processes
- Help the business improve its financial position
Advantages of Hiring Online Accountant Consultation
Regardless of their size, all businesses need experts to analyze and inspect the financial operations and advise them. However, hiring an virtual accountant makes more sense than employing an experienced accountant. The catch here is the cost; hiring and maintaining an in-house employee costs a considerable amount to the company. This is why businesses choose to work with top accounting consulting firms instead.
Tips to Find the Right Online Accountant Consultation Service
While it is not hard to find accountant consultation services on the Internet, finding a suitable consultant for your business is pretty tricky. No shortcut can replace the research, but a few tips help ensure you end up with the right accounting consultant.
1. Trust the Experience
One of the essential things you need from a consultant is their experience when it comes to financial and business operations. Therefore, in the case of hiring an individual accounting consultant, look for the experience they have in terms of years and business environment.
When you browse for online accountant consultation services or firms, prioritize those that have been in the industry for years.
2. Dig into the Services
The client testimonials on the service provider’s website and reviews on other digital platforms will give you a good view of the company. Read these reviews to look into the company. Moreover, look into the team of the firm you can potentially work with.
Find answers to these questions:
- Are the consultants in the firm bringing the experience of operating in a variety of situations to you?
- Has the consultancy firm been in business for a long time?
- How qualified and credible the accounting consultants are to help your company?
- What technology and software do they use
3. Look for Customized Services
Top accounting consultants assist businesses flexibly as per the requirement of the latter. Your accounting consultant should be curious to learn about your business and base the services accordingly. This is important to customize the solutions for the problems or challenges faced by your company.
4. Value for Money
Don’t lose money to earn some of it. Accounting consultation comes at the price of your company’s hard money. Therefore, it is important to find accountant consultation services that offer the best value for their cost. Look for a reputable, credible consultant who can provide high-quality service at an affordable price.
Meet the Big 4 – Top Accountant Consultation Firms
Let us go through the list of the top four accounting consulting firms across the world, famously called the Big 4. These accountant consultation firms are renowned not only in the USA but abroad as well.
1. EY (Ernst & Young)
Ernst & Young is a top accounting consultant firm headquartered in London and New York City. EY specializes in assurance, tax advisory, and digital strategy. Two companies, founded by Arthur Young and Alwin Ernst, came together in 1989 to form Ernst & Young (EY).
Each division was founded in the early twentieth century, in 1906 and 1903 respectively. EY has a rich background of providing accounting and consultancy services across many industries for over a century. Over the years, EY has worked with notable companies, which include Verizon, Hewlett Packard, Hilton, and AT&T.
2. Deloitte
Another Big 4 accounting and consultation firm, Deloitte, came into existence in 1845. The company is headquartered in London, United Kingdom, and has offices in 80 different locations in the United States. It is one of the top accounting and consultancy firms regarding the number of businesses served.
Deloitte specializes in audit, assurance, advisory, risk mitigation, and tax services. It has worked with top companies such as The Blackstone Group, Microsoft, MetLife, etc.
3. PwC
PwC is headquartered in London, United Kingdom, and NYC in the United States. However, the company has offices everywhere across the world. PwC was founded in 1998 when two companies originating in London, Price Waterhouse and Coopers & Lybrand, merged. It has a long history of working with reputable clients that date back to the 1800s.
PwC specializes in audit and assurance, tax, and insurance services. One of the Big 4, the firm has worked with Goldman Sachs, Bank of America, and Ford Motor Inc.
4. KPMG
KPMG is the most reputable of the Big 4 accounting and consultancy firms. It has been the most profitable business and best accounting and consultancy firm in the last few years. The company has headquarters in Amstelveen, Netherlands and New York City.
However, the company has a global presence and offices in more than 145 countries. KPMG’s specialties include audit, tax, and advisory services. It has worked with companies like Accenture, PepsiCo, and Citigroup.
That sums up our list of the four most significant accounting and consulting firms. However, here are some other renowned accounting consulting firms that we can’t overlook, given their excellence in providing high-quality services.
5. Accenture
Situated in Dublin, Ireland, Accenture has its US headquarters in Chicago. However, the company is not limited to the US and Ireland but provides services worldwide. It was founded in 1989 in Hamilton and named Andersen Consulting to Accenture in 2001.
The company holds its reputation as a top accountant consultation service provider. Accenture specializes in audit, assurance, and tax advisory. It has most clients from the technology sector.
6. McKinsey & Company
The company was founded in American metropolitan Chicago in 1926. Since its inception, the company has rapidly expanded to more than 60 countries and established more than 104 offices in different locations. The company is widely known as the most reputable accounting consultation firm, which boosts its brand value.
The company is serving more than two-thirds of Fortune 1000 American companies. McKinsey & Company is proficient in areas like management, organization, and operations.
Hire Online Accountant Consultation Now
We hope this list of top consulting firms will serve you as a benchmark when you look for affordable accounting consulting services. However, before searching further, we recommend you take a free trial of our accountant consultation services. With a team of accounting and financial experts, we have been delivering accounting and financial advisory services for years.
Your business can be next on our list of happy clients, and this doesn’t have to start with a commitment. Experience our services without payment first, and decide if they are fit for your business. Dial +1(800) 580-5375 now and connect with our advisor for a free consultation.