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Old (traditional) firm models have a strong local presence and provide general accounting services that are known to be rigorous and standardized. New (modern) firms have emerged due to the technological advancements and evolving needs of businesses in the 21st century. This key difference branches out to the different aspects of the firm such as in technology, relationships, services offered, and structure.
Here’s a comprehensive but concise list of the primary services offered by CPA (Certified Public Accountant) firms:
CPA firms may specialize in a few key areas or offer a broad range of these services depending on their size, client base, and strategic focus.
High-net-worth individuals often need tax planning and preparation, while those approaching retirement or managing assets seek personal financial planning. Self-employed professionals also rely on CPAs for tax compliance.
Businesses turn to CPA firms for bookkeeping, accounting, and tax compliance, while entrepreneurs rely on their expertise for business formation. Companies can also outsource payroll and financial reporting to CPA firms for greater efficiency.
Organizations often need CPA firms for audit and assurance compliance, while companies going through mergers or acquisitions rely on their financial advisory expertise. Businesses may also engage CPAs for strategic financial planning and virtual CFO services.
Traditional accounting firms operate with a clear hierarchy, from partners to junior staff, and focus heavily on compliance tasks like tax preparation, audits, and bookkeeping. They maintain physical offices where clients drop off documents, using desktop software or paper-based systems. Client interactions are usually periodic and transactional, rather than ongoing and advisory. Manual processes and hourly billing can result in slower turnaround times and unpredictable fees. Overall, these firms favor stability, accuracy, and a conservative approach over speed and innovation.
Switching to virtual CPA services has tons of perks! It allows you more flexibility as you navigate the modern landscape.
Clients and staff can interact from anywhere, eliminating the need to travel to a physical office, which saves time and supports modern remote work preferences.
Cloud-based systems allow accountants and clients to view and update financial data simultaneously, improving decision-making and reducing delays.
Operating virtually lowers overhead by reducing office rent, utilities, and printing costs, making services more affordable and the business more profitable.
So, which one is right for you? Think about these things as you decide:
If you’re comfortable using cloud-based tools, secure portals, and video meetings, a virtual firm will feel easy and efficient. If you prefer in-person conversations and handing over paper records, a traditional firm might feel more reassuring.
Do you need frequent, flexible advice and real-time data? Virtual firms excel. Or perhaps, do you need specialized audits or compliance that require onsite work? Traditional firms may be better equipped.
If your CPA must understand local regulations, and you value face-to-face service, go local and traditional. If you need broader expertise and location independence, virtual opens up more choices.
Consider other factors like pricing preferences and long-term visions you plan to have with your accounting firm.
If you think a virtual firm is right for you, check us out here!
With base level subscriptions starting at $400/month, our engagements are relationship based, combining initial strategy, implementation and ongoing support. We work with our clients throughout the year to help them transform their business. Please answer the questions on the following page so we can determine if we are a mutual fit.
